The global pigment additives market is anticipated to grow at substantial CAGR during the forecast period (2018 to 2022), according to a report available on Radiant Insights, Inc. Growing requirement for paints and coatings is anticipated to propel demand for pigment additives. These additives are likely to enhance properties of pigments that are used in paints and coatings.
Growing demand for pigments from coatings and paints sector is expected to influence growth of market. These paints and coatings are chemicals that can enhance aesthetic value of substrates and offer various functional benefits such as anti-skid, reflection, conduction, insulation, and light absorption. They can be used in applications such as cars, household appliances, buildings, airplanes, and printed circuit boards. In addition, these paints and coatings are likely to be integral part of many end-user sectors such as automotive, construction, and aerospace. All such factors can fuel demand for pigment additives over next few years. Moreover, emergence of volatile organic compound (VOC) and alkylphenol ethoxylate (APE) free solutions can fuel market growth during the forecast period (2018 to 2022).
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Stringent regulations imposed by governments of various nations globally towards use of pigments in food sector can restrict growth of market during the forecast period.
To cater to rising demand for pigment additives, most companies are likely to invest in R&D activities to develop advanced products. For instance, Evonik recently developed new TEGO color aid technology that can increase compatibility between pigment concentrate and binder. Unlike conventional compatibilizers, this new technology can benefits both organic and inorganic pigments. As an additive, compatibilizer can force water out of pigment concentrate once later has been added. This can allow complete effect of dispersion additive in pigment concentrate to develop, stabilizing pigments in coating base and thus optimizing absorption of color paste along with distribution of color.
The pigment additives market can be segregated on the basis of application, and region. Based on application, the market can be categorized into inorganic pigments, organic pigments, and other pigments. Inorganic pigments segment dominated the market and accounted for largest market share in past years. It is expected to be followed by organic pigments segment.
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The organic pigments segment is expected to witness substantial growth in market share over the forecast period.
Regional segmentation includes Americas, Asia Pacific (APAC), and Europe, Middle East & Africa (EMEA). In past years, Asia Pacific dominated the market and accounted for largest market share. It is predicted to grow at similar pace during the forecast period. Developing countries such as India, China, Thailand, Australia, and South Korea are expected to contribute to growth of market. In addition, rising infrastructural activities, rapid industrial expansion, and economic progress can augment growth of market in the region.
On the contrary, Americas and EMEA regions are anticipated to witness significant growth over the forecast period attributed to high prevalence of major market players in these regions. BASF and Evonik Industries are expected to offer advanced pigment additives to Americans. However, DowDuPont and Huntsman International is expected to provide effective pigment additives to consumers in Europe region.
Some of the leading companies offering pigments additives are Akzo Nobel, BASF, DowDuPont, Evonik Industries, and Huntsman International. Most companies are likely to invest in R&D activities to develop innovative products and gain traction among consumers. In addition, companies can also adopt business strategies such as mergers and acquisitions to expand their business portfolio.
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