LONDON, Sept. 29, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the synthetic pigments market, the global synthetic pigments market size is expected to grow from $37.03 billion in 2020 to $40.07 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
Going forward, rising demand for high performance pigments and high demand from end user industries will drive the growth. The market is expected to reach $45.95 billion in 2025 at a CAGR of 3%.
The synthetic pigments market is segmented by product type into organic pigments and inorganic pigments. The inorganic pigments market was the largest segment of the synthetic pigments market segmented by product type, accounting for 65% of the total in 2020. Going forward, the inorganic pigments market is expected to be the fastest growing segment in the synthetic pigments market segmented by product type, at a CAGR of 5.9% during 2020-2025.
The synthetic pigments market is segmented by end-use industry into paints and coatings, plastics, printing inks, textiles, cosmetics and personal care, and other industries. The paints and coatings market was the largest segment of the synthetic pigments market segmented by end-use industry, accounting for 53.2% of the total in 2020. Going forward, the paints and coatings segment is expected to be the fastest growing segment in the synthetic pigments market segmented by end-use industry, at a CAGR of 6.2% during 2020-2025.
The top opportunities in the synthetic pigments market segmented by product type will arise in the inorganic pigments segment, which will gain $7,732.8 million of global annual sales by 2025. The top opportunities in segment by end-use industry will arise in the paints and coatings segment, which will gain $6,679.2 million of global annual sales by 2025. The synthetic pigments market size will gain the most in Germany at $837.8 million.
The Business Research Company’s report titled Synthetic Pigments Global Market Report 2023 – By Product Type (Inorganic Pigments, Organic Pigments), By End Use Industry (Paints And Coatings, Plastics, Printing Inks, Textiles, Cosmetics And Personal Care), COVID-19 Impact And Recovery covers major synthetic pigments companies, synthetic pigments market share by company, synthetic pigments manufacturers, synthetic pigments market size, and synthetic pigments market forecasts. The report also covers the global synthetic pigments market and its segments.
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The synthetic pigments market is fairly concentrated, with a small number of players. The top ten competitors in the market made up to 33.38% of the total market in 2020. The market is highly competitive. Companies in synthetic pigments market compete mainly the basis of product price, quality, technical service and the availability of different grade products.
The Chemours Company was the largest competitor with 6.69% of the market, followed by Tronox Holdings plc with 6.06%, BASF SE with 4.80%, Kronos Worldwide, Inc. with 4.56%, Venator Materials PLC with 4.34%, Lanxess AG with 1.97%, Clariant with 1.89%, Merck Group with 1.22%, Altana AG with 0.93%, and DIC Corporation with 0.91%.
Player-adopted strategies in the synthetic pigments industry include expanding business presence through the development of advanced, innovative and improvised chemical processed pigments for specific applications, expanding operational capabilities through strategic acquisitions, expanding production facilities and development of advanced pigments and expanding operational presence in developing geographies through strategic sales and distribution partnerships.
Western Europe was the largest region in the synthetic pigments market, accounting for 32.1% of the total in 2020. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the synthetic pigments market will be Africa and the Middle East where growth will be at CAGRs of 8.5% and 7.9% respectively. These will be followed by South America, and Eastern Europe, where the markets are expected to grow at CAGRs of 6.3% and 5.2% respectively.
Synthetic Pigments Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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