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TABLE OF CONTENTS
CHAPTER 1
PREFACE............................................................................... 13
1.1
1.2
CHAPTER 2
CHAPTER 3
3.1
INTRODUCTION ............................................................................................................ 21
3.1.1
3.1.2
3.2
3.3
DRIVERS .............................................................................................................. 25
3.3.2
3.3.3
3.3.4
3.3.5
RESTRAINTS ........................................................................................................ 29
3.3.5.1
3.3.5.1.1
3.3.5.1.2
3.3.5.1.3
3.3.5.2
3.3.6
OPPORTUNITIES .................................................................................................. 33
3.3.6.1
3.3.6.2
3.4
3.5
3.5.3
3.5.4
3.5.5
3.6
3.7
CHAPTER 4
4.1
4.1.2
4.1.3
4.2
4.1.6
4.1.5
4.1.4
AZO ..................................................................................................................... 53
4.2.1.1
4.2.2
PHTHALOCYANINE............................................................................................... 54
4.2.2.1
4.2.3
QUINACRIDONE .................................................................................................. 56
4.3
4.3.1.1.1
4.3.1.2
4.3.1.2.1
4.3.1.3
5.1
Luminescent/phosphorescent pigments
market, 2010 2018 (Kilo Tons) (USD
Million)s ......................................................... 68
Thermochromic pigments........................................... 69
4.3.1.8.1
CHAPTER 5
4.3.1.7.1
4.3.1.8
4.3.1.6.1
4.3.1.7
4.3.1.5.1
4.3.1.6
4.3.1.4.1
4.3.1.5
4.3.1.3.1
4.3.1.4
5.3
PLASTICS ...................................................................................................................... 73
5.3.1
5.4
5.5
CHAPTER 6
GLOBAL OTHER END USE MARKET ESTIMATES AND FORECAST, 2010 2018
(KILO TONS) (USD MILLION)................................................................................. 75
6.1
OVERVIEW ................................................................................................................... 76
6.2
6.3
6.4
6.5
6.6
6.2.1
6.2.2
6.3.2
6.4.2
6.5.2
6.6.2
CHAPTER 7
7.1
7.2
BASF SE ........................................................................................................................ 87
7.1.1
7.1.2
7.1.3
7.1.4
7.1.5
7.2.2
7.2.3
7.3
7.4
7.2.4
7.2.5
7.3.2
7.3.3
7.3.4
7.3.5
7.4.2
7.4.3
7.5
7.4.4
7.4.5
7.6
7.7
7.8
7.9
7.10
7.5.2
7.5.3
7.5.4
7.5.5
7.6.2
7.6.3
7.6.4
7.6.5
7.7.2
7.7.3
7.7.4
7.7.5
7.8.2
7.8.3
7.8.4
7.8.5
7.9.2
7.9.3
7.9.4
7.10.2
7.10.3
7.10.4
7.10.5
LIST OF TABLES
TABLE 1
19
TABLE 2
25
TABLE 3
29
TABLE 4
34
TABLE 5
37
77
78
79
80
81
82
83
84
85
86
TABLE 6
TABLE 7
TABLE 8
TABLE 9
TABLE 10
TABLE 11
TABLE 12
TABLE 13
TABLE 14
TABLE 15
LIST OF FIGURES
GLOBAL PIGMENTS MARKET ESTIMATES AND FORECAST 2010 2018 (USD
MILLION, KILO TONS)
17
FIG. 2
23
FIG. 3
26
27
FIG. 5
29
FIG. 6
31
FIG. 7
32
FIG. 8
38
FIG. 9
41
FIG. 10
42
FIG. 11
44
45
47
48
49
50
51
52
54
55
56
57
59
FIG. 1
FIG. 4
FIG. 12
FIG. 13
FIG. 14
FIG. 15
FIG. 16
FIG. 17
FIG. 18
FIG. 19
FIG. 20
FIG. 21
FIG. 22
FIG. 23
10
60
62
62
65
66
67
68
69
70
72
73
74
GLOBAL OTHER END USE MARKET ESTIMATES AND FORECAST, 2010 2018
(KILO TONS) (USD MILLION)
75
FIG. 37
76
FIG. 38
88
FIG. 39
89
FIG. 40
90
FIG. 41
91
FIG. 42
93
FIG. 43
94
FIG. 44
95
FIG. 45
96
FIG. 46
98
FIG. 47
99
FIG. 48
100
FIG. 49
101
FIG. 50
103
FIG. 51
104
FIG. 25
FIG. 26
FIG. 27
FIG. 28
FIG. 29
FIG. 30
FIG. 31
FIG. 32
FIG. 33
FIG. 34
FIG. 35
FIG. 36
11
106
FIG. 53
107
FIG. 54
110
FIG. 55
110
FIG. 56
112
113
FIG. 57
12
CHAPTER 1
PREFACE
Organic pigment
o
Azo
Phthalocyanine
Quinacridone
Inorganic pigment
o
Titanium Dioxide
Iron Oxide
Cadmium Pigments
Carbon Black
Chromium Oxide
Specialty pigment
o
Classic Organic
Metallic
Light Interference
Complex Inorganic
Fluorescent
Luminescent/phosphorescent
Thermochromic
13
Printing Inks
Plastics
Construction Materials
The geographies covered in this report include North America, Europe, Asia Pacific, Latin
America and Rest of the World.
Secondary Research
The secondary research sources that are typically referred to include, but are not limited to:
14
Industry trade journals such as ICIS, Coatings World, scientific journals and other
technical literature
Internal and external proprietary databases, relevant patent and regulatory databases
News articles, press releases and web-casts specific to the companies operating in the
market
Primary Research
We conduct primary interviews on an ongoing basis with industry participants and commentators
in order to validate data and analysis. A typical research interview fulfills the following functions:
It provides first-hand information on the market size, market trends, growth trends,
competitive landscape, future outlook etc.
Primary research involves E-mail interactions, telephonic interviews as well as face-toface interviews for each market, category, segment and sub-segment across
geographies
The participants who typically take part in such a process include, but are not limited to:
15
Models
Where no hard data is available, we use modeling and estimates in order to produce
comprehensive data sets. A rigorous methodology is adopted in which the available hard data is
cross referenced with the following data types to produce estimates:
Industry indicators: Expenditure, technology stage & infrastructure, sector growth and
facilities.
16
CHAPTER 2
EXECUTIVE SUMMARY
Pigments are primarily used in paints, coatings, printing ink, construction industry, and a host of
other application segments owing to properties they offer such as functionality, protection and
imparting color. As pigments are one of the significant components of these end use industries, it
will have direct impact on the pigment market. However, increasing raw material prices are
expected to have a negative impact on market growth over the next five years. Furthermore,
growing end use industries in Asia Pacific and inclination of manufacturers towards usage of
renewable feedstock represents attractive opportunity for future growth of the pigments market.
5,000.0
14,000.0
4,500.0
4,000.0
12,000.0
3,500.0
10,000.0
3,000.0
8,000.0
2,500.0
6,000.0
2,000.0
1,500.0
4,000.0
FIG. 1
1,000.0
2,000.0
500.0
0.0
0.0
2010
2011
2012
2013
2014
Revenues
2015
2016
Volumes
2017
2018
The global pigments market is forecast to reach market size of USD 14,689.0 million by 2018 from
the 2011 market value of USD 10,838.4 million, registering CAGR of xx% during 2013 2018. In
terms of consumption, the market is projected to reach market volume of xx kilo tons by 2018,
growing at a CAGR of 3.2% during the study period.
17
organic,
light
Interference,
complex
Inorganic,
fluorescent,
18
PARAMETER
Global Volumes
(Kilo Tons)
Global Revenues (USD
Million)
Geographic Share
(% Volume basis)
2012
2018
xx
xx
xx
xx
Europe: xx%
Europe: xx%
RoW: xx%
RoW: xx%
Plastics: xx%
Plastics: xx%
CAGR (%)
2013 - 2018
Source: Company Annual Reports, Company Websites, Transparency Market Research Analysis
The xxx industry continues to take away major share of the global pigments market, accounting
for xx% of the overall end use market. This is mainly due to growth in the xxx industry along with
the inclination of consumers towards unique optical effect colors in certain segments such as
automobiles. The global paints and coating end use market is projected to reach USD xxx million
by 2018, growing at a CAGR of xx% during the forecast period.
19
Among all the geographical regions, xxx is projected to be the largest revenue generating
segment accounting for xx% by 2018 of the global pigment market followed by xxx and Europe.
Major factors fuelling the growth of the xxx market is increasing spending capacity of consumers
along with preference for high end products with attractive packaging. The xxx pigments market
is forecast to reach market size of USD xxx million by 2018, growing at a CAGR of xx% during
the forecast period.
xxx occupies major share of the global pigment market accounting for about xx% overall market
followed by xxx and xxx. The other players in the market are Clariant International Limited, DIC
Corporation, Rockwood Holdings, Inc, Lanxess AG, etc.
20
Accuracy and reliability has to be thoroughly monitored at each step as it affects the functioning
of the value chain significantly. Manufacturing of pigments is the most critical stage as the
amount of raw material and other reagents used in the process has to be meticulously monitored
and consumed. This step determines the final product quality as well as its performance and will
have a direct impact on revenue generation.
FIG. 2
Raw material
suppliers
(Toluene, metal
oxides, aliphatic
amines, reagents
etc.)
Pigment
manufacturers
(captive
consumption,
raw material
sourcing)
Company
operated
distribution
warehouses,
exclusive supply
agreements, offshelf B2B
sourcing
Paints &
coatings
manufacturers
End users
(Construction
Materials,
Plastic, Rubber,
Paper, Ceramic)
Prices of pigments are majorly subjected to prices of natural gas prices, change in currency
rates, and interest rates. Other factors affecting the prices of pigments are effect of product
23
TABLE 2
2014-16
2016-18
Market drivers
Impact
Growth In paints & coatings market
High
xx
xx
xx
xx
xx
Medium
xx
xx
Moreover, pigments play a major role in imparting color to any commodity or object and a slight
variation in the quantity of pigments may change the appearance of the product. Many brands are
identified with the colors they use. For instance, Kingfisher Airline uses red and white color,
McDonalds uses red and yellow, Intel uses blue and white. Moreover, in the automotive industry,
just a slight variation in color is used to identify various series of cars under the same brand.
25
2014-16
2016-18
Market restraints
Impact
Escalating prices of raw materials
High
xx
xx
xx
xx
High
3.3.5.1
The main raw materials used in production of pigments are carbon based molecules derived
mainly from petroleum compounds, benzene, toluene, ethylene, naphthalene and a few acids.
The market has witnessed volatility in prices of pigments on account of rising oil and natural gas
prices. Since the prices of raw materials are on a rise, it is expected that the various pigments
will follow a similar trend. Continued volatility in pigment prices is a restraint to the market as it
limits consumer spending and prompts customers to defer spending.
3.3.5.1.1
FIG. 5
120
100
80
60
40
20
0
29
Growth Rate
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Medium
Low
High
Market Attractiveness
Organic
Inorganic
Speciality
The above chart signifies that the organic pigment market is the most attractive segment due to
superior environmental benefits it offers and the presence of active and strict regulatory
imposition over pigment usage. Various stringent regulations are present across the globe such
as EPA in the U.S., REACH in Europe and the Management Methods for Controlling Pollution
from Electronic Information Products, in China.
The second most attractive segment is the specialty pigments market owing to its unique
properties to impart high end benefits such as metallic luster. Specialty pigments can also be
categorized into luminescent, pearlescent and transparent pigments. Inorganic pigment on the
other hand is projected to grow at a moderate pace owing to its cost effectiveness when
compared with organic pigments and specialty pigments.
41
BASF
Clariant
DIC
Huntsman
Tronox
Rockwood
Other
The global pigments market comprises of a broad spectrum of firms ranging from large
multinational integrated chemical enterprises to small independent specialty sites. There exist
approximately hundreds of entities competing in the pigments market with varying offerings from
multiple product lines to those supplying niche products such as specialty pigments.
Concentration level in each pigment sector such as organic, inorganic and specialty pigments
vary considerably. However, the pigments industry as a whole is a consolidated one due to
increase in trend of joint ventures and merger & acquisitions. In March 2012, Clariant announced
the opening of a new pigment production plant in DaGang, in Tianjin city, China. This is a joint
venture between Clariant and Tianjin Bohai Chemical Industry Co which will give customers
access to a wider choice of products, and improved service in a shorter span of time with better
efficiency. These companies products enjoy a good reputation both at home and abroad. The
Chinese market is one of the most attractive markets due to the presence of many emerging end
42
CHAPTER 4
6,000.0
2,500.0
5,000.0
2,000.0
4,000.0
1,500.0
3,000.0
1,000.0
2,000.0
FIG. 11
500.0
1,000.0
0.0
0.0
2010
2011
2012
2013
2014
Revenue
2015
2016
2017
2018
Volume
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
This market is projected to grow at a CAGR of xx% during 2013 to 2018 in terms of revenue.
Growth is due to rise in shipment of products in which these pigments are used and expansion of
end user industry such as construction, printing inks, paints & coatings. Titanium dioxide
accounted for the largest share of xx% of the overall inorganic pigment market in 2011 in terms
of revenue and is expected to continue this trend till 2018. This advancement is due to costeffectiveness of the large volume of inorganic pigments. However, health and safety concerns
due to presence of harmful metals will restrain the growth of the market and it will be below the
industry growth rate. Growing popularity of specialty pigments such as complex inorganic
Transparency Market Research
44
Quinacridone pigments market accounted for xx% of the overall organic pigments revenue in
2011. They are novel pigments and have diverse application due to the fact that they can
produce seven varieties of bright and intense colors. In terms of revenue, this market is expected
to grow at a healthy CAGR of xx% from 2013 to 2018. Demand for quinacridone pigments is
growing due to its properties such as outstanding lightfastness, bright and vibrant tones, good
tinting value, high transparencies, excellent bleed and heat resistance. This pigment in
widely used for coatings, ink industries, plastics, and in paintings. The global quinacridone
pigments market is forecast to reach market size of USD xxx million by 2018 from the 2011 value
of USD xxx million.
160.0
700.0
140.0
600.0
120.0
500.0
100.0
400.0
80.0
300.0
60.0
200.0
40.0
100.0
20.0
0.0
FIG. 21
0.0
2010
2011
2012
2013
2014
Revenue
2015
2016
2017
2018
Volume
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
The global quinacridone pigments market volume was xxx kilo tons in 2011 and is expected to
reach xxx kilo tons by 2018 registering a CAGR of xx% from 2013 to 2018.
56
The classic organic pigments segment is continuously experiencing stiff competition from peer
segments. The market is also hit by the downturn in print and publishing caused by the shift from
paper to electronic communication in the advertising industry. The viral effect of this strategy has
largely hit the cause of classic organic pigments segments, which restricted its market growth at
about xx%. However, increasing dominance of India and China in the classic pigments segment
will have positive impact on the consumption due to lowered prices. Moreover, market leaders
are continuously broadening their product portfolio and improving their geographical presence,
which is helping the market to grow satisfactorily.
4.3.1.1.1
Classic organic pigments market, 2010 2018 (Kilo
Tons) (USD Million)
The global classic organic pigments market was worth USD xxx million in 2011 and is expected
to reach USD xxx million in 2013. The market is further expected to exhibit positive growth during
the forecast period with market revenues reaching USD xxx million by 2018, registering a CAGR
of xx% from 2013 to 2018.
250.0
1,000.0
200.0
800.0
150.0
600.0
100.0
400.0
FIG. 24
50.0
200.0
0.0
0.0
2010
2011
2012
2013
2014
Revenue
2015
2016
2017
2018
Volume
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
60
CHAPTER 5
Pigments are majorly used as colorants and hence the xxx market accounted for the largest
share of about xx % of the overall pigments end use market in 2011. This end use market is
forecast to grow at a rate of xx% annually during 2013 2018. This increase in the market is
mainly due to increasing demand of expensive specialty pigments such as high performance
pigments and so on.
7,000.0
1,800.0
1,600.0
Revenue(USD million)
6,000.0
1,400.0
5,000.0
1,200.0
4,000.0
1,000.0
3,000.0
800.0
600.0
2,000.0
400.0
1,000.0
FIG. 32
200.0
0.0
0.0
2010
2011
2012
2013
2014
Revenue
2015
2016
Volume
2017
2018
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
70
CHAPTER 6
GEOGRAPHIC ANALYSIS
6.1 OVERVIEW
The global pigments market is sub-divided into regional markets namely North America,
Europe, Asia Pacific, Latin America, and RoW. The xxx region is the largest geographic segment
that held about xx% revenue share and xx% volume share in 2011. The xxx pigments market
stood second with xx% revenue share and xx% volume share in the same year. While most of
the regional markets are expected to lose revenue shares, Latin America and xxx will continue to
consolidate their shares during the forecast period. The organic pigments segment remains the
leading product segment across geographies whereas the specialty pigments segment is the
fastest growing segment in each of the geographic markets.
FIG. 37
2011
North America
Europe
North America
Europe
Asia Pacific
Latin America
Asia Pacific
Latin America
RoW
RoW
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
The above table indicates that Asia Pacific will have improved consumption share while the
remaining regions will witness reduction in consumption share.
76
TABLE 7
Segment
2011
2012
2013
2014
2015
2016
2017
2018
CAGR%
(2013 2018)
Organic
Pigments
403.8
xx
xx
xx
xx
xx
xx
xx
xx
xx
Inorganic
Pigments
xx
xx
474.2
xx
xx
xx
xx
xx
xx
xx
Specialty
Pigments
xx
xx
xx
xx
xx
xx
xx
xx
xx
4.6
Total
xx
xx
xx
xx
xx
1,101.6
xx
xx
xx
xx
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
78
CHAPTER 7
COMPANY PROFILES
7.1 BASF SE
Carl-Bosch Strasse 38
Ludwigshafen, Rheinland-pfalz 67056,
Germany
Phone: +49-621-60-0
Fax: +49 621 6042525
Website: http://www.basf.com
87
2008
2009
Revenue
2010
8,168.2
97,016.0
6,015.2
84,312.4
1,861.2
3,843.8
5,367.1
2007
66,914.8
82,241.3
76,495.3
FIG. 38
2011
Net income
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
88
Strengths
Geographic diversification
Pending litigations
Strategic Initiatives
Emerging market
SWOT
Threats
Highly competitive
environment
Opportunities
Source: Company Annual Report, Company Website, KOLs Opinion, Transparency Market Research Analysis
December 2012, BASF has appointed Paul Whittleston as Vice President for Automotive
Refinish Coatings in North America. He will be based in Southfield, MI and will take over the
office with effect from January 1, 2013.
November 2012, BASF inaugurated its new dispersions plant in Daya Bay Petrochemical
Industrial Park in Huizhou, China. This new plant is meant to produce styrene acrylic (SA)
dispersions and styrene butadiene (XSB) dispersions. XSB dispersions are chiefly used as
coating binders for paper whereas SA dispersion is used in paints & coatings, construction
materials, printing and packaging and adhesives.
89
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114