Albany, New York (PRWEB) March 14, 2013
In terms of volumes, pigments demand is expected to reach 4.4 million tons by 2018. Specialty pigments market is expected to have fastest growth potential among the global pigments market, growing at a CAGR of 5.4% during the analysis period. Availability of large variety of products and ability to encompass high and unique visual effects is primarily fueling the growth of the specialty pigments market.
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Increasing demand for paints and coatings, particularly from key end-use industries such as construction, is expected to drive demand over the next five years. Fluctuating and volatile prices of key raw materials including benzene and toluene coupled with an increasingly stringent regulatory environment are critical challenges to this industry.
Inorganic pigments dominated the market, accounting for over 51% of the global demand in 2011. Specialty pigments are expected to be the most promising product segment, and are estimated to grow at a CAGR of 4.7% from 2013 to 2018. Under growing regulatory pressure, specialty and organic pigments are being increasingly investigated for substitution potential over their inorganic counterparts.
The paints & coatings industry continues to take away major share of the global pigments market, accounting for 38.5% of the overall end user market. This is mainly due to growth in this industry along with the preference of consumers towards unique optical effect colors in certain segments such as automobiles. The global paints and coatings end use market is projected to grow at a CAGR of 5.1% during the forecast period.
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Asia Pacific was the largest regional market for pigments, accounting for 40.7% of global demand in 2011. Major factors fuelling the growth of the Asia Pacific market is increasing spending capacity of consumers along with preference for high end products with attractive packaging. The Asia Pacific pigments market revenue is expected to reach market size of over USD 6.4 billion by 2018.
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BASF SE occupies the major share of the global pigments market followed by Huntsman International LLC and Tronox, Inc. Market players continue to rely on the merger and acquisition strategy in order to expand their existing market further. The other players in the market include Clariant International Limited, DIC Corporation, Rockwood Holdings, Inc, Lanxess AG, Atlanta AG, Ferro Corporation and Merck. The global market for pigments has been categorized on the basis of product segments, applications as well as geography.
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