A new report published in the Transparency Market Research (TMR) States that the competitive landscape of the global market for inorganic pigment demonstrate highly fragmented structure of this market, thanks to large and small scale industries participants. The Key players are mainly focused toward the development of the product and improvement in product pricing and brand promotion. The market players are adopting certain strategies to produce new product to strengthen the growth of the global inorganic pigment market. Some of the prominent players operating in the global inorganic pigments market includes TRONOX Limited, The Chemours Chemical Company, Huntsman Corporation and CRISTAL. The top four players are accounting for maximum share for the overall growth of this market on account of production potential.
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According to TMR, the global market for inorganic pigment market expected to hold an opportunity worth at US$ 20,702.6 Mn in 2017 and the market is likely to expand at a 3.7% CAGR during the course of forecast period between 2018 till 2026.
The end user segment of painting and coating is likely to upsurge the growth and demand of the product in automotive and architectural field. This is one of the important factor propelling the growth of this market in near future. Geographically, Asia Pacific dominates the global market for inorganic pigment due to proper implementation of government policy across and private and public collaborated programs are likely to strengthen the growth of this region in coming years. This lead to increase in constructions and infrastructure activities in India, China, Indonesia, Thailand and Philippines, which is another factor triggering the growth of this market in near future.
Global Expansion of Coating & Painting Industry Likely to Propel Growth
Increasing utilization of inorganic pigments in the formulation of coatings and paints likely to enhance the esthetic structures and also imparts glossy effect on the floor, this can be one of the key factor propelling the growth of this market in near future. Furthermore, the key manufacturers are more focused toward the expansion of the paints and coating industry in the developing economies, is another factor attracting the growth of theglobal market for inorganic pigment in near future.
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Growing Environment Pollution Likely to Hamper Growth of Global Inorganic Pigment Market
Utilization of heavy metals and mixed metallic oxides, metallic pigment and metallic oxides are likely to have adverse effect and toxicity on the environment. This is a key reason restraining the growth of this market in coming years. The health hazardous metal such as mercury, lead, chromium and cadmium are one of the major factor negatively driving the growth of the inorganic pigment market across the globe. Heavy disposal of inorganic metal during the pigment manufacturing is also contributing to environment pollution. This is also expected to restrain the growth of the global inorganic pigment market. The government strict regulation for the disposal of toxic metal is another key factor hindering the growth of the overall inorganic market.