PUBLISHER: Allied Market Research | PRODUCT CODE: 1344570
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344570
According to a new report published by Allied Market Research, titled, "Pigments Market," The pigments market was valued at $27.2 billion in 2022, and is estimated to reach $45.4 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.
Moreover, the use of organic pigments offers several advantages such as they can produce vibrant and stable colors, they exhibit excellent color strength, and they have good lightfastness. This has led the end-use sectors to become more linear toward using organic pigments for coloring purposes; thus, boosting the market growth. Additionally, organic pigments often possess excellent tinting and transparency characteristics, allowing them to be easily dispersed and incorporated into various mediums. Also, they can be used in different forms, such as powders, pastes, or liquids, depending on the application requirements. These factors altogether are expected to drive the demand for organic pigments during the forecast period.
However, the environmental impact of pigments, particularly those derived from conventional sources, is a significant concern. Some pigments contain heavy metals or other toxic substances that can be harmful to ecosystems and human health. Strict environmental regulations and increasing consumer demand for eco-friendly alternatives pose challenges for conventional pigment manufacturers. This factor may restrain the growth of the pigment market during the forecast period.
Moreover, pigments used in various applications, such as cosmetics and food packaging, are subject to stringent health and safety regulations. Regulatory compliance, including restrictions on certain pigments or limitations on their use in specific applications, can impact the market growth and availability of certain pigments.
On the Contrary, volatile organic compounds (VOCs) are compounds having low water solubility and high vapor pressure. They are emitted as gases from certain solids or liquids and include a variety of chemicals that may have short- and long-term adverse health effects. Furthermore, several government agencies such as the United States Environmental Protection Agency (U.S. EPA), European Union, Central Pollution Control Board, and others have laid down laws and regulations for the emission limits of VOCs. For instance, the United States Environmental Protection Agency (U.S. EPA) regulates VOCs at Federal level in 40 CFR 59, which is the National Volatile Organic Compound Emission Standards for consumer and commercial products.
There is a growing demand for sustainable and environmentally friendly pigments containing little or no VOCs. The development of bio-based, natural, or renewable source pigments offers opportunities to cater to this demand. Pigments derived from plant-based materials, algae, or waste streams can provide eco-friendly alternatives with reduced environmental impact. This factor increases the demand for eco-friendly pigments; thus, creating remunerative opportunities for the pigments market