As per reports, global pigments market size will reach USD 21 billion in yearly revenues by 2026.
Consistent demand for paints and coatings is likely to influence the pigments market forecast in the coming years. Several regulations on health-hazardous uses of the products have emerged, boosting the adoption of organic pigments. Also, the emergence of the digital printing industry will witness an augmented product demand for printing ink.
The pigments market comprises of large scale players focused on strategic acquisitions and significant production activities, contributing to over 70% of the market share. The companies are also implementing novel and innovative products to sustain competition. For instance, in August 2020, ECKART introduced pigments for silver metallic color shades. They were developed to assist in autonomous driving.
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Increased demand for pigments in 3D printing
Based on applications, the paints and coatings segment imposed a higher demand for pigments in 2018 and is projected to record a growth rate of over 5% in the upcoming years. The rapidly growing industry, owing to developing automotive and construction sectors in the Asia Pacific, will enhance the adoption of the compounds in the coming years.
Owing to the constant deployment of 3D printing technologies, global printing ink industry is likely to amass significant revenues through 2026, considering an increased consumption of eco-friendly inks that are UV-cured and water-based. Emerging R&D investments albeit environmental concerns and growing industrial competition will boost the consumption of print inks, further driving the pigment market forecast.
Formulation of stringent emission regulations
Surging environmental awareness will stimulate the demand for organic pigments in the next few years. Severe rules have been formulated for pigments used in food packaging and printing processes concerning the existence of toxic elements that are cadmium and lead-based, in some of the components. For instance, the Directive 94/62/EC, for inspecting heavy metal content in packaging and its components has been introduced in Europe. It states that the sum of heavy metals, Cd, Pb, Hg, and Cr (VI) should not surpass 100 ppm.
Renovations and improved efficiencies in existing buildings may further augment the pigments demand in the construction sector. Buildings bring in the highest energy consumption of nearly 40% in Europe, generating over 35% of the greenhouse gas. This is resulting in higher investments in building upgradations and increased revamping activities across the geography, suggesting future consumption of organic pigment-based paints & coatings.
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Consistent adoption of plastic components
Increased demand for plastics due to lightweight and lower costs will add impetus to the pigments industry up to 2026. As per Plastic Europe Trade Association, the annual production for plastics was valued at 245 million tons in 2006, rising to over 348 million tons in 2017.
China dominated the use of plastic in 2017 and brought in 29% of the market share on account of rising industrialization and increased cost-effective production across the region. The increased consumption of plastics is likely to escalate the pigments market forecast.
However, stringent regulations and awareness concerning plastics in Europe and North America, higher organic pigment and raw materials costs, and the currently lowered demand and supply of chemicals and products due to the coronavirus pandemic has hampered the production of pigments to a certain extent.
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