Market Insights
Market Research Future (MRFR) states that the global market for Pigment Dispersion is slated to exhibit a high revenue based CAGR during the forecast period (2017-2023). Pigment dispersion method is used to impart color to various substrates in the building and construction, automotive, and packaging industries.
Industry Updates
Toyo Ink Brasil has introduced an enhanced range of high-performance polyurethane-based surface and lamination inks for flexo and gravure printing. This line-up comprises Liovalue solvent-based gravure series, the Rexta solvent-based flexo series, the Aquaecol water-based gravure series and the Aqua Liona water-based flexo series that shows high color density for a wider color gamut and also provides excellent bond strengths. This strategy makes sense as the company seeks to boost its position in the global market.
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Drivers and Restraints
The impressive market performance is the result of a combination of factors such as presence of various manufacturers and well-established industries across the globe. A number of market players strive to strengthen their presence in the global market by tapping into the existing growth potential. For instance, in 2018, Clariant entered into a partnership with Lintech International to distribute its pigments for the plastics, coating and printing ink industries across the United States (US).
Furthermore, expansion of the paints and coatings industry is deemed to present remarkable growth opportunities for pigment manufacturers. The market also expands on the back of increased use of colored packaging materials for food packaging and consumer preference for thermal barrier coatings in residential construction.
On the downside, several government bodies implement stringent regulations that restrict the use of toxic organic chemicals for production of pigment dispersion, which partially impedes the market growth. However, the overall market will remain unaffected on account of onslaught of organic pigments that are alternatives to some of the toxic inorganic ones. With manufacturers investing in research and development activities to replace metals in the formulation to produce environmental-friendly pigments, the market is on its way to grow exponentially over the coming years.
Industry Trends
It appears that the decorative market has picked up quite well in past recent years and is expected to fuel the increase in market size of Pigment Dispersion. Presently, formulators have a tremendous choice of pigments to choose from, especially in finished decorative cosmetic products. Hence, the correct choice of pigment for decorative purposes ensure product performance, customer satisfaction and subsequent increase in profit margins. This trend is presumed to bode extremely well with the ongoing market growth of Pigment Dispersion.
Market Segmentation
The Global Pigment Dispersion Market is segmented Based on Type and Application.
By type, the market is segmented into water, solvent, and others. Solvent based pigments are finding a vast array of applications in automotive, industrial finishes and floor coatings. The wide range of applications has propelled the solvent based pigment dispersion segment to a large extent.
Based on Application, the market consists of construction, automobile, aerospace, furniture, painting and coating, printing and others. Pigment dispersion in construction industry is highly favorable as they offer various benefits, such as absorption of less infrared rays, are highly durable and aesthetic nature.
Regional Analysis
On the Basis of Region, the market is segmented into Asia Pacific (APAC), Europe, Latin America, North America, and the Middle East & Africa.
Among all the regions, North America is estimated to grow with the highest CAGR during the assessment period on account of expanding aerospace and defense sector. The United States contributes to this growth to a large extent and has been the ruler of the largest market share in the region in 2016. The market size has grown majorly due to high consumption of pigment dispersion, high production capacities, along with strong economic growth. In terms of value and volume, Canada is estimated to follow US closely and is expected to grow further due to extensive use of paints and coatings in the furniture sector.
Countries in Latin American such as Argentina, Colombia, and Brazil are also predicted to experience significant growth on the back of increasing consumer spending on passenger cars coupled with advent of new technologies and inventions in the field of pigment dispersion.
In Europe, the demand for pigment dispersion is projected to grow in numerous countries such as Italy, Germany, Spain, United Kingdom (U.K), France, and Russia. The market is soaring in these countries on account of increasing expenditure in innovation along with growing purchasing power of consumers.
Lastly, APAC is growing at a moderate but promising rate due to the progressing crude oil processing and expanding petroleum refineries in India and China. The region also observes steady growth in automotive sector that raises the demand for synthetic lubricants, thus affecting the market size of pigment dispersion in the region.
The Middle-East and Africa market is rising remarkably with surging demand for pigment dispersion in countries like Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait. This demand can be attributed to growing tourism and travel sector. In addition, there are well-established oil & gas reserves that propel the market growth as well.
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