The Global Pigments Market was valued at USD 32.9 billion in 2022 and will grow to USD 47.15 billion in 2030. The market is projected to grow at a CAGR of 4.6% during the forecast period between 2023 and 2030. The standards for characteristics and testing of pigments was developed by the International Organization for Standardization (ISO). The Colour Index International (CII) has identified each pigment according to its chemical composition which is a published standard index and more than 27,000 pigments are indexed in this CII schema.
The fundamental function of pigments is to add colour to materials. Pigments are stable at normal temperatures and have a high tinting strength, so only a tiny amount is required to show the colour when put on objects or mixed with a carrier. Fugitive pigments are pigments that fade or blacken with time or with prolonged contact to light. The hue, saturation, and other qualities of a pigment are affected by other substances in the product, such as binders or fillers. A colour of paint, for example, will appear differently depending on the composition of the mixture.
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Rise in Construction Sector
Pigments are used for varied purposes across many industries. For instance, in the construction industry, architectural and decorative coatings largely consume pigments in the production process. Thus, rising construction and infrastructure activities are major drivers for growth of pigment market. Similarly, producers offer organic and inorganic pigments for the paint and coatings industry based on colour and composition requirements. The addition of pigments to paints successfully improves the glossy wall surface that customers desire.
Asia Pacific To Lead The Pigment Market
Due to the rising residential and commercial construction activities in China and India, Asia-Pacific dominates the global pigments market. For instance, the Chinese government has been increasing the amount of money spent on building affordable housing facilities. Similarly, the Government of India has made the infrastructure sector key focus for its economic growth.
Impact of COVID-19 on Global Pigments Market
The global spread of the coronavirus affected several countries, leading to a scarcity of raw materials and finished products, which resulted in disruption in the value chain. There was a significant dip in construction activity as a result of the unavailability of labour and hence substantial decline in demand for pigments base products. Additionally, labour and supply constraints led to reduction in the pigment’s companies’ production operations. However, due to safety concerns, the trend of safe packaging fuelled the growth in packaging industry. Dyes and pigments are crucial components used in the production of printing inks used on packaging products. Thus, despite the pandemic, the packaging sector assisting in global pigments market recovery.
Impact of Russia-Ukraine War on Global Pigments Market
The Ukraine-Russian war had an adverse impact on the global supply chains and import export trade for pigments. The restricted transportation of different commodities especially in Europe in and around war zone had adversely impacted the trade in Global and European pigments market. Raw material prices, which have already been rising as a result of supply chain challenges, are anticipated to be increase further due to rising oil and energy costs as a result of the war.
Report Scope
Global Pigment Market Assessment, Opportunities and Forecast, 2016-2030, is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the global pigments market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities and forecast between 2024 and 2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.