Pigments Market Analysis

Pigments Market Analysis

Organic pigments business is currently witnessing developments in terms of product innovation and cost competitiveness and shall exhibit rise of over 5% CAGR by 2026. Manufacturers are focusing to produce more environment friendly dispersible products. Natural paint manufacturers are making sure that their materials are derived from sustainable sources and manufactured through environment friendly process.
 

They aim to minimize pollution, energy and waste throughout the life cycle of their products. Manufacturers have raised efforts to use recyclable packaging and started to declare their product ingredients to create awareness among the consumers. These paints are non-toxic and safe, they make the obvious choice for consumers concerned with environment conservation and protection. Demand for naturally derived materials is rising at a rapid pace from past few years and will grow with a healthy CAGR over 5% by 2026.
 

Rapidly growing printing ink industry on account of growth in the e-commerce and package food business shall have positive impact on the pigments market over the forecast periods. Reduction in the per unit cost and developments in the packaging & textile industry will drive the digital printing demand over the forecast period. Colorants are used in the printing inks including solvent based packaging inks, offset inks, decorative laminate inks, water-based packaging inks and publication gravure inks.
 

Packaging & labels is the largest and fastest growing printing ink application segment. Furthermore, significantly growing e-commerce industry across the globe projected to drive the printing ink demand in coming years as it used on the packaging. According to the U.S. Department of Commerce, U.S. consumers spent USD 513 billion on the e-commerce sites in 2018. E-commerce represents 14.3% of the total retail sale in the country and has been growing with a CAGR over 10% from past several years. This healthy growth in the e-commerce industry shall boost the pigments market growth for printing inks in coming years.
 

Europe organic pigments business shall experience healthy growth numbers during the forecast timespan owing to the growing environmental awareness coupled with growth in the renovation activities in the region. Also, growing renovation activities in the region will accelerate the product demand in near future. According to the European Parliament, more than 40% buildings in the Europe are built before 1960 and 90% before 1990. Old building consumes more energy compared to the new ones due to which renovation activities in the region are expected to grow with a fast pace in coming years. Renovation is accounts for more than 57% of the construction activities in the region.
 

Asia Pacific accounted for over 40% share in the overall colorants market in 2018 and forecast to grow with a highest CAGR in coming years. This can be attributed to the rapidly growing automotive and construction industry in the region. According to the OICA, more than 60% of the global passenger and commercial vehicles are produced in the Asia Pacific. Abundant availability of the raw material such as steel and competitive labor cost is fueling the automotive manufacturing industry growth in the region past few years.