Specialty Pigments Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Specialty Pigments Market is segmented By Type (Metal effect pigments, High-performance pigments, Light interference pigments, Complex inorganic pigments, Fluorescent pigments, Luminescent pigments), By Application (Paints & Coatings, Printing inks, Plastics industry, Toiletries, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Specialty Pigments Market Overview

Speciality Pigments Market is expected to grow at a CAGR of 5.0% during the forecast period 2024-2031.

The pigment is a material that changes the color of transmitted or reflected light due to selective wavelength absorption. They are used in the automobile industry, cosmetics, paints and coatings, high-quality inks, toiletries, etc for adding color.

The market is expected to grow in the next few years due to more production of electric vehicles many construction projects are pending and some are going on in different parts of the world.

Speciality Pigments Market Summary

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Speciality Pigments Market Dynamics

The major factors driving the Global Speciality Pigments market are the rising demand from infrastructure and industrial sectors and many construction projects going on in different parts of the world, rising population and urbanization are also driving the market.

The demand from various sectors like infrastructure and industrial for paints and coatings is driving the market growth of Speciality Pigments

There is rising demand for specialty pigments from various sectors like infrastructure and industry in different parts of the world. Many construction projects are going on in Asia-pacific like many MNCs are establishing in China, India, and other parts of the region Samsung established their biggest manufacturing plant in India. China is also the largest consumer of inorganic pigments. Smart city missions in India and many such projects are also driving the market of specialty pigments. In the Smart Cities Mission, 100 cities are selected and the mission was allotted INR 6,450 crore in the 2021-2022 budget and INR 3,400 crore in 2020-21. Many government schemes of the Indian government are creating opportunities for construction which is driving market growth like the Housing for All initiative which aims to construct 20 million households for the urban population by 2022. Even many construction projects in the middle east are creating opportunities in the market. Many companies like BASF are also creating pigments for agriculture, paints, coatings, and the cosmetics industry. Increasing migration in Europe and North America is also an important factor in the rising construction of houses. According to the report in 2020, total migrants in Europe and North America were close to 87 million and 58 million respectively.

The demand from the automobile industry and rising population and urbanization are driving the market growth of Speciality Pigments

The demand from the automobile industry is driving the market growth of Speciality Pigments. The rising population in Asia-pacific and other parts of the world is creating the demand for the construction of residential houses which is driving the market for specialty pigments. According to the report, the number of households in India, China, and Japan was 295 million, 499 million, and 48 million in 2020. Many state governments of India have approved the Affordable Rental Housing Scheme (ARHC) in 2021 and many public and private companies will be given construction projects under this scheme. Automobile paints and coatings are used to protect the interior and exterior portion of the vehicle from sunlight, corrosion, acid rain, etc. Automobile production declined in the world during the covid-19 pandemic but due to environmental regulations and restrictions, the production of electric vehicles will generate huge demand for paints and coatings and in turn for specialty pigments in the future. According to the report by The International Organization of Motor Vehicle Manufacturers, global automobile production declined by around 16% during covid-19 in 2020 and even car sales dropped in 2020 by 13.8% in comparison to 2019.

Strict environmental regulations and restrictions in various countries of the world are hampering the market growth of Specialty Pigments

COVID-19 Impact on Speciality Pigments Market Growth

The COVID-19 pandemic has affected many industries due to the disruption in the supply chain, as there were full or partial lockdowns in many countries of the world, and restrictions across borders and closure of airports hampered world trade. Many construction projects and industrial activities were also delayed due to the lockdown restrictions in different parts of the world. The construction sector is the second largest sector after the agricultural sector in India in terms of employment and it was affected severely as many workers returned to their homes during covid-19 resulting in a massive loss for the industry. The automobile sector was also severely affected due to covid-19 as there was disruption of the supply chain and people preferred health over their jobs it was not possible for companies to operate with proper covid norms and it was also difficult for staff and workers to work with social distancing norms. Automobile paints and coatings are used to protect the interior and exterior portion of the vehicle from sunlight, corrosion, acid rain, etc. Automobile production declined in the world during the covid-19 pandemic but due to environmental regulations and restrictions, the production of electric vehicles will generate huge demand for paints and coatings and in turn for specialty pigments in the future. According to the report by The International Organization of Motor Vehicle Manufacturers, global automobile production declined by around 16% during covid-19 in 2020 and even car sales dropped in 2020 by 13.8% in comparison to 2019. The demand for the construction of houses was also less as there was very minimal migration among countries.

Speciality Pigments Market Segment and Shares

The Global Speciality Pigments Market is segmented based on the Type, Application, and region.

Based on the Type, the Global Speciality Pigments market is segmented into Organic pigments, Metal effect pigments, High-performance pigments, Light interference pigments, Complex inorganic pigments, fluorescent pigments, and Luminescent pigments.

The Organic Pigments segment was valued at US$ YY billion in 2021 and a growth in market size is predicted leading to a market size worth US$ YY billion by 2029, growing at a CAGR of YY% during the forecast period (2021-2028). Organic Pigments had the highest market share as it is used in coloring additives which are used in paints, rubber products, and coatings. Organic pigments are preferred over inorganic pigments as they have bright color, good dispersion, and are also resistant to temperature. Some of the organic pigments are Alizarin, Azo pigments, etc.

Inorganic pigments are also toxic to the environment as some of them contain lead-based substances. Inorganic pigments are cost-effective compared to organic pigments, and this is hampering the market growth of organic pigments. some of the inorganic pigments are titanium oxide, chromium pigments, cadmium pigments, etc.

Based on Application, the Global Speciality Pigments Market is segmented into Paints and coatings, Plastics, Printing Inks, Toiletries, and Others.

Speciality Pigments Market Geographical Share

Based on the Region, Global Speciality Pigments Market is segmented as - North America, Europe, Asia-Pacific, The Middle East, Africa, and South America.

The Asia-pacific region had a market share of YY% in 2021 and is expected to hold YY% by 2029. The Asia Pacific has the highest market share among all the regions as there is rising development in the industrial and infrastructure sectors in countries such as India and China. Even the number of households is increasing in this region which increases the construction activities in this region. According to the report, the number of households in India, China, and Japan was 295 million, 499 million, and 48 million in 2020.

 Due to covid-19, there is a delay in infrastructure and construction projects in different parts of the world. Many construction projects are going on in Asia-Pacific Many MNCs are establishing their offices in China, India, and other parts of the region Samsung established their biggest manufacturing plant in India. China is also the largest consumer of inorganic pigments. Smart city missions in India and many such projects are also driving the market of specialty pigments. In the Smart Cities Mission, 100 cities are selected and the mission was allotted INR 6,450 crore in the 2021-2022 budget and INR 3,400 crore in 2020-21.

The demand from the automobile industry is also driving the market in this region.  According to the report by The International Organization of Motor Vehicle Manufacturers, global automobile production declined by around 16% during covid-19 in 2020 and even car sales dropped in 2020 by 13.8% in comparison to 2019, but Asia-pacific did relatively well having 57% market share of the global automobile industry.

Many government schemes of the Indian government are creating opportunities for construction which is driving market growth like the Housing for All initiative which aims to construct 20 million households for the urban population by 2022. Recently many state governments of India have approved the Affordable Rental Housing Scheme (ARHC) and many public and private companies will be given construction projects under this scheme. The construction sector is the second largest sector after the agricultural sector in India in terms of employment.

Speciality Pigments Companies and Competitive Landscape

The Global Speciality Pigments market is fragmented with key global players in the market and there are many large companies in the market. Some of the major companies contributing to the market's growth are- BASF, Clariant, DIC, Ferro, Flint, Dainichiseika Color & Chemicals, DayGlo, Dominion Colour, ECKART Effect Pigments, Flex Products, and many others.

Mergers and Acquisitions, expansions, joint ventures, etc increases competition in the market BASF SE and the fine chemical company DIC Corporation agreed in May 2019 regarding the acquisition of BASF’s global pigments business. BASF launched a research laboratory for pigments in Besigheim, Germany in September 2019 under BASF’S Colors & Effects.

New products, and services launched also increase competition between companies and many companies are developing innovative technologies Clariant launched the bio version of the most used pigment for exterior paints in the automobile industry in March 2019. Partnerships and Collaborations between companies are also creating the market more competitive. Even new initiatives are taken by companies like the promotion of chemical recycling by BASF and Mitsui Chemicals in Japan.

BASF (Badische Anilin-und Sodafabrik)

Overview:

BASF SE is a chemical company which is headquartered in Ludwigshafen, Germany. It is the largest chemical public company in the world. The full form of BASF is Badische Anilin-und SodaFabrik (Baden Aniline and Soda Factory). BASF acquired Cognis and Ciba in December 2010 and April 2009 respectively. The company has joint ventures in over 80 countries. The company is also listed on several stock exchanges like the Zurich stock exchange, frankfurt stock exchange, and London stock exchange. The company deals with many products like resins, amines, plastics, crude oil exploration, industrial starch, etc. It is ranked 143 according to Fortune 500. The company has various segments of operations like Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions, and Oil and Gas. The company introduced the Colors & Effects brand in 2016 the market.

Product Portfolio:

• Lumina Royal Dragon Gold EH 0908: pigments for plastics
• Paliotol yellow pigments
• Oracet
• Lumogen

Key Development

• Chemical recycling is promoted by BASF and Mitsui Chemicals in Japan.
• BASF SE and the fine chemical company DIC Corporation agreed in May 2019 regarding the acquisition of BASF’s global pigments business.
• BASF launched a research laboratory for pigments in Besigheim, Germany in September 2019 under BASF’S Colors & Effects.
• BASF and Landa Labs introduced an important pigment expand Red (EH 3427) in April 2019.

Financial Overview

Blackrock has more than 5% market shares, and Institutional Inventors has around 75% market shares. Germany, the U.K., US have market shares of 36%, 11%, and 17%. The company was ranked 143rd among Fortune 500 companies. The market value of the company as of 20 January 2021 is USD 7.5 billion. According to CNN Business, some of the major stockholders/owners of the company are Todd Asset Management LLC, Parametric Portfolio Associates, and Silvercrest Asset Management Group with market shares of 0.03%, 0.08%, and 0.01% respectively. It is ranked 143 according to Fortune 500.

 Why Purchase the Report?

• Visualize the composition of the Global Speciality Pigments Market products in terms of type and End User options, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the Global Speciality Pigments market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of Global Speciality Pigments Market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in Excel for the key product of all major market players

The Global Speciality Pigments market report will provide access to approximately 53 market data tables, 42 figures, and 200 pages

Target Audience 2024

• Equipment suppliers/ Buyers
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• Industry Investors/Investment Bankers
• Education & Research Institutes
• Emerging Companies
• Research professionals
• Distributors
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