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Albany, New York, Aug. 21, 2018 (GLOBE NEWSWIRE) -- The global pigments market depicts the presence of a highly fragmented and competitive vendor landscape, says Transparency Market Research on the basis of a newly published report. Such high competitiveness is mainly due to the presence of innumerable players. A humungous rivalry mainly exists at an international level, wherein business strive to maximize their product sales, thus vying for the top spot. However, several local players are fast gaining ground in this market, thereby giving a tough time to the international businesses, in terms of marketing their products and services. With the number of players expected to increase during the next few years, the global pigments market is prophesized to depict a rapidly charged-up competitive landscape.
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Most businesses in the global pigments market are focusing on expanding product types and regulating product costs. Improving geographical reach and bringing forth innovative concepts for pigment manufacturing are a few other domains where companies are attempting to gain a competitive edge over their rivals. The Chemours Company, Huntsman Corporation, BASF SE, Lanxess AG, Clariant AG, Altana AG, and DIC Corporation, are some of the key companies operating in the global pigments market.
As per expert analysts, the global pigments market is anticipated to grow at healthy CAGR of 4.0% during the forecast period from 2017 to 2023. Such growth is expected to be depicted in the form of revenue worth US$31.9 bn projected by 2023. This is a notable increase from revenue worth US$25.4 bn that was registered in 2017.
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Rising Demand for Cloths and Paints Bolsters Expansion in Market
The global pigments market is being increasingly fuelled by each passing day owing to a surging demand for paints and coatings in key regions and countries. Rapid industrial development in emerging economies too is making the market grow at a fast pace, mainly as pigments are required in several industrial sectors. Moreover, with increasing population, a rise in requirement of various clothing materials is being witnessed by developed as well many developing countries. And as pigments and dyes are a crucial component of clothes manufacturing, the global pigments market is expected to witness a sizeable growth in the near future. A surge in consumption of paints in China, Singapore, South Korea, India, and many other countries is stoking growth in the global pigments market too.
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Fluctuation in Raw Material Availability Stunts Progress
However, the developed economies are expected to depict significantly bottlenecked pigment sales, thereby restraining the market’s growth. This is mainly due to fluctuation in availability of raw materials in this region, along with volatility of product costs. Such unpredictability in costs and availability might discourage customer growth. Moreover, lack of expertise regarding production of the pigments in remote regions too poses as a key obstacle to the market, from a regional perspective. Increasingly stringent regulations put forth by governments owing to environmental concerns regarding effects of the pigments also has restrained product sales. Nevertheless, several players are expected to introduce cost regulated products soon, which could offset most restraints affecting the global pigments market.
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The information presented in this review is based on a Transparency Market Research report, titled, “Pigments Market (Inorganic (Titanium Dioxide, Iron Oxide, Cadmium, Carbon Black, and Chromium Compounds), Organic (Azo, Phthalocyanine, and Quinacridone), and Specialty Pigments (Classic Organic, Metallic, High Performance Inorganic, Light Interference, Complex Inorganic, Fluorescent, Luminescent or Phosphorescent, and Thermochromic); End User Industries - Paints and Coatings, Printing Inks, Plastics, and Construction Materials) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023.”
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