Pigments are coloring agents that are mixed with binders or liquids to produce paints, coatings, inks, plastics and other material and product finishes. They impart color and protect materials from deterioration. Different types of pigments are used for various applications such as organic pigments for printing inks, inorganic pigments for architectural and industrial coatings. The rising demand for pigments from paints & coatings industry is expected to drive the global pigments market over the forecast period. Paints & coatings is the largest application segment consuming over 50% of total pigments produced globally. The growth of construction industry has led to increased demand for architectural coatings which in turn is fueling the market growth.
The global pigments market is estimated to be valued at US$ 17.89 Bn in 2024 and is expected to exhibit a CAGR of 19.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the pigments market is the development of eco-friendly pigments. Strict environmental regulations regarding the use of toxic and heavy metal containing pigments is pushing manufacturers to develop sustainable pigment alternatives. Bio-based pigments extracted from natural sources such as flowers, fruits and vegetables are gaining popularity. Nanopigments which are pigment nanoparticles capable of imparting enhanced properties to materials at very low loading quantities is another emerging trend. Their higher tinting strength and transparency properties enable formulation of paints and coatings with improved performance characteristics. Development of effect pigments which produce optical effects such as pearlescence, metallic shine, is another notable trend driven by the need for enhanced aesthetics in end use industries.
Threat of new entrants: The pigments industry requires high capital investment for R&D and manufacturing facilities. Established players hold major patents making entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many pigment manufacturers. However, buyers need to meet stringent quality and certification standards.
Bargaining power of suppliers: Pigment producers require raw materials that have few substitute options available, giving suppliers significant power over prices.
Threat of new substitutes: New substitutes pose a low threat as pigments have distinctive properties that are difficult to replace for various applications like printing, coatings, plastics etc.
Competitive rivalry: The pigments market is moderately competitive with leading players differentiating based on technology, quality and service. Price competition is moderate to high.
Global Pigments Market Size is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific region dominated the pigments market in 2023, accounting for over 40% of the global share. China is the largest consumer as well as producer globally, driven by the large domestic paints, coatings, plastics and construction industries. India and Southeast Asian countries are also growing markets for pigments.
Key players operating in the pigments market are Johnson & Johnson, 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., Ã–ssur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., and Bioventus LLC.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it