Construction Industry is Estimated to Drive the Pigments Market Growth
Market Dynamics
The global pigments market is witnessing high growth owing to the increasing construction activities around the world. Rapid urbanization and growth in disposable income have boosted residential and commercial construction in emerging economies. According to the Global Construction 2030 report, the volume of construction output is expected to growth by 85% to $15.5 trillion worldwide by 2030. This rising construction output will augment the demand for pigments used in paints, coatings, cement, and other construction materials. Another driver for the pigments market is the expansion of the automotive industry. Pigments are increasingly used to color vehicle bodies, interiors, and other components. According to OICA, global passenger car production is expected to grow by over 25% from the current 90 million units to 115 million units by 2030. This increase in vehicle manufacturing will drive pigment consumption in the automotive industry.
SWOT Analysis
Strength: The pigments market has high entry barriers for new players due to stringent regulations and high capital requirements for research and production facilities. Pigment manufacturers also have strong brand recognition and loyal customer base due to consistently delivering high quality products. They possess comprehensive production and quality control systems to maintain consistency in pigment characteristics.
Weakness: Small pigment producers face challenges in competing against large multinational corporations that have economies of scale. Changes in environmental regulations can increase production costs of pigments containing heavy metals. Certain inorganic pigments like cadmium yellow and chromium green pose health and safety issues during manufacturing.
Opportunity: Rising consumption of end-use industries like paints & coatings, plastics, construction materials offer significant growth opportunities. Innovations expanding applications of pigments in printed electronics, solar panels, and biomedical products present new market avenues. Promoting eco-friendly properties of organic pigments to replace certain heavy metal containing variants can boost their demand.
Threats: Volatility in raw material prices of chemicals required for pigment synthesis threatens profit margins. Strong bargaining power of major end-users can negatively impact realizations. Implementation of stricter ROHS and REACH regulations increases compliance costs for producers.
Key Takeaways
The global pigments market is expected to witness high growth over the forecast period driven by increasing applications across various industries. Global Pigments Market Size is projected to reach US$ 17.89 Billion by 2024, exhibiting a CAGR of 19% during 2023-2030.
Regional analysis: Asia Pacific currently dominates the global market and is expected to maintain its lead through 2030 due to growing paints & coatings demand from China, India and other developing nations amid rapid industrialization and infrastructure development. North America and Europe are other major markets owing to well-established end-use industries.
Key players: Key players operating in the pigments market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. They focus on new product launches, collaborations and mergers to strengthen their market position.
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