The global pigments market size is expected to reach $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. Rapid urbanization and increasing investments by governments of various countries across the globe to improve infrastructure are factors expected to drive the pigments market revenue growth. Various countries such as the U.S., the U.K., China, Indonesia, India, Saudi Arabia, and UAE, are major countries exhibiting significant global revenue growth potential in the construction sector, thus creating an increased demand for pigments.
Factors such as rising demand for organic pigment in the pharmaceuticals industry, increasing number of color shades and rising demand for biobased paints and coatings are factors expected to drive the pigments market revenue growth. Additionally, rising demand from developing countries due to rapid industrialization, urbanization and modernization is further expected to drive market revenue growth during the forecast period.
Furthermore, growing concerns regarding pollution have increased efforts to use recyclable packaging. These paints are non-toxic and safe and are an obvious choice for consumers concerned with environment conservation and protection and therefore expected to drive revenue growth of the market. Another factor driving the industry is increasing purchasing power of consumers and their changing lifestyles. Their interest in innovative and quality products is driving the market revenue growth. With rapid urbanization, competition among the major players is also increasing. This has resulted in availability of a variety of products in the market, which is further expected to drive pigments market revenue growth during the forecast period. However, factors such as limited availability of raw materials and stringent government regulations are limiting the market revenue growth.
