Complex Inorganic Color Pigments Market Size, Industry Share and...

Complex Inorganic Color Pigments Market Size, Industry Share and Forecast, 2030

Posted 2024-03-15 10:46:58

Complex Inorganic Color Pigments Market

The global market for complex inorganic color pigments was estimated to be worth $364.12 million in 2022 and is expected to rise at a compound annual growth rate (CAGR) of 3.98% from 2023 to 2030, according to a report released by Zion Market Research.

Global Complex Inorganic Color Pigments Market: Overview

Oxide, sulfide, and silicate serve as the foundation for complex inorganic color pigments. For formulators to create stable, creative, and affordable coatings in a variety of hues, pigments are crucial. Complex inorganic color pigments are colored crystals of spinel that perform better in terms of UV opacity, concealing power, and infrared reflectance because of their stable molecular structure. These colors are created by combining steel oxides using simple chemical processes including oxidation and high-temperature calcination. Inorganic shadeation pigments possess remarkable colour strength, outstanding mild and temperature resistance, exceptional solvent and antioxidant resistance, warmth resistance, and consistency due to their composition.

Complex Inorganic Color Pigments Market

Global Complex Inorganic Color Pigments Market: Growth Factors

Due to the rise of businesses and the resulting need for heat stability, chemical resistance, climate resistance, and other qualities, the need for inorganic pigments in the industrial sector is seeing profitable growth. Additionally, because CICPs are ecologically stable, the demand for and use of them in the industrial and construction sectors is rising, which in turn is driving the expansion of the global market for complex inorganic color pigments. Surface treatments are becoming more and more in demand because they alter a material's chemical and physical characteristics to enhance its appearance and aesthetics in a variety of industries, including the construction, automotive, and cosmetics sectors. Heat resistance becomes a problem in vehicle interiors, exterior paints, fireplace paints, and high-heat powder coatings; for this reason, CICPs are widely employed in these applications.

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The rising demand for CICPs can also be attributed to their properties, which include minimal oil absorption, non-toxicity, UV stability, durability outside, lack of shrinking, and thermal stability. The expansion of the global market for complex inorganic color pigments is attributed to all these causes equally. In addition, the need for paints and coatings will eventually increase as a result of the acceleration of infrastructure building and construction activities brought on by urbanization and population growth in both developed and emerging nations. Given this, the global market for complex inorganic color pigments is expected to benefit from significant growth in the FMCG, IT, and telecom sectors as a result of urbanization and a high working population throughout the projected period. In addition to all of this, the COVID-19 pandemic temporarily halted the industrial activities.

The construction and automotive industries have experienced a moderate impact from the COVID-19 pandemic, leading to a significant decline in market revenue. The main cause of it is a decline in building and automobile sales worldwide. The usage of paint and coatings in a number of industries, including construction, has been significantly impacted by the COVID-19 outbreak in China, India, and the US. Major industries suffered losses as a result of the market's temporary shutdown, and businesses are currently making great efforts to recover.

Global Complex Inorganic Color Pigments Market: Segmentation

There are several ways to segment the global market for complex inorganic color pigments, including by products, application, and geography. Based on goods, the market for complex inorganic color pigments includes, among others, those based on cobalt, titanate, iron, nickel, manganese, and chromium. The market is divided into segments according to application, including paints, coatings, glass, concrete, plastics, and others.

Global Complex Inorganic Color Pigments Market: Regional Analysis

With a notable year-over-year revenue growth, North America is anticipated to lead the global market for complex inorganic color pigments throughout the forecast period. It is projected that the market for paints and coatings would be driven by the North American vehicle sector, which is expanding in response to growing demand. Since complex inorganic color pigments are sustainable, market growth is more likely as a result of manufacturer improvements that encourage their use.

However, with cheap and readily accessible labor, Asia Pacific is also thriving in the race and is predicted to grow at the quickest rate. Additionally, there are potential for the use of paints and coatings in the manufacturing, automotive, marine, and construction industries due to the lax legislation governing volatile organic compounds (VOCs) in Asian nations like China, India, Japan, etc. Due to the low cost of labor in China, India, and other Asian nations, many corporations are thinking about growing their production facilities there. This will increase demand for inorganic color pigments as construction activities rise in these regions. Due to increased building, the manufacturing of automobiles, and the growing usage of products like paints, coatings, and concrete, the Middle East, Africa, and Latin America are also expected to see consistent growth.

Global Complex Inorganic Color Pigments Market: Competitive Players

Global demand for sophisticated inorganic color pigments is driving up manufacturing and pushing it into new regions. Businesses are constantly focused on introducing and creating cutting-edge items to satisfy the wants of a wide consumer base. On the other hand, big businesses will undoubtedly boost their market expansion with the aid of alliances, partnerships, and mergers.

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The prominent market players in the global complex inorganic color pigments market include: