2 Out of 5 Organic Pigment Sales Accounted for by Paints & Coatings Industry: Fact.MR Study: Fact.MR Study
Published : 23 Aug 2021 Industry: Chemical & Materials
Fact.MR, a market research and competitive intelligence provider, projects the global organic pigments market to progress positively, expanding at a CAGR of above 5% across the 2021-2031 forecast period.
Organic pigments are artificially synthesized carbon compounds that are used to impart color to substances. They impart transparent colors as opposed to inorganic ones, which produce opaque colors. The shift from heavy, metal-based, inorganic pigments will continue to benefit market growth. These pigments have a better environmental profile than inorganic pigments, and give vivid colors, particularly to printing inks.
Continuous advances in the market are expected to be powered by increasing need for enhanced aesthetics in product packaging for better marketing. As a result, rising production of advertising and packaging leaflets will propel demand for organic pigments in the near future.
A surge in construction spending with escalating demand for decorative coatings in the construction sector will also positively affect the growth of the market.
Key Takeaways from Market Study
- Global organic pigments market to top US$ 6 Bn by 2031.
- Azo pigments projected to reach around US$ 2.5 Bn by 2031.
- Phthalocyanine pigments projected to record above 4% CAGR over next 10 years.
- Market in Europe to record 3% CAGR over forecast period of 2021- 2031.
- U.S. market likely to expand at CAGR of 4% by 2031.
- Asia Pacific is the most lucrative region and will generate over 50% revenue by 2031.
- Market in Latin America projected to expand at above 4.5% CAGR over the decade.
“Growing demand for new colors and visual effects are creating opportunities in plastics and paints & coating industry, and increasing use of high-performance pigments are shifting demand from heavy, metal-based pigments to organic pigments,” says the Fact.MR analyst.
The global organic pigments market is moderately consolidated in nature with key players. Manufacturers are actively developing a wide range of high performance, environmentally friendly alternatives owing to a shift from heavy, metal-based pigments.
Companies leverage strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.
Recently, Sun Chemical introduced high-performance pigments for heavy metal replacement, including both, Fanchon Yellow 184 (bismuth vanadate) and Yellow 138 for green shade yellows.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the organic pigments market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of type (azo pigments, phthalocyanine pigments, and high-performance pigments) and application (printing inks, paints & coatings, textile, decorative coatings, and plastics & rubber), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemicals and Materials
Our chemical and material consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical and material sector. Our expertise in recognizing the challenges and trends impacting the global chemical and material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Consultant – Chemicals and Materials