Global Water-based Pigments Market: Introduction
Pigments are key ingredients of coatings. Pigments impart color and opacity to paints. Pigments are generally of two types: organic and inorganic. These are used for water-soluble and pigment-soluble coatings. Water-based pigments are employed in industries such as architectural paints & coatings, automotive finishes, maintenance and protective coatings, adhesives, sealants, printing inks, and plastics.
The architectural paints & coatings industry witnesses’ high adoption of water-based pigments, owing to their low VOC content and stringent regulations related to emissions. Paint manufacturers are preferring water-based pigments so as to comply with these regulations. This is expected to be a key factor driving the global market for water-based pigments in the near future. Demand for aqueous pigment dispersion system is rising for manufacturing of inks in end-use industries such as printing of textile. This is anticipated to propel the market during the forecast period. However, fluctuations in prices of raw materials required for the manufacture of water-based pigments is a factor restraining the global water-based pigments market.
Global Water-based Pigments Market: Segmentation
The global water-based pigments market can be segmented based on product, end-use application, and region. Based on product, the market can be divided into: organic and inorganic. Organic pigments with key ingredients such as chromium and cadmium are preferred for use in the production of colored inks, while inorganic pigments such as titanium dioxide (TiO2) are primarily used in the manufacture of achromatic ink.
Based on end-use application, the global water-based pigments market can be categorized into paints & coatings, printing inks, and others (including construction materials and plastics). Decorative segment of global paints & coating is the most dominant segment. Awareness about use of hazardous ingredients in personal care and home care products is increasing among users. This factor is likely to boost the water-based pigments market in the near future. Rising demand for water-borne paints, coatings, and varnishes for use in the automotive industry led by their eco-friendly properties is anticipated to fuel the paints & coating segment during the forecast period. Technological advancements in water-based inks employed to print on plastics, paper, cardboards, foils, and textiles is projected to be a key driver of the printing inks segment during the forecast period.
Global Water-based Pigments Market: Regional Outlook
Based on region, the global water-based pigments market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Technologically developed regions, primarily Europe, dominate the global water-based pigments market. However, the water-based pigments market in Asia Pacific is projected to expand at the maximum rate during the forecast period, due to rising demand from end-use industries led by rapid urbanization and risen disposable income in countries such as China and India.
Stringent environmental laws in Europe and the U.S. regarding VOC emissions are expected to drive the demand for water-based pigments as a raw material for decorative and automotive paints & coating segments during the forecast period.
Global Water-based Pigments Market: Competitive Landscape
Key players operating in the global water-based pigment market are expanding their production capacities to meet the rising demand. Local and new players are expected to face strong competition from these major international players. Key players operating in the water-based pigments market are PPG Industries, Inc., CLARIANT, Neelikon, BASF SE, Sherwin-Williams, Proquimac, Chromatech Incorporated, LANXESS, Kao, AkzoNobel N.V., Sudarshan Chemical Industries Limited, Northwest Dispersions, and Huntsman.