Global Pigments Market Witnesses an Urgent Shift towards Eco-friendly Paints, Says Fairfield Market Research
LONDON, Jan. 14, 2021 /PRNewswire/ -- Urbanization is the major enabler for soaring demand of pigments in the global market. Rising construction activities have led to increased demand for building materials, bolstering the demand for pigments that lend the desired aesthetic. Fairfield Market Research predicts, the global pigments market will be worth US$40 Bn by the end of 2025 from US$30.1 Bn in 2017. The report indicates that the market will register a CAGR of 4.6% between 2021 and 2025.
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Paints and coatings industry is the largest consumer of pigments as it accounted for 57.5% of total market share in 2017. Pigments are primarily used for safeguarding paints against extreme weather conditions and corrosions. This makes it an ideal option for the paint and coatings industry to add visual and functional appeal to buildings.
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In recent years, there has been a shift in preference as consumers are demanding eco-friendly products. This trend is expected to force manufacturers into innovating environment-friendly chemistries that have a low or zero VOCs.
Rise in global demand for pigments is due to growing infrastructural developments, urbanization and higher uptake of building materials. The market is expected to confront a shift towards eco-friendly and economical products with rigid guidelines of government bodies pushing consumers to be more environment conscious.
Strict Regulations Presents Opportunity to Develop Eco-friendly Pigments
The market is however expected to face certain restraints such as rise in energy costs and raw material prices. Government bodies and regulatory authorities have laid strict regulations against release of toxic pollutants, which is significantly hampering market growth. Manufacturers are thus looking at investing in research and development of eco-friendly pigments for their consumers that match the quality of conventional oil-based paints or solvent-based paints. Sustainability will be the key focus area of pigment companies to remain relevant in the market, predicts Fairfield Market Research.
Rise in Urbanization to Boost Demand for Paint and Coating Industry
The paint and coating industry segment is expected to dominate the global market as urbanization continues to see a wave of new home buyers. Furthermore, consumers spending on renovations, interiors and overhauling, the demand for paints and coatings is suspected to soar during the forecast period.
The modern paints industry, determined towards responsible manufacturing, use of renewable raw materials and application of environment-friendly technologies, will prove pivotal to the market in the near future. The demand for pigments will also be stirred by packaging industry that is always looking at appealing to consumer sensitivities. Furthermore, analysts also indicate that the use of pigments in development of printing inks that are used for printing on substrates such as paper, plastic and leather amongst others will generate sizeable revenue.
Asia Pacific to Dominate the Global Market Owing to Large Consumer Base
Asia Pacific is expected to lead the global market as this region has the largest consumer base. Asia Pacific held 42.3% of the total pigment market share in 2017 and is projected to grow by a CAGR of 5.9% from 2021 to 2025. This region is also witnessing high production output with supportive economies such as China and India that rely on manufacturing activities for growth of GDPs. Major producers are also moving to Asia Pacific to set up production units as the region offers affordable labor.
Key Players are Investing in R&D Activities to Expand Product Portfolio
Manufacturers are focusing on expanding their product portfolio owing to shift of consumer preference. They are actively investing in research and development activities to introduce eco-friendly products in the market that align with the demand of their consumers. The market has seen addition of new entrants at the regional level, which has intensified the competition. Key players are also engaging in technological collaborations to boost product portfolio to satisfy modern demands.
The key players operating in the global pigments market are Venator, Lomon Billions, Chemours, LANXESS, Tronox, Kronos Worldwide Inc., Altana AG, DIC Corporation, and Heubach GmbH among others.
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SOURCE Fairfield Market Research
