Asia Pacific led the global pigments market in 2017 in terms of volume and revenue. Steadily growing construction industry in Asia Pacific will be chiefly driving the product demand over the next few years.
Sellbyville, DE -- (SBWIRE) -- 10/11/2018 -- The pigments Market will be majorly driven by the demand from the end-use industries such as: paints & coatings, construction materials, printing inks and plastics in the forecast timeframe. In 2015, the overall paint & coatings market generated revenues exceeding USD 110 billion and will likely grow over 3% CAGR by 2024, which will consequently boost the product market growth. The ever-growing construction industry will also complement the pigments market growth for its applications in colored asphalt, metal panels, cooler tiles, wood construction and shingles manufacturing. By 2024, construction applications will likely exceed USD 1.2 billion owing to increasing population and rapid commercialization.
The pigments market has been witnessing increasing acceptance not only for they impart superior finishing and shade, but they provide significant protection to the surface against corrosion and weathering. Raw material involved in pigments production are carbon molecules, such as benzene, toluene, naphthalene and ethylene which are the petrochemical derivatives. Infrequent availability of raw material supply and wavering crude oil prices might have a negative influence on the product market growth in coming years.
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In 2015, the product segment was led by organic pigments, accounting for more than 40% of the total share. These are preferred to their inorganic counterparts, due to the severe government regulations concerning human health and environmental hazards. Inorganic products are probable to surpass 3.5% CAGR by 2024. Titanium dioxide pigments is likely to have the maximum share in the inorganic product t in the near future.
Specialty products are expected to witness more than 5% CAGR in the forecast period. Phosphorescents find significant applications in public places for instance, underground railway stations as. There has been a drifting consumer focus in the recent years towards metallic luster paints of superior quality. Classic organic had the highest share in the specialty products in 2015 and is predicted to observe CAGR over 5% in the forecast period.
Considering the pigments application segment, plastic applications generated more than USD 1.5 billion in 2015 and have substantial growth trends by 2024. The paint & coatings had been the largest share contributor in 2015 with over 35% of the global product market share. Moreover, consistent innovative diversifications in paint portfolio like waterborne paints on account of technological advancements will further propel the product market growth.
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Asia Pacific had been the largest share contributor in 2015 and is predicted to continue the similar trend in the forecast timeframe. Improved consumer lifestyle will lead to increased demand for luster paints for residential buildings, coupled with high quality metallic paints preferences in automobiles. These traits will have a positive impact on the regional pigments market. North America, pigments market, generated revenue exceeding USD 3.2 billion in 2015. Geographical growth is particularly driven by rising customer demand for specialty product segment. But, strict regulations imposed by EPA and REACH might obstruct the regional growth by 2024.
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