Pigment reflect slight variations in molecular structure that produce a slightly more greenish or reddish blue. According to a April 2018 report by "Bloomberg Businessweek", the estimated value of the pigment industry globally is $30 billion. The value of titanium dioxide – used to enhance the white brightness of many products – was placed at $13.2 billion per year, while the color Ferrari red is valued at $300 million each year. Selection of a pigment for a particular application is determined by cost, and by the physical properties and attributes of the pigment itself. For example, a pigment that is used
Pigment place names remained. Historically and culturally, many famous natural pigments have been replaced with synthetic pigments, while retaining historic names. In some cases, the original color name has shifted in meaning, as a historic name has been applied to a popular modern color. By convention, a contemporary mixture of pigments that replaces a historical pigment is indicated by calling the resulting color a hue, but manufacturers are not always careful in maintaining this distinction. The following examples illustrate the shifting nature of historic pigment names: Before the development of synthetic pigments, and the refinement of techniques for extracting mineral pigments,