Featuring the presence of a large number of players, the global
pigments market exhibits a highly competitive landscape. Due
to its fragmented backdrop, no player in the market reports a high
profit margin, Transparency Market Research finds in a new report.
The top three players in the market, which include Altana AG, DIC
Corporation, and BASF SE, together to hold a share of 30% in the
market, TMR’s analysis shows. Among the key participants, Altana AG
has a strong global presence thanks to its operations across 100
countries. The company accounts for the dominant share of 11.2% in
the global market.
Owing to the presence of an integrated value chain, intense rivalry
prevails among the leading participants in the global pigments
market. As per TMR’s research, there is a very little scope for
this degree of competition to weaken during the forecast period
between 2015 and 2023.
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Prospects
in Asia Pacific Seem Lucrative as Emerging Economies Report
Increasing Demand
The global pigments market is significantly gaining from the robust
growth witnessed in the emerging economies of Asia Pacific such as
India, Malaysia, Thailand, China, and Indonesia, and developed
countries such as South Korea and Australia. Strong demand from
end-use industries such as automotive and building and construction
has been accelerating the market for pigments in Asia Pacific.
In 2014, Asia Pacific emerged as the largest consumer of inorganic
pigments, which accounted for the dominant share in the market by
products. “Economic progress reported by the emerging economies of
Asia Pacific has bolstered construction activities and
infrastructural development in the region,” says a TMR analyst.
“The paints and coatings industry is substantially gaining from
this trend. It will subsequently boost the scope for the expansion of
the pigments market in the region,” he added.
Demand
from Paints and Coatings and Plastics Industry to Enable Pigments
Market to Report Steady CAGR
Besides the paints and coatings industry, plastics are also
considered major consumers of pigments. Augmented production and
consumption of plastics worldwide thus provides lucrative
opportunities for vendors to gain from. “Apart from improving
esthetics and providing coloring effects, pigments also enhance the
stability of plastics, thereby increasing their resistance to adverse
weather conditions, which is a prime factor boosting their demand
from the plastics industry,” said the report’s author.
While the prospects for the pigments market seem steady worldwide,
implementation of stringent regulations could negatively influence
the market’s trajectory. These regulations are aimed at curbing the
effects of harmful emissions from pigments on the environment and
health. Nevertheless, with the increasing use of nanotechnology in
pigments, the market sees an attractive prospect to gain from in the
near future.
Share
of Inorganic Pigments to Remain High in Global Pigments Market
Based on in-depth research, TMR projects the global pigments market
to exhibit a moderate CAGR of 3.8% between 2015 and 2023. If the
projection holds true, the global pigments market will reach US$31.98
bn by 2023, from a valuation of US$22.86 bn in 2014. Volume-wise the
market is expected to report a CAGR of 2.9% during the forecast
period. From a volume of 7,947.4 kilo tones in 2014, the market is
expected to reach 10,279 kilo tons before 2023 ends.
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By product, the inorganic pigments segment led the market in 2014,
with a massive share of 90%. The segment is expected to continue
dominating the market through the forecast period. Organic pigments
followed with a meager share of 5% in the market the same year. Among
key end users, the paints and coatings industry emerged dominant in
the market, holding a share of 49.8% in 2014. Regionally, the global
pigments market was dominated by Asia Pacific with a share of 44.2%
in the same year. Europe and North America followed with a share of
23.9% and 20% in the market, respectively.
The information presented in this review is based on findings of a
TMR report, titled “Pigments (Inorganic, Organic, and Specialty
Pigments) Market – Global Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2015–2023.”
The
report segments the global pigments market as:
By
Product:
- Inorganic Pigments
- Organic Pigments
- Specialty Pigments
By
End User:
- Paints & Coatings
- Printing Inks
- Plastics
- Construction Materials
- Other
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