Global Pigment Market to Reach $40 Billion

Recently, Fairfied Market Research, a market consulting agency, released a report saying that the global pigment market continues to be on a steady growth track. From 2021 to 2025, the compound annual growth rate of the pigment market is about 4.6%. The global pigments market is expected to be valued at $40 billion by the end of 2025, mainly driven by the construction industry.

The report predicts that the upsurge around infrastructure projects will continue to heat up as global urbanization progresses further. In addition to protecting structures and protecting them from corrosion and extreme weather conditions, pigment sales will increase. Demand for specialty and high-performance pigments remains high in the automotive and plastics industries, and soaring demand for commercial products such as 3D printing materials will also drive pigment product sales. As environmental protection requirements increase, sales of organic pigments may pick up. On the other hand, titanium dioxide and carbon black remain the most popular inorganic pigment classes on the market.

Regionally, Asia Pacific has been one of the leading pigment manufacturers and consumers. The region is expected to register a CAGR of 5.9% over the forecast period and will continue to provide high production volumes, mainly due to the increasing demand for decorative coatings. Uncertainty in raw material prices, high energy costs and supply chain instability will continue to be challenges for pigment producers in the Asia-Pacific region, which will continue to shift to fast-growing Asian economies. The North American and European markets continue to see production declines that could even force several companies to close factories. In terms of major market players, the report shows that Panergy, DIC, Tenor, Lanxess and Chemours are among the key players.