International. The Pigments Market Report, published by Allied Market Research (AMR), forecasts that the global market will garner $26.598 billion by 2022, growing at a CAGR of 4.1% during the period 2022.
The global pigments market was valued at US$20.023 billion in 2015 with a major revenue contributor from the paints and coatings application segment.
Asia-Pacific held the leading position in the global market in 2015 and is expected to maintain its leadership throughout the study period.
The growth of the automotive and building materials industry is expected to drive the market growth during the forecast period.
High adoption of specialty pigments in flexible packaging, increasing demand for product customization and customization, market growth of end-user industries, and growing awareness about sustainable environment drive the global pigments market.
"Increasing construction activities, infrastructure development, automotive and consumer goods sector has resulted in increased demand for decorative paints and coatings, increasing the demand for pigments in the paints and coatings industry," said Eswara Prasad, team leader, Allied Market Research.
Advancements in nanotechnology and the current trend of developing sustainable organic pigments from renewable raw materials are expected to offer great opportunities for the global pigment market.
Rapid urbanization in emerging economies, such as India, China, Brazil, and others, has led to an increase in civil construction and automobile manufacturing activities, which is a key driver of the paints and coatings industry.
In 2015, the paints and coatings application segment accounted for two-fifths of the market share in terms of value and is expected to maintain its dominance throughout the forecast period.
