CoatingPigments: Introduction
· Pigments is a group of compounds that are intensely colored andare employed to impart color to other materials. Coating pigments provideesthetic appeal as well as shielding to the substrate that they cover. They areused in industries such as automotive, aerospace, and architecture.
· According to the International Energy Agency (IEA), the numberof electric cars on road is estimated to reach 220 million by 2030 across theglobe. Demand for automotive coating pigments is likely to rise significantly,as electric mobility set to expand at a rapid pace.
Key Drivers and Restraints of Global Coating Pigments Market
· The coatingpigments market has developed significantly of late. This can beprimarily ascribed to high performance and increasing global recognition ofcoating pigments. Coating pigments absorb the light of selective wavelength andthen emit various colors through transmission or reflection. Visual appearance,esthetics, and color are significant factors influencing the purchasingdecision. Specialty coating pigments are estimated to witness substantialdemand from high-end automobile companies and original equipment manufacturers(OEMs) during the forecast period. Rise in usage of coating pigments inautomotive, marine, and aviation industries is expected to propel the coatingpigments market during the forecast period.
· Inconsistencies in raw material prices are likely to affect thedemand for coating pigments in the next few years. For instance, there has beensignificant shortages and subsequent hikes in prices of raw materials requiredin the production of organic pigments (including AZO-coupling agents andPB60-crude).
Coating Pigments: Form Segment
· In terms of form, the global coating pigments market can besegmented into liquid and powder. The liquid segment is expected to account forsignificant share of the global coating pigments market during the forecastperiod.
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Coating Pigments: Product Type Segment
· In terms of product type, the global coating pigments market canbe divided into organic, inorganic, and specialty
· The specialty segment is expected to account for significantshare of the global coating pigments market during the forecast period
· The organic segment is likely to expand at a rapid pace duringthe forecast period
Coating Pigments: End-use Segment
· In terms of end-use, the global coating pigments market can besegregated into automotive, aerospace, architecture, consumer goods, marine,rail, and others
· The automotive segment is estimated to expand at a rapid paceduring the forecast period. It is projected to be followed by the aerospacesegment.
· The consumer goods segment is likely to expand at a healthy CAGRduring the forecast period, owing to the rise in population across the globe
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COVID-19 Impact on Coating Pigments Market
· On January 30, 2020, the International Health RegulationsEmergency Committee of the World Health Organization (WHO) declared theCoronavirus disease (COVID-19) outbreak a public health emergency ofinternational concern. Originating in China, the virus has spread to at least213 countries and territories around the world.
· Several governments and private sector businesses are operatingat a limited capacity or have ceased operations completely due to recent eventssurrounding the COVID-19 pandemic
· Manufacture of various consumer goods and other products acrossthe globe has come to a halt due to the unavailability of raw materials,shortage of labor, etc. This is expected to hamper the global coating pigmentsmarket.
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Asia Pacific to Dominate Coating Pigments Market
· In terms of region, the global coating pigments market can bedivided into North America, Europe, Asia Pacific, Latin America, and MiddleEast & Africa
· Asia Pacific dominated the global coating pigments market in2020. This trend is anticipated to continue during the forecast period owing tothe increase in investment by manufacturers in China, especially in theautomotive production sector in the country. However, the coating pigmentsmarket in North America is anticipated to expand at a rapid pace owing to thegrowth of the aerospace industry.
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Key Manufacturers Operating in Global Coating Pigments Market
The globalcoating pigments market was consolidated in 2020. Major players have prominentpresence in developed and developing countries. Key manufacturers operating inthe global coating pigments market include:
· Clariant
· Heubach GmbH
· AkzoNobel N.V.
· Teknos Group
· Axalta Coating Systems
· BASF SE
· LANXESS
· ALANTA
· CRISTAL
· Carl Schlenk AG
· CATHAY INDUSTRIES
· Pidilite Industries Limited
· DIC Corporation
· Huntsman International LLC
· Tronox Holdings plc
