The organic pigments market size is estimated at USD 3.69 billion in 2018 and is projected to reach USD 4.67 billion by 2023, at a CAGR of 4.8% between 2018 and 2023. The need for aesthetics in packaging has grown in recent years with the requirement for product differentiation arising from high competition. This is one of the major reason driving the market for organic pigments in printing inks used in packaging. In addition, the absence of heavy metals, which are considered to be a very harmful substance to human health, is also a major driver of the organic pigments market. However, the high cost of organic pigment compared to inorganic pigments limits its usage in applications where regulations are not stringent.
Organic pigments market to witness highest CAGR in paints & coatings segment during forecast period
The organic pigments market in the paints & coatings application is projected to witness the highest growth due to the increasing demand for decorative coatings, marine coatings, automotive coatings, and industrial coatings. Automotive coating is the largest consumer of organic pigments, followed by industrial and decorative coatings. However, the use of organic pigments in decorative coatings is estimated to witness the highest growth rate in the construction industry, especially, in the developed and developing nations.
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HPPs segment projected to register highest CAGR from 2018 to 2023
The HPPs segment is expected to register the fastest-growth in the overall organic pigments market. This high growth is attributed to their superior properties such as lightfastness, heat stability, and resistance to various chemicals, which make them suitable for high-performance applications.
Organic pigments market in Asia Pacific projected to witness highest CAGR during forecast period
The organic pigments market in Asia Pacific is projected to witness the highest growth rate during the forecast period due to the growing food & beverage, construction, automotive, textile, and fast-moving consumer goods (FMCG) industries. Increasing demand for printing inks, paints & coatings, and plastics are driving the market for organic pigments in the region.
This study was validated through primaries conducted with various industry experts, worldwide. The primary sources were categories on the basis of company type, designation, and region.
Companies Profiled in the Report:
The key players profiled in the report include BASF SE (Germany), Clariant AG (Switzerland), DIC Corporation (Japan), Heubach GmbH (Germany), and Sudarshan Chemical Industries Ltd. (India).
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