Published February 2024
Since the mid-1990s, the global color pigments market has experienced significant growth in production and consumption in Asian markets, particularly mainland China. This report provides analysis and data on all major pigment applications — printing inks, paints and coatings, and plastics — as well as textile printing, paper and leather; information on special-effect pigments (pearlescent/luster and metallic pigments) is also included.
The total market for inorganic color pigments has declined slightly by volume since 2019. Synthetic iron oxides dominate the market with a 75% market share by volume in 2023. Chrome pigments are the next segment by volume, with lead-containing chromates at 7% and chromium oxides at 2%. Other pigment types make up the remaining 16% of the market by volume.
The following pie chart shows world consumption of inorganic color pigments:
Over the last decade, the color pigments industry has passed through a period of significant restructuring, responding to the globalization of pigment markets, declining prices/competitive factors and the impacts of environmental regulations. A number of smaller producers, unable to compete with larger international firms, closed their plants or were acquired by larger, mainly European or Japanese firms. Product lines were realigned toward the higher margin pigments.
The most important challenges for pigment producers will be to cope with the continuing globalization of the business, maturing markets in some applications and regions, oversupply of commodity pigments (keeping prices depressed) and some significant changes in health and environmental regulations, particularly under Europe’s REACH regulation; however, much of the market impact is a continuation of existing consumption trends.
The global economic downturn following the COVID-19 pandemic and the consequent lockdowns seriously affected the pigment industry during 2020, especially in the construction and automotive industries. Producers were forced to cut back production in the United States and Asia. Weak demand for consumer goods affected the plastics segment, along with print and cosmetic products. The increasing environmental attractiveness of organic pigments is slowly replacing a share of the inorganic pigment market. Consumers are looking at eco-friendly products coupled with enhanced effects that can be achieved even at the cost of higher prices.
The primary drivers of inorganic color pigments consumption are growth in urbanization, which develops new application areas for paints and coatings, building materials and plastics; market changes where developing countries’ market demand is increasing with rising income levels; and environmental regulations and standards. Worldwide markets for inorganic color pigments are expected to grow at less than GDP growth rates during the next five years, at about 1%-2% per year. While demand has remained stagnant in Western countries for the past few years, it has shown an increase in Asian countries, particularly India, South Korea and Malaysia, where construction markets continued to grow between 2019 and 2023. In Japan, overall inorganic color pigment consumption is expected to remain the same or slightly decline, while growth will only be slightly stronger in Europe (1%-1.5% per year) and the United States (1.5% per year). In Asian countries other than Japan, primarily India, consumption of pigments will grow significantly, particularly in construction materials and paints and coatings, at a rate of 3%-4% per year.
For more detailed information, see the table of contents, shown below.
S&P Global’s Chemical Economics Handbook -Pigments, Inorganic Color is the comprehensive and trusted guide for anyone seeking information on this industry. This latest report details global and regional information, including
Key benefits
S&P Global’s Chemical Economics Handbook -Pigments, Inorganic Color has been compiled using primary interviews with key suppliers and organizations, and leading representatives from the industry in combination with S&P Global’s unparalleled access to upstream and downstream market intelligence and expert insights into industry dynamics, trade and economics.
This report can help you
- Identify trends and driving forces influencing chemical markets
- Forecast and plan for future demand
- Understand the impact of competing materials
- Identify and evaluate potential customers and competitors
- Evaluate producers
- Track changing prices and trade movements
- Analyze the impact of feedstocks, regulations, and other factors on chemical profitability