The global Organic Pigments market size is expected to reach USD 36.36 Billion in 2030 and register a revenue CAGR of 5.2% over the forecast period, according to latest report by Reports and Data. Growing automobile and construction industry is a major factor expected to drive market revenue growth. In the construction industry, pigments are used to add lasting color to a number of building materials used in architecture and infrastructure projects. Architects and designers use colored cement as a tool to incorporate an element of innovation, differentiation, and exclusivity into their projects. Therefore, a continuous upturn in construction spending is expected to drive the pigments market revenue share globally. According to a report by European Parliament on 17 February 2020, more than 40% of buildings in Europe are built before 1960 and 90% before 1990; consuming more amount of energy compared to the new ones. Hence, renovation activities of these buildings are expected to increase in the forecast period, which in turn is expected to drive the market revenue growth.
Rapid growth of the printing ink industry owing to growth in e-commerce and package food business is expected to have a positive impact on the pigments market during the forecast period. Pigments are used in different types of printing inks, such as publication gravure inks, offset inks, decorative laminate inks, solvent-based packaging inks, and water-based packaging inks. Moreover, rising demand for cosmetics and other personal care products is expected to drive revenue growth of the pigments market. The beauty & makeup industry is growing rapidly due to increased globalization and introduction of multiple new makeup brands. This is expected to drive the pigments market revenue growth over the forecast period.
However, volatility in raw materials prices and environmental concerns is resulting in increasing preference for eco-friendly products, which are limiting revenue growth of the pigments market.
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Pigments Market: Notable Innovation
As of my last knowledge update in September 2021, the Organic Pigments market had been experiencing notable innovations and developments in various sectors. Keep in mind that the pigment industry is diverse, with applications in paints and coatings, plastics, textiles, cosmetics, and more. Here are some notable innovations up to that point:
- Nanotechnology in Pigments: Nanotechnology had been increasingly used in the development of pigments. Nano-sized pigments offer improved color strength, transparency, and stability. They also enable the creation of unique effects in coatings and cosmetics.
- Environmentally Friendly Pigments: With a growing focus on sustainability, the industry had been witnessing innovations in eco-friendly pigments. These pigments are designed to be non-toxic, biodegradable, and produced with reduced environmental impact. Examples include plant-based and algae-derived pigments.
- High-Performance Organic Pigments: Innovations in organic pigments were allowing for better performance in terms of color fastness, heat resistance, and lightfastness. This is particularly important in industries like automotive coatings and printing inks.
- Color-Shift Pigments: These pigments change color when viewed from different angles or under different lighting conditions. They are commonly used in cosmetics, automotive coatings, and specialty printing inks.
- Functional Pigments: Pigments that offer functional properties in addition to color were becoming more popular. For example, thermochromic and photochromic pigments change color with temperature or exposure to light, and conductive pigments enable the development of conductive inks for electronics.
- 3D Printing Pigments: With the growing adoption of 3D printing technology, pigments designed specifically for 3D printing materials had been developed. These pigments allow for customization of printed objects with vibrant colors and unique effects.
- Smart Pigments: These pigments can change color in response to external stimuli, such as temperature, pressure, or pH. They have applications in various industries, including security printing and sensors.
- Bioluminescent Pigments: Pigments derived from bioluminescent organisms, such as fireflies and certain types of plankton, were being explored for use in specialty applications like glow-in-the-dark products and biomedical imaging.
- Pigment Digitalization: Digital technologies like machine learning and artificial intelligence were being used to optimize pigment production processes, leading to improved quality control and efficiency.
- Blockchain in Pigment Supply Chain: Some companies had started using blockchain technology to track the origin and authenticity of pigments, ensuring transparency and traceability in the supply chain.
Please note that the pigment industry is dynamic, and new innovations are likely to have emerged since my last update. To get the most up-to-date information on notable innovations in the pigments market, I recommend checking industry news sources and reports from organizations specializing in pigments and colorants.
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