The Global Organic Pigments Market is estimated
to be valued at US$ 5.12 Bn in 2022
and is expected to exhibit a CAGR of 5.4% over the forecast period
2024-2031, as highlighted in a new report published by Coherent
Market Insights.
BURLINGAME,
Calif. , May 27, 2024 /PRNewswire/ -- The
global Organic Pigments Market is projected to grow from
USD 78.89 billion in 2024, and it is
projected to reach USD 140.56 billion
by 2031, at a CAGR of 8.6% from 2024 to 2031, as per the recent
study by Coherent Market Insights. Organic pigments find wide usage
in printing inks applied on paper, paperboard, and various plastic
substrates. Growing print media industry is thus augmenting the
market growth.
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Market Dynamics:
The global organic pigments market is witnessing
high growth owing to increasing demand from paints & coatings
industry across the globe. Organic pigments find wide application
in manufacturing paints and coatings owing to their bright colour
shades and high tinting strength. Furthermore, growing construction
industry in emerging nations of Asia
Pacific and Latin America
is further propelling the demand for paints and coatings made from
organic pigments. In addition, increasing use of organic pigments
in printing inks application is also driving the market growth
during the forecast period.
Global Organic Pigments Market Report
Coverage
Report Coverage
|
Details
|
Market Revenue in 2024
|
$ 6.56 billion
|
Estimated Value by 2031
|
$ 9.48 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.4%
|
Historical Data
|
2019–2023
|
Forecast Period
|
2024–2031
|
Forecast Units
|
Value (USD
Million/Billion)
|
Report Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments Covered
|
By Type, By
Application
|
Geographies Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth Drivers
|
• Increase demand for
organic pigments in paints & coatings industry
• Rising health
concerns due to hazardous chemicals
|
Restraints & Challenges
|
• Increase demand for
organic pigments in paints & coatings industry
• Rising health
concerns due to hazardous chemicals
|
Market Trends:
Azo pigments trend and growing use of high
performance pigments: Azo pigments have dominated the organic
pigments market over the recent years owing to their photo
stability and cost effectiveness. Furthermore, rising demand for
high performance pigments from end use industries is another major
trend being witnessed in the market. Organic high performance
pigments exhibit enhanced properties such as weather resistance,
heat resistance and lightfastness.
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Market Opportunities:
Paints and coatings accounted for over 40% share
of the global organic pigments market in 2024. Organic pigments are
extensively used in paints and coatings applications owing to their
remarkable properties such as weather resistance, lightfastness,
chemical resistance and color fastness. Rapid growth of the
construction and automotive industries across developing regions
has been a major driver for increased pigment demand from the
paints and coatings segment. Further expansion of the
infrastructure and real estate sector coupled with rising consumer
spending on home décor and refurbishments is expected to support
segmental growth over the forecast period.
The printing inks segment currently holds around
30% share of the global organic pigments market. Organic pigments
are highly preferred over inorganic ones in printing inks due to
their high tinting strength and ability to produce brilliant
colors. Increasing demand for flexible packaging from food &
beverage and personal care industries is a key factor
pushingpigment consumption in the printing inks segment.
Additionally,growth of the publication and commercial printing
industries particularly in Asia
Pacific is anticipated to positively influence segmental
growth during the forecast period.
Key Developments:
In April 2022, The
Heubach Group launched its most recent product line, featuring
cutting-edge solutions, at the American Coatings Exhibition in
Indianapolis. The company
showcased its next-generation pigments, dyes, pigment dispersions,
and specialized materials, including anti-corrosive, organic, and
inorganic pigments, during ACS 2022.
In January 2022,
Heubach Group and SK Capital Partners joined forces to acquire
Clariant's Pigments division. The baseline enterprise value of the
sale, which was disclosed at the time of the transaction signing,
amounted to USD 878.45 million,
subject to closing account adjustments and a potential earn-out
payment of USD 54.5 million.
Key Market Takeaways
The global organic pigments market is anticipated
to witness a CAGR of 5.4% during the forecast period 2024-2031,
owing to rapid industrialization and urbanization activities across
emerging economies.
On the basis of type, azo pigments segment is
expected to hold a dominant position, accounting for over 35% share
due to high brightness, weather resistance and color strength
characteristics.
On the basis of application, paints and coatings
segment is expected to hold a dominant position over the forecast
period, due to increasing construction activities in both developed
and developing regions.
Key players operating in the global organic
pigments market include BASF SE, Clariant, DIC Corporation, Ferro
Corporation and Heubach GmbH among others. These players are
focusing on new product development and capacity expansion
strategies to gain a competitive edge in the market.
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Market Segmentation
By Type Insights (Revenue, USD Bn, 2019 - 2031)
- Azo
- Pthalocyanine
- HPPs
- Others
By Application Insights (Revenue, USD Bn, 2019 -
2031)
- Printing inks
- Paints & coatings
- Plastics
- Others
By Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- Israel
- Rest of Middle East &
Africa
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SOURCE Coherent Market Insights