Sellbyville, DE -- (SBWIRE) -- 01/22/2019 -- Pigments Market was more than USD 13 billion in 2017 and will witness 4.5% CAGR during the forecast 2018 – 2025. Endorsed by a massive end-use spectrum, the potential of global pigments market is being increasingly recognized by international chemical industry players. The extensive requirement of corrosion inhibition and color imparting across a plethora of expanding domains such as construction, paints & coatings, printing inks have led to a spike in demand for high performance specialty pigments. In consequence, this has also prompted companies partaking in pigments market to continually bring about innovations that could potentially disrupt the business dynamics.

Pigments market shall witness promising gains during the forecast period owing to its rising demand in construction industry. Concrete is an indispensable part of construction industry, which is produced from cement. Iron oxide is primarily used for coloring concrete. In 2017, U.S. cement production was 86.3 million tons up from 85.0 million tons in 2016. Furthermore, it is likely to witness prominent growth rate during the forecast period, owing to the increased spending from U.S. government on public infrastructure, which will positively influence pigments market in the coming years.

The colorant market is majorly regulated by environmental and construction organizations. There are various safety concerns regarding pigments handling and storage. For example, iron oxide black contains bivalent iron and may undergo oxidation, leading to an exothermic reaction. It is kinetically restricted and is only initiated at elevated temperatures. For this reason, the storage temperature of the product should not exceed 80°C. Also, chemicals such as quinacridone are highly insoluble in water and organic solvents, which makes its biodegradation process very slow. Furthermore, increasing regulations favoring low volatile organic compounds (VOC) as ingredient in paints & coatings has impacted global pigments market size.

Pigments Market is expected to reach USD 18.98 billion according to this new research report. 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.

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Pigments such as iron oxide have gained importance in the construction industry in past few years due to its pure hue and tinting strength. Hence, iron oxide consumption is higher in the building materials industry. They are chiefly used in paving blocks, chequered tiles, stamped concrete and designer tiles. One of the most important applications of pigment in construction industry is concrete colorization due to its high dispersibility and superior tinting properties. Just by varying proportion and quantity, color differentiation can be brought about in concrete materials.

Specialty pigments will witness substantial growth during the forecast period, owing to its unique properties which are irreplaceable by organic or inorganic alternatives. These provide metallic tones and other special effects such as color-shifting that are increasingly popular in a broad range of consumer products.

Paints & coatings industry generated the maximum revenue for pigments market in 2017. This application segment is slated to witness maximum gains in overall colorant market during the forecast period. Printing inks is also an important application of pigments market. These pigments are used in printing inks to create product packaging that attracts consumer attention and differentiates manufacturers' products competing for shelf-space in retail establishments.

German chemical giant BASF has recently come up with its latest breakthrough product in pigments market. The globally acclaimed player has unveiled a revolutionary stir-in-pigment that claims to offer enhanced color depth, sparkle, and flop for automotive coatings applications. Christened as eXpand!™ Red (EH 3427), this groundbreaking pigment technology is reportedly the first pigment resulting from the strategic partnership between BASF and Landa Labs, which got through last year. Launched at the American Coatings Show this year, the full-fledged commercialization of the technology is certain to bring forth a disruption of sorts in the automotive coatings landscape. Not only this, the latest innovation is also claimed to have added a dynamism to the competitive terrain of the pigments market.

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Pigments Market in 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.

BASF SE, Tronox Inc., Huntsman Corporation, Lanxess AG, Clariant Corporation and DIC Corporation are major market players in pigments industry. Mergers & acquisitions is a very common strategy in colorant market. For instance, in November 2015, Merck Group acquired Sigma-Aldrich for USD 17 billion.

Key market players of Pigments Market of are Cristal, BASF SE, Clariant AG, Tronox Limited, Carl Schlenk AG, Tokan Material Technology Co., Ltd., Cathay Industries Group, Pidilite Industries Limited, LANXESS AG, Merck Group, Ferro Corporation, DIC Corporation and Huntsman Corporation,

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