A Pigment is a particulate solid that changes the colour of reflected or transmitted light due to wavelength-selective absorption. It is insoluble and is applied as finely powdered solid particles combined with a liquid rather than as solutions. The demand for pigment has been soaring in the global market owing to its wide array. It is used for:
- Paints and Coatings
- Printing Inks
The Pigments Industry is fragmented into product types-
- Organic, and
- Speciality Pigments
Asia-Pacific possesses the largest share in the pigment market, followed by the Americas, the Middle East and Africa.
India and China are leading the global pigment market as this region is witnessing the rise of producers and consumers of pigment.
The overall pigments market was worth more than USD 22 billion in 2020, and it is expected to grow at a CAGR of beyond 6% over the forecast period (2021-2026).
Today, the key players of this business are also engaging in research and development to produce superior quality of colour that is less harmful to the environment.
COVID-19 wrecked the Pigment market. The disease in various countries caused several businesses around the world to suffer.
The pigment market was affected by a disturbance in the global supply chain and lower demand from numerous end-user industries such as paints & coatings, plastics, textiles, and others.
The worldwide automobile industry saw a fall in output in 2020. With about 77.6 million units produced, which was 16 per cent lower than 2019 has now been critical on the paints and coatings businesses. Furthermore, reduced demands from the construction industry due to labour shortages and work stoppages impacted demand for paints and coatings, affecting the pigments market.
Rise of Urbanization and Increased Infrastructure Boosting Demand
The Asia-Pacific region dominated the market, owing to the rising demand for construction services in China and India.
India is still a growing economy, and one of the country’s booming businesses is building. The infrastructure sector in India is critical to the country’s economic development. The government of India is aggressively focused on building a sustainable infrastructure to suffice the need.
By 2022, the government’s ‘Housing for All’ project promises to create more than 20 million affordable dwellings for the urban poor, boosting residential buildings dramatically. Such initiatives will bring positive opportunities to many industries, including the pigment industry, as paints and coatings are the largest consumers of pigments.