The past year was a challenging one for pigment manufacturers. Demand for pigments generally declined due to the recession, and customers also looked to cut inventories. As a result, the market shrank, leading to more competition. Still, there were some bright signs as well. The economy did seem to recover a bit near the end of 2009, and segments such as packaging were nearly recession-proof. “BASF’s pigments business performance was on par with the key market indicators within the printing an...