Pigments Market is Anticipated to Witness High Growth Owing to Increasing Demand from Construction Industry
Pigments Market |
The global pigments market has
been growing rapidly over the past few years. Pigments are coloring agents that
are used to impart color to various materials like paints, printing inks,
colored plastics,coloring food, cosmetics, and others. Pigments are used in a
wide range of applications like construction, automotive, protective coatings,
packaging, and printing industries. Major factors driving the demand for
pigments include increasing construction activities around the world and rapid
urbanization. The construction industry has been a major consumer of pigments
used in paints and coatings for coloring and protecting buildings. Global
population has been increasing steadily creating demand for residential and
commercial infrastructure which requires huge amounts of paints and coatings
made from pigments.
The Global pigments market is
estimated to be valued at US$ 20.61 Bn
in 2024 and is expected to exhibit a CAGR
of 19% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the pigments
market are Johnson & Johnson (DePuy Synthes), Medtronic plc,
Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc,
NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc.,
DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical
Inc., Bioventus LLC. These companies are engaged in new product development and
capacity expansions to strengthen their foothold in the market.
There is an immense opportunity
for pigment manufacturers in developing countries of Asia Pacific, Middle East,
and Africa owing to growing construction activities. The manufacturers are
expanding their production facilities in these emerging markets to leverage
inorganic growth opportunities. Government initiatives towards infrastructure
projects is supporting overall industry expansion globally.
The recovery of global economy
post COVID pandemic has boosted construction spending worldwide creating demand
for pigments from the building and construction industry. Pigment producers are
focusing on global capacity expansions to cater to burgeoning international
demand. Partnerships with major paint and coating manufacturers is a key
business strategy adopted by pigment companies.
Market drivers:
- Increasing construction
industry output- Construction is the largest end-use industry for pigments
consumed in paints and coatings. Growth in residential and commercial construction
globally drives pigments demand.
Market restrain:
- Stringent environmental
regulations on heavy metals- Many pigments contain heavy metals like lead,
mercury, cadmium, chromium etc. which are toxic and pose health hazards.
Regulations restricting use of such toxic pigments may restrain market growth.
Alternative eco-friendly pigments with plant-based or mineral origins need to
be developed.
Segment Analysis
The pigments market is dominated
by organic pigments sub segment due to its wide usage in various applications
like printing inks, paints & coatings, plastics, cosmetics etc. Organic
pigments have good light fastness, colour strength and tinctorial properties
which make them preferable for usage in different applications. Other major sub
segments include inorganic pigments, specialty pigments. Inorganic pigments sub
segment holds second largest share and is expected to grow at steady rate
during forecast period owing to its usage in construction sector for
manufacturing cement and glass.
Global Analysis
North America region dominated
the global pigments market and is expected to maintain its dominance during
forecast period. This is attributed to presence of major pigment manufacturers
and developed end use industries like printing inks, paints & coatings in
the region. Asia Pacific is projected to be fastest growing market for pigments
between 2024-2030. This is owing to growing construction activities, automotive
production and increasing demand for printing inks and packaging from developing
countries of China and India in the region. Latin America and Middle East &
Africa are expected to experience moderate growth in pigments market during
forecast period. Key strategies adopted by market players includes expanding
production facilities, new product development and mergers & acquisitions
to strengthen their foothold inglobal market.
Get More Insights Here
https://www.newsanalyticspro.com/pigments-market-size-share-growth-outlook-2023/
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