Paint Pigments Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Paint Pigments market size was estimated at USD 28.62 billion in 2023 and is projected to reach USD 40.83 billion in 2030 at a CAGR of 5.21% during the forecast period 2023-2030.

Paint pigments are finely ground, coloured particles that are mixed into paint to give it colour. These pigments are responsible for the various hues and shades of paint. They can be derived from natural resources like minerals, plants, and animals, or they can be synthetically produced. Pigments are combined with a binder, such as oil, water, or acrylic, to create the paint mixture that can be applied to surfaces. The specific type and combination of pigments used determine the paint’s colour, opacity and other characteristics.

The paint pigments market is expected to grow during the forecast period. This growth can be attributed to factors such as the growing demand from the paints and coatings industry and increasing demand for specialty pigments. Moreover, the growing demand from automotive industry, stringent environmental regulations and technological advancements are expected to drive the growth of the market during the forecast period.

On the other hand, the high cost of pigments, volatility of raw material prices and competition from substitutes might hamper the growth of the market during the forecast period.

The COVID-19 pandemic has had a significant impact on the growth of the paint pigments market. The paints and coatings industry was one of the worst-hit industries during the pandemic. The decrease in demand for paints and coating led to a decrease in the demand for pigments. Moreover, the pandemic led to disruptions in the supply chain of pigments. The prices of raw materials used to produce pigments such as titanium dioxide and iron oxide, increased during the pandemic. This made it more expensive for manufacturers to produce pigments.

Delvens Industry Expert's Standpoint

The paint pigments market is expected to grow during the forecast period. This growth can be attributed to several factors. Firstly, the paints and coatings industry is one of the largest end-users of pigments. The growth of the industry is expected to drive the demand for pigments in the forecast period. Moreover, there has been an increase in the demand for specialty pigments. Specialty pigments are used to impart specific properties to paints and coatings such as UV protection, heat resistance and corrosion resistance. The increasing demand for these types of pigments is expected to drive the growth of the paint pigment market. In addition, the automotive industry is another major end-user of pigments. The increasing demand for automobiles, especially in emerging economies, is expected to drive the demand for pigments in the forecast period.

Market Portfolio

Key Findings

• Based on forms, the market is segmented into liquid and powder. The liquid form dominated the market in this segment as these coatings dry faster than those with a solvent base due to the fast evaporation of water from the coating layer.

• Based on mixture, the market is divided into solvent, binder and pigment. Solvent dominated the market in this segment as solvent makes up to a out 50-60% of the total volume. The solvent is responsible for dissolving the pigment and binder, and for allowing the paint to flow easily.
   
• Based on application, the market is bifurcated into residential coating, architectural products, industrial coatings, specialty coatings and others. The architectural products dominated the market in this segment.  This is because architectural products often incorporate paint pigments to improve their appearance and provide colour options.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. In North America, there is an increase in the demand for construction activities in countries like China and India. In addition, there has been an increase in government spending in construction of affordable housing properties in India and China which is expected to drive the growth of the paint pigments market during the forecast period.

Regional Analysis

Asia Pacific to Dominate the Market

• Asia-Pacific is estimated to account for the largest market share during the forecast period due to the increasing demand for construction activities in China and India.
   
• Moreover, increase of government spending in construction of affordable housing properties in India and China is expected to drive the growth of the market during the forecast period.

Competitive Landscape

• ALTANA AG
• BASF SE
• Cabot
• Clariant
• DIC Corporation
• Dow
• Huntsman
• KRONOS Worldwide Inc
• LANXESS
• Lomon Billions
• Merck KGaA
• Nippon Kayaku
• Pidilite Industries Ltd
• Sensient Technologies
• Shanghai Road Dyestuffs and Chemicals
• Sudarshan Chemical Industries Limited
• Synthesia
• The Chemours Company
• Tronox Holdings plc
• Venator Materials PLC

Recent Developments

• In August 2022, Chemours started mining its newest sand mine in Florida, allowing the business to increase TiO2 output, which is used in white pigment. The new sand mine will be located in Putnam County, Florida, and will supply the company with a consistent source of high-quality sand for its titanium dioxide (TiO2) manufacturing. The new mine will produce up to 1.5 million tons of sand annually.
   
• In October 2021, KRONOS introduced 9900 Digital White pigment, a newly developed aqueous pigment concentrate designed to fulfill the demands of the digital printing industry. KRONOS Digital White is specially designed for exceptional storage stability and anti-settlement features in white water-based inkjet inks, offering superior opacity and the highest whiteness in prints.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Paint Pigments Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope