Sustainability Concerns Hits Paints & Coatings and Plastics Industry, Demand for Pigments to Value US$ 45 Billion by 2031

NEW YORK, Oct. 18, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: According to the latest Fact.MR analysis, the global pigments market size stood at US$ 34 Bn in 2020 and is projected to surpass US$ 45 Bn by the end of 2031. With the rising adoption of organic pigments, the overall sales are projected to rise at a CAGR of 5.4% between 2021 and 2031, surpassing a volume of 12 Mn tons in 2021. NEW YORK,Oct. 18, 2021/PRNewswire/ --Fact.MR – A Market...

NEW YORK, Oct. 18, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: According to the latest Fact.MR analysis, the global pigments market size stood at US$ 34 Bn in 2020 and is projected to surpass US$ 45 Bn by the end of 2031. With the rising adoption of organic pigments, the overall sales are projected to rise at a CAGR of 5.4% between 2021 and 2031, surpassing a volume of 12 Mn tons in 2021.

Growth in the market is attributed to the increasing demand for pigments across various applications such as paints & coatings, printing inks, plastics and construction materials.

Rapid urbanization and expanding residential and commercial sectors are amplifying the demand for paints and coatings. This in turn is pushing the sales of pigments as they form the most important component of these paints and coatings.

Improving lifestyle coupled with increasing customer expectations has increased the demand for high-performance pigments. These products depict exceptional chemical and physical properties including high levels of durability and resistance to UV, heat, radiation and chemicals.

These high-performance pigments are gaining traction in the cosmetic industry. Manufacturers are increasingly introducing new high-performance pigments as a sustainable alternative to synthetic make-up products. For instance, in September 2020, Givaudan Active Beauty launched new Red 1805, a vegan red pigment for a natural and colorful make-up.

Leading producers are continuously venturing into enhancing their products by using advanced technologies.

Organic pigments segment is expected witness strong growth during the forecast period owing to a plethora of advantages such as chemical stability, brighter and better tonal quality, and ecofriendly nature.

Further, demand for organic pigments is increasing rapidly due to various harmful effects of some synthetic pigments on skin. People are showing a keen interest in utilizing natural products for their numerous advantages.

As per Fact.MR, East Asia market size is estimated to be around US$ 12.4 Bn in 2021. The demand for pigments in this region is high as their uptake remains critical in manufacturing, construction, automotive and printing industries.

"Leading pigment manufacturers are shifting their production facilities to low-cost regions in order to save costs and operate in a more favorable regulatory environment. Consequently, they are shifting their focus towards countries such as China and India as the regulatory complications and labor cost in these countries are low. This is will create incremental growth opportunities for market players, especially in Asia Pacific," says the Fact.MR analyst.

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Key Takeaways from Pigments Market Survey

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Competitive Landscape

Key companies operating in the pigments market are focusing on expanding their product portfolio. They have adopted various organic and inorganic growth strategies such as mergers, acquisitions, partnerships, new product launches and collaborations to gain a competitive advantage in the market.

Some of the prominent players operating in the pigments market profiled by Fact.MR are:

More Insights on the Global Pigments Sales Outlook

Fact.MR provides an unbiased analysis of pigments market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for pigments with a detailed segmentation on the basis of:

By Product Type

 By Application

Key Questions Covered in the Pigments Sales Outlook Report

Explore Fact.MR's Coverage on the Chemical & Materials Domain

Organic Pigments Market - Demand for high-performance organic pigments will be bolstered by rising consumer preference for environmentally friendly products. Organic pigments are highly consumed in niche applications such as the production of advertising and packaging leaflets and catalogues, which can be strategically targeted to ensure topline growth, due to their ability to provide intense and bright colors.

Organic Dyes and Pigments Market - As the use of inorganic dyes has resulted in adverse environmental impact and water pollution, manufacturers across industries prefer to invest in organic dyes and pigments. Leading manufacturers are creating a variety of organic dyes and pigments to meet the diverse needs of end-user industries. Manufacturers are concentrating on the development of organic dyes and pigments derived from plants, as well as carbon rings and carbon chains.

3D Printing Materials Market - With advancements in 3D printing material technology, the market has seen significant growth in recent years, owing to 3D printing materials' ability to evolve more complex and lighter structures with accuracy. Several industries are shifting to 3D printing materials for part production in order to improve product strength and resistance. This, in turn, contributes to increased demand for 3D printing materials.

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