10-Sep-2018 | Zion Market Research
With the presence of a large pool of participants, the global pigments market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). DIC Corporation, ECKART GmbH, BASF, Cabot Corp., Sudarshan Chemical Industries Ltd, Heubach GmbH, and Ferro Corporation are some of the key vendors of pigments across the world. These players across pigments market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the pigments market study.
Citing an instance, in March 2018, University of Eastern Finland published a new study in Scientific Reports stating that anthocyanins, which are naturally occurring pigments in berries, can enhance the functionalities of the sirtuin 6 enzymes in cancer tissues.
This review is based on a report by Zion Market Research, titled “Pigments Market by Product (Inorganic Pigment, Organic Pigment, and Specialty Pigment) and End User: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2023”- Report at http://www.zionmarketresearch.com/report/pigments-market
As estimated in this report, the global pigments market stood at US$ 21.66 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this market is expected to reach US$ 27.56 billion by the end of the forecast period. The main products available in this market are inorganic pigments, organic pigments, and specialty pigments. Among the three, the demand for organic pigment is relatively higher and the trend is anticipated to remain so over the next few years, notes the pigments market research report.
Extensive Use In Paints & Coatings Applications To Boost Product Sales
“Growing application in paints & coatings, plastics, printing inks, and construction material is predicted to drive the growth of pigments market over the coming years,” says the author of this study. Apart from this, beneficial product features such as water & oil insolubility and high tinting strength is likely to propel the demand for pigments market in the near future. Furthermore, escalating need for visual & aesthetics color appeal in vehicles as well as in buildings will further proliferate the product popularity.
Fluctuations witness in the product costs as a result of increase in the raw materials as well as crude oil prices is predicted to impinge the pigments market growth in the near future. Furthermore, with colorants such as lead sulfochromate, cadmium, molybdate sulphate, and lead chromate proved to have adverse impacts on human health as well as environment, it is foreseen to adversely affect the expansion of pigments market in the years to come.
Thriving Automotive & Construction Sectors To Aid APAC’s Regional Dominance
Regionally, North America has been leading the worldwide pigments market and is anticipated to continue on the dominant position in the years to come, states the pigments market study. The growing product demand along with rise in the middle-class population in countries such as China and India is one of the key factors behind the dominance of the Asia Pacific pigments market. Furthermore, the rapidly emerging automobile and construction sectors in countries such as India, Japan, China, Indonesia and Malaysia is likely to drive the product demand over the forthcoming years. For the record, APAC contributed a major chunk of pigments market share in 2017.
The global pigments market is segmented as follows:
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