The global pigments market has been growing rapidly over the past few years. Pigments are coloring agents that are used to impart color to various materials like paints, printing inks, colored plastics, coloring food, cosmetics, and others. Pigments are used in a wide range of applications like construction, automotive, protective coatings, packaging, and printing industries. Major factors driving the demand for pigments include increasing construction activities around the world and rapid urbanization. The construction industry has been a major consumer of pigments used in paints and coatings for coloring and protecting buildings. Global population has been increasing steadily creating demand for residential and commercial infrastructure which requires huge amounts of paints and coatings made from pigments.

The Global pigments market is estimated to be valued at US$ 20.61 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2030.

Key Takeaways

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. These companies are engaged in new product development and capacity expansions to strengthen their foothold in the market.

There is an immense opportunity for pigment manufacturers in developing countries of Asia Pacific, Middle East, and Africa owing to growing construction activities. The manufacturers are expanding their production facilities in these emerging markets to leverage inorganic growth opportunities. Government initiatives towards infrastructure projects is supporting overall industry expansion globally.

The recovery of global economy post COVID pandemic has boosted construction spending worldwide creating demand for pigments from the building and construction industry. Pigment producers are focusing on global capacity expansions to cater to burgeoning international demand. Partnerships with major paint and coating manufacturers is a key business strategy adopted by pigment companies.

Market drivers:

- Increasing construction industry output- Construction is the largest end-use industry for pigments consumed in paints and coatings. Growth in residential and commercial construction globally drives pigments demand.

Market restrain:

- Stringent environmental regulations on heavy metals- Many pigments contain heavy metals like lead, mercury, cadmium, chromium etc. which are toxic and pose health hazards. Regulations restricting use of such toxic pigments may restrain market growth. Alternative eco-friendly pigments with plant-based or mineral origins need to be developed.

Segment Analysis

The pigments market is dominated by organic pigments sub segment due to its wide usage in various applications like printing inks, paints & coatings, plastics, cosmetics etc. Organic pigments have good light fastness, colour strength and tinctorial properties which make them preferable for usage in different applications. Other major sub segments include inorganic pigments, specialty pigments. Inorganic pigments sub segment holds second largest share and is expected to grow at steady rate during forecast period owing to its usage in construction sector for manufacturing cement and glass.

Global Analysis

North America region dominated the global pigments market and is expected to maintain its dominance during forecast period. This is attributed to presence of major pigment manufacturers and developed end use industries like printing inks, paints & coatings in the region. Asia Pacific is projected to be fastest growing market for pigments between 2024-2030. This is owing to growing construction activities, automotive production and increasing demand for printing inks and packaging from developing countries of China and India in the region. Latin America and Middle East & Africa are expected to experience moderate growth in pigments market during forecast period. Key strategies adopted by market players includes expanding production facilities, new product development and mergers & acquisitions to strengthen their foothold inglobal market.

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