Pigments Market are Estimated to Witness High Growth Owing to Growing Demand from Paints & Coatings Industry

Pigments Market


Pigments are insoluble solids that are used in paints, coatings, plastics, inks, and other materials as coloring agents. They provide opacity, durability, and resistance to heat and light. Organic and inorganic pigments are commonly used across various end-use industries. The growing paints & coatings industry is driving significant demand for pigments owing to their ability to protect surfaces from environmental factors while enhancing the aesthetic appeal.

The global pigments market is estimated to be valued at US$ 17.89 Bn in 2023 and is expected to exhibit a CAGR of 19.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing demand from the paints & coatings industry presents a major market opportunity for pigment manufacturers. The paints & coatings industry has been witnessing strong growth over the past few years owing to increasing construction activities and need for durable and aesthetic coatings in various industries. Pigments play a key role in enhancing the performance and aesthetics of paints & coatings. With further growth anticipated in the construction and manufacturing industries, significant opportunities lie for pigment manufacturers to cater to the rising demand for pigments from the paints & coatings sector globally over the forecast period.

Porter's Analysis
Threat of new entrants: The pigments market requires high initial capital investment and stringent regulations for production. This creates significant barriers for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiation in products offered by various companies.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative raw material sources and suppliers.

Threat of new substitutes: Threat of substitution is low as pigments have high switching costs due to product differentiation and customer loyalty.

Competitive rivalry: The pigments market is highly competitive owing to the presence of numerous international and regional players.

SWOT Analysis
Strength: Pigments have wide applications in paints, coatings, plastics, inks and other end-use industries. Growth in end-use industries augment the market growth.

Weakness: Stringent environmental regulations regarding the disposal of heavy metal-based pigments and volatility in raw material prices adversely impact the market.

Opportunity: Development of bio-based and environment-friendly pigments presents lucrative opportunities for market expansion. Growth in construction and automotive industries in developing nations also provides opportunities.

Threats: Availability of cost-effective substitutes poses threats to the pigments market. Economic slowdowns may negatively impact the demand.

Key Takeaways
Global Pigments Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Factors such as growing construction and automotive industries will boost the demand for pigments.

Regionally, Asia Pacific dominates the global pigments market and is expected to continue its lead over the next few years. This is attributed to robust economic growth and rising demand from China, India and other developing nations in the region.

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. Leading companies are investing in R&D to develop new eco-friendly pigment technologies.

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