April 18, 2024

The Pigments Market Is Thriving On Rising Demand For Specialty Coatings By 2030

Pigments refer to finely powdered coloring materials, which are used in various applications including paints, printing inks, ceramics, plastics, cosmetics, etc. High performance pigments provide additional functions like UV protection, high opacity, chemical resistance and thermal stability. Key applications of pigments include coatings, construction materials, polymers and plastics, papers and printing inks among others. Rapid urbanization and rising purchasing power along with increasing usage of pigments in plastics, paints, and various industrial applications are fueling market growth.

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 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. The growing demand for pigments from end use industries like construction, automotive and packaging is anticipated to drive the pigments market. The global pigments market is expanding rapidly with emerging applications in several industries across regions globally.

Market key trends

One of the key trends witnessed in the pigments market is the growing demand for specialty pigments. Specialty pigments such as high performance pigments, fluorescent pigments, thermochromic pigments fluorescent pigments and photochromic pigments are gaining traction. Specialty pigments impart additional properties like UV protection, self-cleaning, anti-microbial and color change. Another trend is manufacturers focus on development of environment friendly bio-based pigments. Bio-based pigments have lower toxicity and are derived from renewable sources like fruits, vegetables and microorganisms. Additionally, increasing demand for sustainable and green pigments from end users will continue to define future market trends.

Porter’s Analysis

Threat of new entrants: The pigments market has moderate to high entry barriers since players need to invest in R&D, manufacturing facilities, and distribution network. Established players enjoy economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many suppliers of pigments. However, differentiated and premium products give suppliers some pricing power.

Bargaining power of suppliers: Pigment suppliers have low to moderate bargaining power since raw materials are commoditized and substitutable. Suppliers play little role in differentiation.

Threat of new substitutes: Threat of substitutes is moderate as new pigment types can be developed but switching costs are high for established applications. New pigment technologies pose a threat.

Competitive rivalry: The pigments market is dominated by few global players and competition is based on product quality, service, and price.

Geographical Regions

North America accounts for the largest share of the global pigments market owing to stable demand from paints & coatings industries in industries. However, Asia Pacific is expected to be the fastest growing regional market registering a CAGR of XX% during the forecast period driven by high growth in China, India, and other Southeast Asian countries.

Porter’s Analysis

Threat of new entrants: The pigments market has moderate to high entry barriers since players need to invest in R&D, manufacturing facilities, and distribution network. Established players enjoy economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many suppliers of pigments. However, differentiated and premium products give suppliers some pricing power.

Bargaining power of suppliers: Pigment suppliers have low to moderate bargaining power since raw materials are commoditized and substitutable. Suppliers play little role in differentiation.

Threat of new substitutes: Threat of substitutes is moderate as new pigment types can be developed but switching costs are high for established applications. New pigment technologies pose a threat.

Competitive rivalry: The pigments market is dominated by few global players and competition is based on product quality, service, and price.

Geographical Regions

North America accounts for the largest share of the global pigments market, valued at US$ 20.61 Bn in 2024 owing to stable demand from paints & coatings industries in industries. However, Asia Pacific is expected to be the fastest growing regional market registering a CAGR of 19% during the forecast period driven by high growth in China, India, and other Southeast Asian countries.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it