The market of pigment is witnessing substantial growth on the account of increasing spending by government on development of infrastructure

The pigment is an attractive, durable, and water-resistant material that's ideal for outdoor applications. It can be used in any area of the home for protection from the elements and is available in a wide range of colors, which can create a striking contrast to other materials such as wood, brick, and stone. Pigments can be classified into organic and inorganic.

Growing demand for pigment from various end-user industries such as paints and coatings, textiles, construction, and plastics is predominantly fueling the market growth. Rapid growth in the construction industry due to the increasing population which is driving demand for various infrastructure is contributing to market growth. Increasing government spending on the development of infrastructure is further anticipated to propel the market growth. According to the United Nation, the world’s population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050, and could peak at nearly 11 billion around 2100.

On the other hand, growing environmental concern as production process require high-water consumption is restricting the market growth. Moreover, high metal content in pigments and water pollution during the production process is also projected to hinder the market growth.

The Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to increasing government spending on the construction industry. According to the India Brand Equity Foundation, India plans to spend US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP), from 2019 to 2023, to ensure sustainable development in the country. In 2019, the sector witnessed seven mergers and acquisition (M&A) deals worth US$ 1,461 million.


 

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