Organic pigments market is expected to witness growth on account of its use in various end-use industries including printing inks, paints and coatings, plastics, rubber and textiles. Urbanization coupled with rise in infrastructure spending is likely to boost paint market which in turn is anticipated to fuel organic pigments market over the forecast period. Furthermore, use of organic pigments as colorants in textile and plastic industries is expected to contribute to its market growth. Moreover, rising demand for value-added high quality organic pigments in the cosmetic industry is likely to result in market growth over the next six years. Although the organic pigment market has reached maturity in North America and Europe, the market is anticipated to receive a boost as major companies are aiming at designing and developing products in sync with continuously changing requirements for evolving technologies. However, volatility in raw material prices is likely to be a major restraint for organic pigment market growth.
Organic pigments are classified into two types; natural organic pigments and synthetic organic pigments. Organic natural pigments are primarily derived from plant and animal sources while synthetic organic pigments are manufactured from petroleum compounds. However, majority end-use industries prefer synthetic organic pigments due to their light fastness property. Organic pigments are employed as mass colorants in synthetic fibers, plastics and surface coating-paints and inks. These pigments are employed in a wide range of hi-tech applications including optical data storage, photo-reprographics and opto-electronic displays.
Asia Pacific represented the fastest growing and the largest regional market for organic pigments over the past few years wherein China registered the fastest growth. This trend is anticipated to continue over the forecast period. Numerous North American and European organic pigment manufacturers have been shifting their manufacturing base to low-cost countries in Asia Pacific on account of absence of stringent environmental compliance issues and lower production costs. Growing infrastructure development coupled with rapid industrialization are key factors that contribute to organic pigment market growth particularly in developing countries including India, Indonesia and China. The inorganic pigment market in likely to witness significant growth in Middle East and Africa in light of large construction projects especially in Saudi Arabia, Qatar and Nigeria.
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