The Pigments market is estimated to be valued at US$ 17.89 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Pigments provide resistance to heat, sunlight and chemicals which extends product life. The main strength of pigments is their ability to impart color and opacity. Pigments hold their properties even under harsh conditions.
Weakness: Stringent regulations regarding production and usage of some pigments. Certain pigments may contain heavy metals like cadmium, chromium or lead which are toxic and hazardous to human health and environment.
Opportunity: Growing paints and coatings industry worldwide due to rising construction activities creates vast opportunities. Expanding automotive industry where pigments are used in manufacturing vehicle bodies, interiors, and exteriors also offers opportunities.
Threats: Development of alternative organic and inorganic pigments pose threats. Strict environmental regulations regarding usage of toxic pigments also threaten some conventional pigments.
Key Takeaways
The Global Pigments Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand from paints and coatings industry. Growing construction sector worldwide drives the consumption of architectural paints which boosted the pigments market size.
Regional analysis - Asia Pacific dominated the global pigments market in 2023, accounting for over 35% share. Rapid industrialization and urbanization in China and India along with rising automotive production stimulates the regional market growth. North America is another major region owing to resurgent construction sector in the US and Canada.
Key players operating in the pigments market are BASF SE, Clariant International Limited, DIC Corporation, Huntsman International LLC, Tronox, Inc, Rockwood Holdings, Inc., Lanxess AG, Atlanta AG, Ferro Corporation and Merck. Merger and acquisition activities and expanding production capacity are the key strategies adopted by these players to strengthen their market position.
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