The global pigment dispersions market size is projected to reach USD 44.4 billion by 2026 from USD 37.1 billion in 2021, at a CAGR of 3.7% during the forecast period. The pigment dispersions market is projected to register positive growth during the forecast period, mainly due to the developing building & construction, automotive, packaging, and textile industries. Increasing demand for paints & coatings and construction materials in emerging economies is also driving the pigment dispersions market. Moreover, the growing demand for organic pigments in paints & coatings and printing inks applications is positively influencing the market.
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APAC is the fastest-growing market for pigment dispersions. This is primarily attributed to developing economies, such as India, China, Indonesia, Malaysia, Thailand, and others in the region, where demand for industrial products and new constructions is growing rapidly. Also, increase in population and growing urbanization are additionally driving the market and increasing pigment dispersions utilization. In addition, progress in industrialization, increasing demand due to changing demographics, and government initiatives are expected to attract business investments in the region.
Growth in construction sector and increase in paints & coatings application in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market. The key players in the pigment dispersions market include BASF SE (Germany), DIC Corporation (Japan), Sudarshan Chemical (India), Chromaflo (US), Cabot Corporation (US), Heubach GmbH (Germany), Penn Colors (US), Pidilite (India), Lanxess (Germany), and DyStar Corporation (Singapore). The pigment dispersions market report analyzes the key growth strategies, such as investment & expansion, and mergers & acquisitions adopted by the leading market players between 2017 and 2021.
BASF SE was the largest player in the pigment dispersion market in 2020. The company provides both the water-based and solvent-based dispersions and has a wide product portfolio of pigment dispersions. Its wide product portfolio has major applications in the paints & coatings and automotive industries. The company emphasis on R&D and has adopted investment & expansion as its key business strategy to strengthen its leading position in the pigment dispersions market. In January 2020, BASE SE announced the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow the company to increase its production capacity by 30%. The expansion aims to replace solvent-based coating systems to sustainable water-based systems.
DIC Corporation is one of the key players in the pigment dispersions market with operations in 176 group companies in more than 64 countries and territories worldwide. The company offers general purpose pigments and functional pigments for applications in the automobile, electronics, food, and housing sectors. It has adopted merger & acquisition and investment & expansion as its key business strategies to improve its share in the pigment dispersions market. In June 2018, DIC Corporation expanded its pigments technical center in Indonesia. This expansion helped the company to tap the growing economies of APAC.
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