An outline of pigments market in terms of the competitive landscape: innovative product developments to augment the industry growth over 2018-2025
Publisher : Fractovia | Published Date : 2018-07-04Request Sample
The application scope of pigments market seems to growing significantly by the day, pertaining to the rise in research and development activities. Most of the renowned biggies in pigments industry are lately found to be constantly investing in product advancements and innovations for improving their portfolio, with the help of which they are looking forward to substantially expanding their customer base in the forthcoming years. On these grounds, many companies have also established their research centers across several geographies, in a bid to help them resolve customers’ problem associated with the products and optimize future demand.
China Pigments Market Size, By Product, 2014 - 2025 (USD Million)
It is imperative to mention that the approach of companies to expand the scope of pigments market is indeed diverse, spanning novel product developments, capacity expansions, and other strategic business investments. A few instances of leading contenders contributing toward the growth of this industry are elaborated below:
How DIC Corporation has been contributing toward pigments market:
A few days earlier, the Japanese chemical company, DIC Corporation established its first Pigment Technical Center in Southeast Asia. The facility is located at its Karawang Plant base in Indonesia where it has been producing phthalocyanine blue pigments for quite a while now. This general-purpose pigment, primarily used in plastics and printing inks, has met with an increased demand lately with changing living standards and rising environmental concerns. In addition, the growing consumption of this product across the automotive sector and other infrastructure related applications has prompted DIC Corporation to optimize the product configuration. This is precisely what the Japanese pigment manufacturer intends to accomplish through the newly established research center, while simultaneously aiming to improve the cooperation between technical and production departments. DIC’s strategy is certain to strengthen its position in the competitive landscape of pigments industry.
Enumerating BASF’s role in augmenting the revenue graph of pigments industry:
The world’s largest chemical producer, BASF invested EUR 15 million in the capacity expansion of its effect pigments manufacturing plant in Germany. With this investment BASF is looking forward to enhancing its effect pigments production capacity by more than 30% by the end of 2020, owing to its surging demand. This strategic capacity expansion will help BASF achieve a leading position as a supplier of aluminum-based effect pigments, which are prominently used to generate high-quality trendy coatings. Incidentally, the surging use of pigments in paints & coatings is slated to stimulate pigments market share over the years ahead.
Unveiling Clariant’s strong stance in the global pigments market:
The rise in product demand has encouraged numerous giants in pigments industry to implement myriad business strategies, which would help them enhance their customer base. Validating the aforementioned fact, a few years before, the Switzerland headquartered chemical company, Clariant had signed a deal with a member of the Safic-Alcan Group, Interplast to distribute its pigment products across Turkey. Through this agreement, Clariant was looking forward to extending its reach in Turkey coatings market with the help of Interplast. Reportedly, with the deal coming into effect in 2017, Clariant is expected to substantially strengthen its footprints across Turkey pigments market. Encouraged by Clariant, other renowned players are also eyeing myriad geographies to enhance their regional reach, which would help them to obtain lucrative business returns.
Speaking along the same line, in addition to Turkey, Clariant has also decided to expand its business across North America by implementing strategies such as new product developments and facility expansions. As of now, North America accounts for 20% of Clariant’s overall sales. However, focusing on the growing opportunities across this region in the construction and automotive sectors, the Swiss company decided to further expand its base in the continent. Clariant also plans to develop FDA-compliant and eco-friendly pigments, which will help the firm gain an edge over its peers. For the record, the increasing popularity of eco-friendly products for sustainable packaging, electronics, and consumer goods is poised to generate lucrative opportunities for the business contributors across North America.
The escalating requirement for pigments, especially across the inks and packaging industries will have a significant impact on product demand over the years ahead. The increasing awareness among the consumers about the use of sustainable products for achieving health benefits has been encouraging companies to invest extensively in research & development activities. With the continuous involvement of industry contributors in various business development initiatives such as JVs, acquisitions, capacity expansions, and new product developments, pigments market size is likely to be pegged at USD 18 billion by the end of 2025.
