The inorganic color pigments market is expected to reach valuation of USD 10.1 Bn by 2030. In terms of volume, Asia Pacific held major share of the global inorganic color pigments market in 2019. This trend is anticipated to continue during forecast period.
Increase in Plastic Production to Drive the Market
The demand for construction materials has been increasing across the globe, owing to continuous rise in demand for housing triggered by growth in the global population. The production of plastics has been rising significantly across the globe, owing to the increase in demand for plastics in packaging, automotive, and building & construction industries.
Unique and advantageous properties of plastics have enabled the material to be used as a substitute for wood, paper, and rubber. Inorganic color pigments are widely employed in the production of polymers that are used in manufacture of plastic products. Increase in plastic production is likely to drive the
inorganic color pigments market during the forecast period.
Stringent Regulations to Hamper Market
The inorganic color pigments market is estimated to be hampered by adverse environmental effects and toxicity associated with heavy metals used in metal oxides, mixed metal oxides, and metallic pigments. Heavy metals that can cause potential health hazards are lead, chromium, cadmium, and mercury. Exposure to these heavy metals can lead to cancer and liver diseases.
Disposal of heavy metals during the pigment manufacturing process results in pollution. Prolonged exposure of skilled labor to these heavy metals can cause severe occupational hazards. By-products and acid wastes produced during the pigment manufacturing process pose a threat to the ecological system. Thus, strict environmental regulations are being enacted to inhibit the emission of toxic materials. This is likely to restrain the inorganic color pigments market during the forecast period.
Iron & Iron Oxides to Offer Lucrative Opportunities
In terms of product type, the inorganic color pigments market has been segmented into cobalt pigments, ultramarine pigments, bismuth pigments, iron & iron oxide pigments, cadmium pigments, chromium pigments, and others. In terms of value, the iron & iron oxide pigments segment dominated the inorganic color pigments market in 2019.
Dispersible grades of iron & iron oxide pigments are employed in the paints & coatings and plastics industries to impart coloring effects. These pigments are widely used in the inorganic color pigments market, as they provide uniformity in color and tinting strength.
Powder to Dominate Inorganic Color Pigments Market
Based on form, the inorganic color pigments market has been bifurcated into powder and aqueous. In terms of value and volume, the powder segment constituted significant share of the inorganic color pigments market in 2019.
Stringent regulations imposed by REACH and U.S.E.P.A., and a ban on the use of inorganic color pigments in several countries are projected to restrain the aqueous segment during the forecast period. Market share of the aqueous segment is expected to decline during the forecast period due to stringent regulations on VOC emission.
Asia Pacific to be Lucrative Region
Based on region, the inorganic color pigments market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The inorganic color pigments market in Asia Pacific is projected to expand at a CAGR of ~5% during the forecast period.
The U.S. accounted for a large share of the market in North America in 2019. In terms of demand, the inorganic color pigments market in Canada is likely to expand at a moderate pace during the forecast period. The implementation of stringent regulations related to the usage of pigments is expected to adversely impact the inorganic color pigments in North America and Europe.
Source: Transparency Market Research