Pigments market to surpass EUR 18,8 billion by 2027
According to the market intelligence firm Coherent Market Research, the global pigments market was estimated to be valued more than EUR 12.8 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 4.5% during the forecast period (2020 to 2027).
Rise in the construction industry due to the rapid growth of population which is creating demand for building infrastructure is projected to augment the market growth. Growth in the real estate market across the developing region, especially in the Asia Pacific, is expected to propel the market growth of pigments. According to the India Brand Equity Foundation, India is expected to become the third-largest of the construction market in the world by 2025. China, India, and the US are expected to account for almost 60 per cent of all global growth in the sector by 2025.
Emerging printing inks end-user segment creating robust demand for pigment and this is projected to serve major market opportunities. The growth of the printing inks industry majorly depends on the growth of printing inkjet and laser printing. The rising demand for printing inks from the packaging industry coupled with the growing demand for goods and services around the globe is projected to foster the market growth of pigments, basis research done by Coherent Market Insights.
Increasing price of raw materials
The increasing price of raw materials used in the manufacturing of the pigments is expected to hamper the market growth. Carbon-based molecules mainly derived from petroleum compounds, toluene, ethylene, benzene, naphthalene, and a few acids are key raw materials used in the manufacturing of pigments.
The global spread of (Covid-19) Pandemic has resulted in lockdown measures, and cease in economic activities which have severely impacted the paints & coatings sector. The rapid upsurge in prices of dye intermediates from the average price in the same time period as compared to 2019, is expected to have a cascading negative effect on other end-user industries. This factor is expected to hinder the growth of the Global Pigments Market until the period of 2021, states Coherent Market Insights.
