The growth of the CICP market is driven by the consistent demand across glass and paints & coatings sectors, growing application in textiles, and promising opportunities across the Asia Pacific, says this report.
Selbyville, Delaware, Sept. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Complex Inorganic Color Pigments Market was estimated at $337.4 million in 2020 and is slated to attain an annual valuation of over $433.5 million by 2027, registering a CAGR of 3.7% from 2021 to 2027. The report provides a comprehensive analysis of the market size & estimations, major drivers & opportunities, key pockets of investment, wavering market trends, best winning strategies, and insight into the competitive outlook.
The CICP market is slated to witness an upward growth trend between 2021 and 2027 led by the expansion of the construction sector. The rise in construction and infrastructure projects worldwide due to the growing urban population is augmenting the complex inorganic color pigments market share across paints & coatings, glass, and other sectors. Consistent demand across textiles, ceramic, printing ink, and paper manufacturing applications will also propel the industry forward during the forecast period.
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Nickel manganese-based CICP products are experiencing robust demand worldwide owing to superior characteristics such as high tinting strength, high opacity, and superior cooling. On top of this, these pigments exhibit exceptional colorfastness quality in polymers that lasts a lifetime. Nickel manganese-based CICPs will witness tremendous demand in glass and paints & coatings sectors in the future.
The complex inorganic color pigments market is expected to witness lucrative opportunities across the textile sector. Owing to changing lifestyles and shifting fashion trends, the textile sector is undergoing rapid transformation. The growth of the textile sector and rising disposable incomes in developing regions will create a promising outlook for CICP suppliers.
Key reasons for complex inorganic color pigments market growth:
Consistent demand across glass and paints & coatings sectors.
Growing application in textiles.
Promising opportunities across the Asia Pacific.
Geographically, the Asia Pacific region, led by China, held a substantial share of around 45% in the global CICP market during 2020. The regional demand is attributable to the expansion of automotive and construction sectors in India, China, Japan, Malaysia, and Indonesia which is driving the demand for paints & coatings. Increasing automotive production output and rapid infrastructure development will positively impact the complex inorganic color pigments market outlook.
The COVID-19 pandemic has caused numerous disruptions in the CICP industry. Supply chain problems, workforce shortages, restrictions on movement, and strict protocols have created numerous challenges for manufacturers. Declining product demand has been witnessed in key markets due to the temporary suspension of automotive production and construction. This, in addition to the worldwide economic downturn, has impacted complex inorganic color pigments market trends slightly.
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Leading key players analyzed in the complex inorganic color pigments industry research include Heubach GmbH, Clariant AG, LANXESS AG, Ferro Corporation, Venator, and Lanso Colors, among various others. These companies are laying emphasis on new product development to bring novel solutions to the market and to help meet the growing global demand.
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