Global Inorganic Pigments Market Size, Trends, and Growth Opportunity, By Type (Titanium Dioxide, Iron Oxide, Carbon Black, Metal Oxide, Chrome Green and Others), By Application (Paints & Coatings, Plastics, Inks, Paper & Board, Textiles, Cosmetics and Others), By End-Use (Building & Construction, Automotive, Packaging, Textiles, Plastics, Printing, and Others), By Region and Forecast Till 2030.
Global Inorganic Pigments Market
Global Inorganic Pigments Market was valued at USD 24 billion in 2022 and is slated to reach USD 51 billion by 2030 at a CAGR of 11.3% from 2023-2030.
Inorganic color pigments are used to color the substrate by blending them or applying them as a surface coating. These pigments are created by combining metal oxides by simple chemical reactions such as oxidation and high-temperature calcination. Inorganic color pigments have a high tinting strength, great light and weather fastness, outstanding resistance to solvent and oxidizing agents, heat stability, and consistency due to their composition.
Market Drivers
The rise of the building industry, particularly in emerging nations, drives demand for inorganic pigments used in paints, varnishes, and concrete, which are necessary for aesthetic appeal and durability. The expansion of the automobile industry promotes the demand for inorganic pigments for vehicle coatings and interior materials that improve appearance and UV resistance. Increased manufacturing activity in sectors such as packaging, textiles, and plastics drives up demand for inorganic pigments used to color and improve product quality.
Market Restraints
Environmental regulations, as well as increasing knowledge of eco-friendly alternatives, may limit the application of certain inorganic pigments, particularly those containing heavy metals. Price fluctuations in raw materials, such as metal oxides, can have an impact on the production costs of inorganic pigments, affecting their affordability and market competitiveness.
Impact of COVID-19
The COVID-19 pandemic, which was declared a global health emergency in December 2019, had a substantial impact on the inorganic pigments sector in 2020. It produced interruptions in worldwide trade, industry, tourism, and finance, resulting in new global economic concerns. The epidemic compounded an already slowing economic development trajectory, similar to the issues encountered during the financial crisis. Imports and exports were interrupted, and market uncertainty influenced the buying habits of consumers, negatively impacting the inorganic pigments industry.
Recent Development
In November 2022, Cathay Industries has announced a merger and acquisition agreement to purchase Venator Materials PLC's iron oxide pigment segment. Cathay Industries, a manufacturer of sustainable color solutions, sees this acquisition as an opportunity to expand its presence in the inorganic pigment market. Even during the pandemic and market concerns, Venator's iron oxide pigment business has exhibited constant growth and profitability, showcasing its strong competitive edge and durability.
Market Segmentation
Global Inorganic Pigments Market is segmented into type, application and end use. By type the market is segmented into titanium dioxide, iron oxide, carbon black, metal oxide, chrome green and others. By application the market is segmented into paints & coatings, plastics, inks, paper & board, textiles, cosmetics and others. By end use the market is segmented into building & construction, automotive, packaging, textiles, plastics, printing, and others.
Regional Analysis
Global Inorganic Pigments Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Asia-Pacific region dominates the inorganic pigments market, owing to rising industrialization. Additionally, increased infrastructure building activities are going to promote further growth in the inorganic pigments market in this region during the forecast period. North America is also predicted to see significant development in the inorganic pigments market, owing largely to strong exports. Furthermore, the presence of significant industry players is projected to assist to the expansion of the inorganic pigments market in North America in the coming years.
Key Players
This report includes a list of numerous Key Players, Venator, The Chemours Company, Tronox Limited, LANXESS, Kronos Worldwide, Inc., BASF, Cathay Industries, Tata Pigments, Dupont, Huntsman Corporation, Hunan Sanhuan Pigment, and Applied Minerals Inc.
Market Taxonomy
By Type
By Application
By End-Use
By Region
Global Inorganic Pigments Market
Others