Coating Pigments Market
Coating Pigments Market Analysis Report By Composition Type (Extenders/Fillers, Titanium Dioxide (TiO2), Color Pigments), By Product Type (Inorganic, Organic), By End-Use Industry, By Region - Global Insights 2022-2032
Analysis of Coating Pigments market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global Coating Pigments Market Snapshot
The global coating pigments market is estimated at USD 24.5 billion in 2022 and is forecast to reach USD 41.9 billion by 2032, growing at a CAGR of 5.5% during 2022-2032.
Market size value in 2021A
USD 23.2 Billion
Market estimated value in 2022E
USD 24.5 Billion
Market forecast value in 2032F
USD 41.9 Billion
Global Growth Rate (2022-2032)
Europe Market Size in 2021
Europe Growth Rate (2022-2032)
Top 5 Companies Market Share in 2021
Key Companies Profiled
As per a recent industry analysis by Fact.MR - market research and competitive intelligence provider, global coating pigments market has been valued at USD 23.2 billion in 2021. The coating pigments market has shown a growth of 4.1% CAGR between 2017 & 2021.
Further, the global coating pigments market has been estimated to generate ~40% of overall market valuation for global industrial coating market in 2021. It is projected to grow at 5.5% CAGR and reach the valuation of USD 41.9 billion by 2032. In addition, it is likely to offer an absolute dollar opportunity of USD 18.6 billion between 2022 & 2032.
Looking through regional lens, the European coating pigments market is one of the prominent markets from the perspective of production and sales of coating pigments. Therefore, this market is likely to witness a growth of 4.8% CAGR and contribute an absolute dollar opportunity of around USD 4.1 billion during the forecast period.
North American coating pigments market is the second-largest market across the globe. It has acquired more than one-fifth market share with a growth rate of 3.2% CAGR in the last half–decade in the global coating pigments market.
Market players based in North America are focusing on research & development to improve the quality of pigments. The majority of the companies have diversified their product portfolio by adding organic pigments.
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Coating Pigments Market Analysis from 2017-2021 Compared to Demand Outlook for 2022-2032
Historically, the market value of coating pigments industry showed a growth of 4.1% CAGR from 2017 to 2021. The global coating pigments market has generated an absolute dollar opportunity of around USD 4.2 billion in the last half-decade. It is projected to offer opportunities of nearly USD 6 billion by the mid-term (2022-2026).
The global coating pigments market is largely dominated by Europe which is acquired nearly one-fifth market share followed by North America with around one-fourth market share by the end of 2021.
Coating pigments being important constituent of coatings raw materials, hold more than 30% of the volume share among raw materials. Coating pigment dictates the global market in terms of value and volume on the backdrop of outpacing growth in the construction and infrastructure sector and other end-use industries.
Besides, extenders/fillers, a composition type, witnessed a growth of ~5.4% CAGR. Extenders / fillers hold more than 44% of the market in terms of coating pigments sales and is expected to maintain the dominance during forecast years.
In addition, the surge in automotive industry in developed and emerging economies is expected to escalate the demand for the coating pigments in paints and chemical sector. This is likely to encourage manufacturers of coating pigments to increase their product reach and pigments business portfolio for a variety of end-use industries.
Further, increasing pollution, climate change, health issues and many others are estimated to motivate consumers towards the use of organic products. However, this may show a significant inclination towards the use of organic coating pigments which will support the coting pigments market.
Owing to the above fact, the sales of organic coating pigments is likely to upsurge with ~8.2% CAGR and generate tremendous absolute dollar opportunities of more than USD 10.8 billion.
What Factors are contributing to the Growth of Coating Pigments Market?
The coating pigments market growth is driven by numerous factors. Such as the increase in the use of colored packaging materials for several end-use industries like food packaging, consumer goods packaging etc. has impacted the coating pigments market.
However, rising preference for thermal preference coatings in residential construction, and escalating use of automotive coatings to tackle and meet requirements of outpacing the automotive sector to propel the demand for coating pigments market.
The paint and coating industry is witnessing modification in the global market about rising demand from aerospace and protective & marine end-use. Aerospace and protective & marine has consistent demand for the coating pigments and expected to remain same in forecast years.
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How Innovations and Advancement in Pigment Technology Became the Center of Coating Manufacturers?
Key companies are bringing new technologies to advance the feature and efficiency of the coating pigments. Organic coating pigments are bolstering the demand for coating pigments. Organic coating pigments with higher performance for sustainable products has been attracting manufacturers.
An evolution in the formulations of coating solvents has been witnessed which have aimed at gaining better outcomes. Further, Trending characteristics of coating pigments such as variance in colors, efficient binding properties are enabling growth of the coating pigments market. The introduction of the new coatings solvents is likely to boost the adoption of advanced coating pigments in the estimated forecast period.
Moreover, due to the implementation of strict environmental regulations, manufacturers are developing innovative technologies, which may lead to eventually advance the ease of compliance with regulations.
What is the scenario of the Germany Coating Pigments market?
The German coating pigments market is poised to grow at a CAGR of about 5.6% over the forecast period of 2022 to 2032. The market attractiveness of the European region is in terms of adoption of organic coating pigments which is anticipated to increase at an enormously higher rate. This is owing to several reasons such as increasing automotive industry growth rate in the European countries along with higher disposable incomes of the majority of the population in these regions.
How is China Coating Pigment Market Performing?
The lucrative market of coating pigments in the Asia Pacific region has attracted a lot of big names in the paint & coatings industry to make a major operational shift in the region. Owing to this, East Asia has acquired the one-fifth market share in global coating pigments market.
However, China being a prominent country in the region, is expected to gain nearly 72% market share of the East Asia coating pigments market. It is projected to grow by 6.8% CAGR and generate USD 2.8 billion by the end of 2032.
Which Product Type of Coating Pigments is highly preferred by Consumers?
Inorganic pigments with more than 80% of the global coating pigments market are expected to lose market share in forecast years. Stringent rules and regulations against the use of toxic substances and metals in coating pigments present in the inorganic coating pigments can affect the inorganic segment.
However, organic coating pigments are on the expensive side but have recently gained a customer base across developed economies. High durability, certain color shades are major factors driving the demand for the use of organic coating pigments.
Which End-Use Industry will Provide Significant Growth?
The growing number of applications in industries using pigment has led to a spurt in demand for coating pigments globally. Further, the number of infrastructure modernization projects worldwide have been observed to grow significantly in the recent past, creating a strong demand for coating pigments. However, coating pigments demand in architectural application accounts for over 38% share and is estimated to further witness strong demand in the forecast period.
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R&D of innovative products beings a major trend for the coating pigments market. The continued growth of the coating pigments market is a reflection of increased investment in R&D from coating pigments manufacturers.
Companies are strategically investing in research and development activities for expanding their production plants across regions in emerging economies for attaining a new customer base.
Moreover, the presence of low-priced labor, advanced manufacturing techniques and ample small manufacturers in China may create challenges for the other major manufacturers in the league.
The key companies operating in the industry are PPG Industries Inc., AkzoNobel NV, The Sherwin-Williams Company, BASF SE, DuPont Inc., RPM International Inc., Axalta Coatings LLC etc.
Market Segments Covered in Coating Pigments Market Analysis:
By Composition Type
- Titanium Dioxide (TiO2)
- Color Pigments
- Others (anticorrosive, metallic, pearlscent)
By Product Type
By End-Use Industry
- Protective & Marine
- FAQs -
The global coating pigments market is projected to grow at the rate of nearly 5.5% CAGR.
East Asia coating pigments market is acquiring more than 19.7% market share in the global coating pigments market.
The Extenders/Fillers type is holding the majority of the market share in the product type segment.
Inorganic product type is holding majority market shares.
South Asia and Oceania coating pigments market are estimated to show a rapid growth trajectory amid the 2022 & 2032.
North America is likely to generate USD 8.8 billion by 2032.
The coating pigments market is quite fragmented where key players are PPG INDUSTRIES INC., THE Sherwin Williams Company, DuPont Inc., Akzo Nobel N.V., BASF SE, Axalta Coating Systems Ltd., Kansai Paint Co., ltd., Hempel A/S, Nippon Paints Holding Co., ltd
Germany coating pigments market is the largest revenue contributor in global market.
South Asia & Oceania is a fastest growing region which projected to offer around USD 8.6 billion by 2032