What are Key Growth Drivers of Global Pigments Market?

• Paints & coatings is the dominant end-user segment of the pigments market. Pigments are used extensively in the formulation of paints. Pigments impart color and a glossy effect as well as improve aesthetic appeal of paints and coatings. Usage of pigments helps impart brightness, heat stability, and light stability to the paint. The architectural paints & coatings industry has grown considerably owing to rise in infrastructure development and construction activities in developing economies. Furthermore, growth of automotive and consumer goods sectors has boosted the decorative paints & coatings industry. The paints & coatings industry in developed countries witnesses higher per capita consumption, but sluggish growth. The per capita consumption of paints in developing countries is lower than that in developed countries in Western Europe. The per capita consumption of paints in India, China, Singapore, South Korea, and countries in ASEAN and GCC is likely to increase significantly in the near future, due to the economic growth. Thus, growth of the paints & coatings industry is likely to be a key driver of the pigments market during the forecast period.
• Increasing plastic consumption is another driver of the market for pigments. Pigments are employed as colorants in a wide range of plastics owing to their excellent compatibility with several plastics. Pigments impart unique appearance and styling effects to plastic products. High-performance organic and inorganic pigments are used in the plastics industry. Pigments are employed in PVC pipes, window profiles, vinyl siding, and gutters. Pigments applied in the plastics industry guarantee maximum color strength and stability and low coloring costs. Besides coloring effects and improved esthetics, pigments increase the stability of plastics and improve their resistance to weather conditions such as heat and moisture.