Metallic pigments market is likely witness CAGR over 6 % over the coming years. This is mainly due to high demand from rising automotive industry. Metallic pigment market is estimated to undergo strong growth due to high – demand from end-use industries like printing, paints &coatings, personal care and plastics. Metallic pigment provides corrosion resistance and is hence gaining popularity across various industries.
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Technological advancements have resulted in better visual appeal, wider application base and better product performance. These advancements will offer ample opportunities for market participants over the forecast period. As compared to other substitutes, metallic pigments have favorable environmental characteristics as they use low carbon units. These characteristics are expected to impact the market positively over the forecast period. Rising environmental awareness is expected to aid the global market over the coming years.
Key products in the industry are stainless steel, aluminum, copper and zinc. Other products are chromium and nickel pigments. Aluminum dominated the worldwide market in the past. Aluminum pigments are broadly accepted in printing inks and paints& coatings industry. Copper contributed for second largest market share globally. It is mostly used in applications in personal care and printing inks industry.
Paints & coatings application dominated the market globally. Architectural and automotive applications led the paints coatings market in the recent past. This segment is expected to dominate over the next seven years, especially in developing regions such as Central &South America and Asia Pacific.
Due to strong growth from end-use industries, Asia Pacific dominated the metallic pigments market over the recent past. Developing economies such as India & china are expected to lead the region. Briskly mounting population in the region will influence these economies grow further. Mature regions such as Europe and North America are expected to undergo a moderate growth rate .This is mainly owing to saturation of end-use industries and stringent environment regulations in the regions. Middle East & Africa and Central & South America are estimated to undergo above average growth rates and are considered as emerging markets.
Market players are heavily investing in R&D initiatives to reduce production costs and to produce superior products .Leading market participants are Huntsman International LLC, Ferro Corp, The Shepherd Color. BASF SE and Toko Holdings.
Information Source: Radiants Insights