The global market for Resin Pigments market is estimated to be worth USD 2,281.1 million in 2021 and is anticipated to reach a value of USD 4,445.5 million by 2031. Sales are projected to rise at a CAGR of 6.9% over the forecast period between 2021 and 2031. The revenue generated by the Resin Pigments market in 2020 was USD 2,254.1 million. The industry is anticipated to exhibit a Y-o-Y growth of 1.2% in 2021.
Global Resin Pigments Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 2,254.1 million |
| Estimated Size, 2021 (E) | USD 2,281.1 million |
| Projected Size, 2031 (F) | USD 4,445.5 million |
| Value-based CAGR (2021 to 2031) | 6.9% |
The target market is segmented under type, source, and end use industry. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
The market for resin pigments is accelerating, as demand increases in industries like construction and automotive or consumer products that need bright, durable color applications. These resin pigments find applications on a larger scale in epoxy resins, plastics, and paints for their increased UV stability, chemical resistance properties, along with the potential for customization. Market growth is driven by increasing urbanization, infrastructure development, and innovations in eco-friendly pigments.
Growing industrialization, coupled with an expanding automotive industry, particularly in China and India, means the Asia-Pacific is by some margin the largest market, accounting for almost 40% of total global demand. Moreover, government initiatives toward eco-friendly pigments and preference for visually appealing products by customers further propel market growth.
The Resin Pigments market is highly competitive, with numerous players ranging from large multinational corporations to smaller, specialized manufacturers. Key players include companies like Harima Chemicals Group Inc., Puyang Shenghong Chemical Co.Ltd., Qingdao Sanhuan Colorchem CO. LTD, Maeda Industrial Chemicals CO. LTD, CBC Co. Ltd., Sargon Chem, OTALITE Co. Ltd., Clariant, BASF SE, dominate the market with their extensive product ranges and strong distribution networks. Key players in the market often compete on the basis of product quality, innovation, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 2,164.4 million and is predicted to rise approximately 1.9 times the current market value through 2031.
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Increased use of the product in the paints & coatings, plastics, and textile industries is expected to drive global market growth. Colorants made from resin pigments are widely used in the plastics and textile industries.
Because of the widespread use of plastics in packaging applications, the plastics industry is rapidly expanding. In the future years, this is likely to boost demand for resin pigments and propel global market expansion.
Furthermore, rising demand for resin pigments in the creation of printing inks is expected to be a major driver of global market expansion. Nonetheless, the expanding spectrum of resin pigment applications in the electronics industry is expected to provide profitable prospects for market players in the coming years.
The market players are concentrating their efforts on research and advanced technology, which is expected to boost sales during the forecast period.
Harima's resins and tall oil products division, for example, draws on a wealth of advanced technologies and know-how to meet the diverse functional and performance requirements of printing inks, paints, adhesives, synthetic rubbers, and a variety of other consumer goods. In the sectors of printing ink resin, adhesive resin, and synthetic rubber emulsifier, the company offers a wide range of key goods.
Principal Consultant
Increasing construction activity in North America is expected to drive up pigment demand over the forecast period. Plastics and printing inks are two other important application industries that contribute to market demand.
Construction spending was anticipated at a seasonally adjusted annual rate of USD 1,568.8 billion in July 2021, up 0.3 percent (1.2 percent)* from the revised June estimate of USD 1,563.4 billion, according to the US Census Bureau.
Publication print inks, offset inks, solvent packaging inks, decorative laminate inks, and water-based packaging inks all use the product. These are also frequently utilized in plastic applications, namely for cosmetics, healthcare, food and beverage packaging, and other consumer products packaging.
During the review period, the plastic application segment is expected to earn significant revenue due to rising food and beverage demand as well as rising cosmetics demand.
The rise of the resin pigments market could be due to the rising demand for packaged food. Furthermore, resin manufacturers' R&D and innovation are moving the sector forward. The market is benefiting from the increased usage of polyurethane resin in flexible packaging, which is pushing up demand for resin pigments in Europe.
Furthermore, demand for environmentally friendly resin pigments is predicted to increase in the region. Colorberry pigment pastes, for example, were produced and chosen by MRS.COLORBERRY exclusively for colouring resin.
They're made and bottled in Germany, with their own quality control to ensure complete client pleasure. All colors in the COLORBERRY RESIN PIGMENT PASTE range have been laboratory tested and conform to ASTM-D4236. Because the pigments are mixed differently, each color has a different consistency.
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Some of the leading manufacturers/suppliers include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Resin Pigments Market
