The market for fillers and pigments is growing strongly, according to the market research companies Fact.MR and Transparency Market Research. The outlook for further development remains promising from the perspective of the pigment industry. By Chiara Foppa Pedretti, contributing author.

Despite the setback caused by the pandemic and the ongoing global challenges, the global market for fillers and pigments is growing strongly. The aesthetic and functional properties of these raw materials are equally important drivers in a scenario dominated by the increasingly diverse and specific requirements of both companies and end users.

The total value of the fillers market in 2022 was around EUR 3 billion across all segments according to Rajib Barman – Associate Vice President of Transparency Market Research. He expects the market for fillers to recover to pre-Covid-19 levels soon, with a compound annual growth rate (CAGR) of at least 5 %, up to an estimated value of EUR 3.65 billion in 2027 and to over EUR 4 billion in 2030. This includes calcium carbonate, kaolin and talc in particular as the most important materials used.

The global market for pigments is even larger. The market research company IMARC estimates it at EUR 25.4 billion in 2022 and forecasts that it will increase to EUR 41.7 billion by 2028, with a growth rate of 8.4 % in the period 2023-2028. In the medium term (2022-2026), opportunities of almost EUR 5.7 billion are forecast here. according to the market research company Fact.MR. These include titanium dioxide, iron oxide and zinc oxide in particular as the most important inorganic pigments, but also various types of organic (e.g. carbon black) and specialty pigments.

Asia-Pacific region dominates

In the production of pigments and fillers, the Asia-Pacific region (APAC) is the undisputed global leader in the production of pigments and fillers, primarily because it is home to a very large number of mineral extraction sites. According to Barman from Transparency Market Research, this region accounts for almost 61 %, while Europe accounts for 17.3 %, North America 10.3 % and the other regions 11.4 %.

“On the consumer side,” Barman adds, “the total market value in Asia-Pacific amounted to EUR 1.45 billion in 2022. The value is expected to increase to EUR 1.88 billion by 2027 (and around EUR 2 billion by 2030), with a growth rate of over 5.5 % – the highest on a global level. The growth rate forecast for North America over the next few years is slightly less than 5 %, for Europe slightly more than 5 % and for the rest of the world less than 5 %.”

As far as the market for pigments is concerned, Fact.MR forecasts that Europe will experience a growth of 4.8 % CAGR between 2022 and 2032 and an absolute opportunity of around EUR 3.88 billion. North America is the second largest market worldwide, with a growth rate of 3.2 % CAGR.

Architectural and industrial coatings

As colour pigments are an important component of paint and coating formulations, they account for more than 30 % of the volume share of raw materials, according to the market research company Fact.MR.

The architectural coatings market in particular is the most important target sector for the filler and pigment industry. Barman explains: “The architectural coatings segment accounts for around 44 % of the total filler market. The total market value was EUR 1.32 billion in 2022, and we expect it to increase to EUR 1.8 billion by 2027, with a growth rate of 5.2 %. Within this sector, the interior coatings segment is the one with the highest growth rate at 5.4 %, while the exterior coatings segment will grow slightly less strongly at 4.9 %.” Pigments will follow the same general trends in the architectural coatings sector, particularly due to the choices made by individual end users, who attach the same or even greater importance to aesthetic factors (e.g. products with special effects, metallic, fluorescent or pearlescent colours) than to functional properties (e.g. corrosion protection, UV resistance, weather resistance, etc.). The second important target sector is industrial coatings. According to Barman from Transparency Market Research, the total market value in 2022 was around EUR 793 million and the expected growth rate until 2027 is 4.8 %. In this area, functional and high-performance products will prove to be an important driving force. This applies, for example, to pigments and fillers intended for the automotive industry and the electromobility segment in particular.