June 16, 2024

Pigments Market is Estimated to Witness High Growth Owing to Increased Application in Printing Inks

Pigments are colored, black, white, or fluorescent particulate organic or inorganic solids which are dissolved, dispersed, or suspended in various media. Pigments are widely used for coloring paints, inks, rubber, and plastics. Important properties of pigments include coloristic properties such as hue, strength, and tinctorial power. Pigments have wide applications including printing inks, paints and coatings, plastics, rubber, and other specialty applications. Printing inks have emerged as one of the largest application area for pigments owing to increased use of printing materials.

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. Printing inks application is the largest opportunity for pigment manufacturers owing to rapid expansion of printing industry. New eco-friendly pigments are being developed using bio-based raw materials and renewable resources in response to stringent regulations on heavy metals usage. Technological advancements in pigment manufacturing processes through automation and energy efficient methods is positively impacting the production capability of pigment manufacturers.

Market Drivers:

The key driver for the growth of pigments market is increased application of printing inks. Growing printing industry for publishing, packaging, and advertising is driving the demand for printing inks where pigments are crucial coloring agents. Industrialization and urbanization has also increased the usage of paints, coatings, and plastics where pigments enhance the aesthetic appearance and prevent degradation of materials on exposure to weathering agents. Stringent environmental regulations regarding heavy metal-based pigments is shifting the demand towards eco-friendly pigments prepared from bio-based resources and renewables.

Current challenges in Pigments Market

The Pigments market is facing several challenges currently which hindering its growth. Stringent government regulations regarding hazardous materials are major concern for manufacturers. Environmental laws restricting the use of toxic and hazardous pigments are forcing manufacturers to shift towards eco-friendly options which require high R&D investment. Growing awareness about risks of using synthetic pigments in paints, plastics and other applications is challenging vendors to offer sustainable solutions. Market players are also facing challenges due to fluctuating prices of raw materials. Volatility in prices of key raw materials like iron oxide, cadmium, chromium and lead affects the production cost and profit margins of pigments manufacturers.

SWOT Analysis

Strength: Variety of pigments available for different applications; Growing construction and automotive sector boosting demand

Weakness: Stringent regulations on hazardous pigments; Price volatility of raw materials

Opportunity: Shift towards eco-friendly and sustainable pigments; Emerging applications in printed electronics and industrial coatings

Threats: Availability of alternatives like dyes; Intense competition among vendors

Geographical regions

North America and Western Europe currently account for over 45% share of the global pigments market value owing to stringent environmental laws and growing preference for eco-friendly options in these regions. The United States alone contributes around 25% to the global market revenues attributable to high demand frompaints & coatings, construction, automotive, plastic industries in the country.

The fastest growing region for Pigments Market

Asia Pacific region is projected to be the fastest growing market for pigments during the forecast period. This growth can be attributed to expanding manufacturing sector, increasing construction activities and rapid urbanization in developing economies like China and India. Countries like China, Japan and India are positioning themselves as global manufacturing hubs which will propel the demand for pigments from industries like paints & coatings and plastics in Asia Pacific region.

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