Pigments Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 30.23 Billion |
| Market Size (2029) | USD 34.86 Billion |
| CAGR (2024 - 2029) | 2.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Pigments Market Analysis
The Pigments Market size is estimated at USD 30.23 billion in 2024, and is expected to reach USD 34.86 billion by 2029, growing at a CAGR of greater than 2.80% during the forecast period (2024-2029).
- COVID-19 had a negative impact on the market in 2020. The disruption in the worldwide supply chain, combined with lower demand from numerous end-user industries such as paints and coatings, plastics, textiles, and others, hampered pigment demand.
- However, the market recovered as consumers spent more time at home and focused on home remodeling projects, and the residential construction sector recovered. Protective and sanitizing coatings are in high demand due to growing concerns about cleanliness and hygiene.
- In the medium term, the significant factors driving the market studied are rising demand from the paints and coatings industry from developing nations and rising applications of complex inorganic color pigments in various applications.
- On the flip side, factors such as stringent government regulations and anti-dumping duties on pigments are hampering the market growth. Moreover, factors such as shifting focus towards eco-friendly products and rising demand for 3D printing materials are acting as an opportunity for the studied market.
- Asia-Pacific dominated the market worldwide, with the most significant consumption from countries such as China, India, and Japan.
Pigments Market Trends
Increasing Demand from the Paints and Coatings Industry
- Pigments are insoluble particulate materials that are responsible for providing color, opacity, gloss control, rheological control, and certain other properties, such as corrosion inhibition to the paints and coatings.
- Pigments are considered an important constituent in paints and coatings as they impart color and also help in reducing the cost of coatings by acting as a volume filler.
- According to the World Paint and Coatings Industry Association (WPCIA), in the year 2022, with respect to revenue, the top 5 companies in the paints and coatings industry were The Sherwin-Williams Company, PPG Industries, AkzoNobel N.V., Nippon Paint and RPM International.
- According to the Statistisches Bundesamt, the industry revenue of the manufacture of paints, varnishes, and similar coatings, printing ink, and mastics in Germany is projected to reach around USD 12.94 billion by the year 2024, thereby likely to increase the consumption of pigments used in the paints and coatings sector.
- Moreover, in November 2022, The Sherwin-Williams Company held a ceremonial groundbreaking that marked the start of construction of an extension of its existing manufacturing facility in Statesville, North Carolina. This expansion is intended to significantly expand the annual manufacturing capacity for the company’s architectural paint and coatings products. It is expected to be finished by the end of 2024, thus increasing the demand for pigments used in paints and coatings.
- All the above factors are expected to impact market growth in the coming years significantly.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the market growth, considering the huge demand from various applications in countries like China, India, and others.
- China accounts for more than one-fourth of the global coatings market. According to the China National Coatings Industry Association, the industry has registered a growth of around 7% in recent years. According to European Coatings, nearly 10,000 coatings manufacturers are located in China.
- In July 2022, BASF Coatings expanded the production capacity of automotive refinish coatings at its coatings site in Jiangmen, Guangdong Province, in South China. With the completion of the expansion, BASF’s annual production capacity of automotive refinish coatings increased to 30,000 metric tons.
- India’s production volume of dyes and pigments in India in the financial year of 2023 stood at 398,000 metric tons, almost a 22% increase from 2022’s production.
- According to the Federation of Indian Chambers of Commerce and Industry, the value of the print industry across India was estimated at around INR 250 billion (USD 3 Billion) in 2022. The demand for ink has been increasing in the country, which has led to several expansion projects. For instance -
- One of the leading manufacturers of printing inks DIC Corporation, in March 2022, inaugurated its new toluene-free plant Optima for liquid ink manufacturing at Saykha in Bharuch district, Gujarat. The plant covers 92,500 sq m, and in phase one, the plant has the capacity to manufacture over 10,000 tons of TF, KF/NTNK (toluene-free/ketone-free) liquid inks in two shifts. Such manufacturing facility expansions are anticipated to boost the market’s growth during the forecast period.
- Thus, all such expansion activities and suitable government measures are expected to boost the construction activities in the region, which is further projected to grow the demand for paint and coating, thereby increasing the demand for pigments.
Pigments Industry Overview
The pigment market is partially consolidated in nature. The major companies (not in any particular order) include The Chemours Company, Venator Materials PLC, Kronos Worldwide Inc., LB Group, and Tronox Holdings Plc.
Pigments Market Leaders
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Venator Materials PLC
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The Chemours Company
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LB Group
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Tronox Holdings Plc
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Kronos Worldwide, Inc.
*Disclaimer: Major Players sorted in no particular order
Pigments Market News
- April 2023: Kronos Worldwide Inc. and Additiva, a prominent Brazilian distributor specializing in chemical products, officially unveiled their strategic partnership. The collaboration will primarily target the distribution of a comprehensive range of Titanium Dioxide pigments within the Brazilian market.
- November 2022: Cathay Industries completed the acquisition of Venator’s Iron Oxide Pigment Operations. Renowned as a global and environmentally conscious manufacturer, Cathay Industries specializes in providing comprehensive inorganic pigment solutions.
Pigments Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Growing Demand From the Paints and Coatings Industry in Developing Nations
- 4.1.2 Rising Applications of Complex Inorganic Color Pigment (CICP) in Various Applications
- 4.1.3 Consistent Demand from the Textile Industry
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4.2 Restraints
- 4.2.1 Stringent Government Regulations
- 4.2.2 Anti-Dumping Duty on Pigments
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Product Type
- 5.1.1 Inorganic
- 5.1.1.1 Titanium Dioxide
- 5.1.1.2 Zinc Oxide
- 5.1.1.3 Other Product Types (Carbon Pigments, Dry Earth, Ultramarine Pigments, Cadmium, Lead Chromate, and Others)
- 5.1.2 Organic
- 5.1.3 Specialty Pigments and Other Product Types (Functional Pigments, Magnetic Pigments, and Others)
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5.2 Application
- 5.2.1 Paints and Coatings
- 5.2.2 Textiles
- 5.2.3 Printing Inks
- 5.2.4 Plastics
- 5.2.5 Leather
- 5.2.6 Other Applications
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Spain
- 5.3.3.6 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 ALTANA AG
- 6.4.2 DIC Corporation
- 6.4.3 Heubach Gmbh
- 6.4.4 Kronos Worldwide, Inc.
- 6.4.5 LANXESS
- 6.4.6 LB Group
- 6.4.7 Pidilite Industries Ltd.
- 6.4.8 Sudarshan Chemical Industries Limited
- 6.4.9 The Chemours Company
- 6.4.10 Tronox Holdings Plc.
- 6.4.11 Venator Materials PLC.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Shifting Focus Towards Eco-friendly Products
- 7.2 Rising Demand for 3D Printing Material
Pigments Industry Segmentation
Pigments are molecules or substances that absorb specific wavelengths of visible light to produce a particular hue. Pigments can be found in paintings, inks, cosmetics, and other items. Pigments are found in various products and services associated with coloring materials and related technology. Pigments are used in various sectors, including coatings, plastics, printing inks, building, paper, leather, and cosmetics.
The pigments market is segmented by product type, application, and geography. The market is segmented by product type into inorganic, organic, specialty pigments, and other product types. By application, the market is segmented into paints and coatings, textiles, printing inks, plastics, leather, and other applications. The report also covers the market size and forecasts for the pigments market in 16 countries across major regions.
For each segment, the market sizing and forecasts have been done based on value (USD).
| Product Type | Inorganic | Titanium Dioxide |
| Zinc Oxide | ||
| Other Product Types (Carbon Pigments, Dry Earth, Ultramarine Pigments, Cadmium, Lead Chromate, and Others) | ||
| Product Type | Organic | |
| Specialty Pigments and Other Product Types (Functional Pigments, Magnetic Pigments, and Others) | ||
| Application | Paints and Coatings | |
| Textiles | ||
| Printing Inks | ||
| Plastics | ||
| Leather | ||
| Other Applications | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Spain | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Pigments Market Research FAQs
How big is the Pigments Market?
The Pigments Market size is expected to reach USD 30.23 billion in 2024 and grow at a CAGR of greater than 2.80% to reach USD 34.86 billion by 2029.
What is the current Pigments Market size?
In 2024, the Pigments Market size is expected to reach USD 30.23 billion.
Who are the key players in Pigments Market?
Venator Materials PLC, The Chemours Company, LB Group, Tronox Holdings Plc and Kronos Worldwide, Inc. are the major companies operating in the Pigments Market.
Which is the fastest growing region in Pigments Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Pigments Market?
In 2024, the Asia Pacific accounts for the largest market share in Pigments Market.
What years does this Pigments Market cover, and what was the market size in 2023?
In 2023, the Pigments Market size was estimated at USD 29.38 billion. The report covers the Pigments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Pigments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What is the leading application segment of Pigments Market?
Paints and Coatings is the leading application segment of Pigments Market.
Pigments Industry Report
The global pigments market is experiencing a significant surge, driven by increasing demand from sectors like paints and coatings, plastics, printing inks, and construction materials. These pigments, crucial for adding color by absorbing and reflecting light, come in organic, inorganic, and specialty types. Organic pigments are known for their vibrant colors and strong tinting ability, while inorganic pigments offer durability and chemical resistance. The market's growth is fueled by rapid urbanization and infrastructure development, leading to more government investment in construction projects. Additionally, the extensive use of plastics is boosting pigment demand. However, environmental concerns and strict regulations present challenges. Despite this, the shift towards eco-friendly and sustainable pigments is creating new opportunities for market expansion. The Asia-Pacific region, in particular, is a significant growth area due to its industrialization and high demand for pigments. Pigments companies are well-placed to leverage these trends, focusing on innovation and sustainability. For detailed market insights, Mordor Intelligence™ Industry Reports offer an analysis of market share, size, revenue growth rate, forecast outlook, and historical overview, available as a free report PDF download.
