According to the report "Pigment Dispersions Market by Pigment Type (Organic, Inorganic), Dispersion Type (Water-based, Solvent-based), Application (Paints & Coatings, Inks, Plastics), End-use industry (Building & Construction, Automotive), and Region - Global Forecast to 2024
," the pigment dispersions market is projected to grow from USD $42.2 billion in 2019 to USD $54.3 billion by 2024, at a CAGR of 5.2%.
Building and construction is the largest end-use industry of pigment dispersions. This industry is growing in countries of the APAC region such as India, China, Japan, and South Korea. The huge investment in infrastructural projects in the APAC region is increasing the demand for paints and coatings in the building and construction industry. Pigment dispersions provide heat stability, chemical inertness, and weather and lightfastness properties.
Paints and coatings application is projected to lead the overall pigment dispersions market. Decorative coating is the largest and fastest-growing consumer of pigment dispersions in the paints and coatings application segment. The demand for decorative coatings is estimated to increase in the near future, owing to the increasing demand for paints & coatings in residential, commercial, and industrial construction. Pigment dispersions have low viscosity, quick drying, good weather fastness, good lightfastness, low migration, and solvent and bleeding fastness properties.
APAC is estimated to be the largest pigment dispersions market owing to the high consumption in paints and coatings applications. Growing population, increasing disposable incomes, urbanization, and changing lifestyles are driving the pigment dispersions market. China, India, Japan, Indonesia, and South Korea are some of the key pigment dispersions markets in the region. Recent infrastructure developments and industrialization activities in the emerging countries have opened new avenues and opportunities for pigment dispersions manufacturers.