Pigments Market Scope, Size, Implementation, Analytical Overview, Forecast 2030

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Pigments Market
Pigments Market

A pigment is a collection of chemical substances used to give things colour and improve their surface characteristics. They can improve the texture of the surface while adding a variety of hues to paints, polymers, coatings, and inks. Additionally, pigments are utilised to improve the thermal stability, tinting strength, opacity, and light and weather fastness of materials.

The expansion of the Pigments Market is primarily being driven by growth in the paints and coatings sector. To increase the durability of the paint coat and achieve efficiency, pigments are frequently employed in paints. Over the course of the projected period, the growth of manufacturing industries throughout developing regions along with the emergence of several brand names in paints and coatings is also anticipated to support the market growth for pigments.

By the end of 2027, the global Pigments Market is anticipated to generate more than US$ 22 billion in sales, expanding at a CAGR of 4.5%. (2020 to 2027).

Growing demand for pigments is generating demand for paints from the automobile industry, which is promoting market expansion. Automobile exports and production are expanding, which is helping the pigments industry expand. The European Automobile Manufacturers Association estimates that in 2019, the European Union exported 5 million passenger automobiles worth €124 billion. Regionally, Asia-Pacific led the world market for pigments in 2019 with a 44% revenue share, followed by North America and Europe, respectively. 

In established regions like North America and Europe, where the market for pigments is mature, the market is steadily expanding. This circumstance is anticipated to not change during the projected period, which would limit the expansion of the Pigments Market. Adverse effects of certain pigments, including cadmium, lead chromate molybdate sulphate red, and lead sulfochromate yellow, are projected to limit the market's expansion under rigorous controls. Thus, it is anticipated that rising health and environmental concerns may impede market expansion.

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