International.
The size of the pigment market is expected to reach US$18.98 million by 2024; according to a new research report from Global Market Insights.
The market size of organic pigments dominates the product base and accounted for more than 40% of the total share in the year 2015. These have been favored more than their inorganic counterparts, by strict government regulations regarding environmental and health risks.
Specialty products are projected to grow at a higher CAGR rate of more than 5%. Customers are leaning towards high-quality metallic gloss paints and phosphorescents that are widely used in public places such as subway stations as a safety guide mode driving demand.
Paints and Coatings was the largest market for pigment applications in 2015 and accounted for more than 35% of the global market share. Paint applications require degrees of micronization and dispersibility in order to improve the strength of the paint film and obtain an optimal effect. In addition, the technological advances introduced have brought latest additions to diversify the portfolio of paints such as water-based paints. This is anticipated to positively influence the global market for pigments for paint and coating application till 2024.
