The inorganic pigments market size is expected to grow from USD 22.0 billion in 2019 to USD 28.3 billion by 2024, at a CAGR of 5.1% during the forecast period. The major factors driving the market are growth of global construction sector and increasing significance of aesthetics in the packaging industry.
The major players in the market include Venator (UK), The Chemours Company (US), Tronox Limited (US), LANXESS (Germany), Kronos Worldwide, Inc. (US), Cathay Industries (China), Clariant (Switzerland), Ferro Corporation (US), Heubach GmbH (Germany), Lomon Billions (China), Alabama Pigments Company (US), Cabot Corporation (US), Carl Schlenk AG (Germany), Dominion Colour Corporation (Canada), DyStar (US), ECKART GmbH (Germany), Heubach GmbH (Germany), INEOS Pigments (US), Jiangsu Yuxing Industry & Trade Co., Ltd. (China), Matapel Chemicals (Indonesia), Tasnee (Saudi Arabia), Sudarshan Chemicals (India), Sun Chemical (US), Tata Pigments (India), and Zhejiang Huayuan Pigments Co., Ltd. (China).
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These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last 2 years to strengthen their competitiveness and broaden their customer base in the global inorganic pigments market.
Venator (UK) is progressing in the market by adopting new product launch strategy. The company launched TIOXIDE TR29 pigment in September 2019. TIOXIDE TR29 is a white pigment for low moisture applications and demanding processing conditions. It is designed for plastic applications and can be used to create high TiO2 loading masterbatches. This new inorganic pigment will help the company to cater to the increasing requirement for plastic applications. In February 2018, the company added the first-ever cobalt blue pigment GRANUFIN Azur and several new black pigments in its GRANUFIN range of color pigments. GRANUFIN Azur will help to meet the growing demand for blue colored concrete. New black pigments include a bluish-black carbon grade and a hybrid pigment that will cater to the demand for black concrete products.
The Chemours Company is one of the largest producers of TiO2 pigments in the world. It has adopted various growth strategies, including merger & acquisition, investment & expansion, and new product launch, to maintain its leading position in the inorganic pigments market. For example, Chemours introduced a new low-abrasion grade of Ti-Pure titanium dioxide pigment. This new grade is manufactured from chloride process and specifically designed to improve the performance of printing inks. This new development will help the company meet the need of customers in the paper & printing industry. In August 2019, the company acquired Southern Ionics Minerals, LLC (Florida), a minerals exploration, mining, and manufacturing company. This acquisition will give the company access to large, high-value ilmenite ore deposits to produce TiO2 pigments.
Inorganic Pigments Market by Pigment Type (Titanium Dioxide, Iron Oxide, Carbon Black), Application (Paints & Coatings, Plastics, Inks), End-Use Industry (Building & Construction, Automotive, Packaging, Textiles), Region - Global Forecast to 2024
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