The global pearlescent pigment market is expected to reach USD 1.92 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for high performance, high brilliance paints on account of expanding automotive & construction industries particularly in Asia Pacific and the Middle East is expected to remain a key driving factor for the global market.
The shift in trend towards reducing VOC emissions and growing awareness regarding sustainability is also a vital determinant for the market growth. Developed markets are anticipated to face obstacles in the form of stringent regulatory norms, hampering market growth over the forecast period.
Titanium dioxide (TiO2) coated mica pigment was the leading product segment and accounted for 35.9% of total market volume in 2014. Increasing penetration of these pigments in automotive, construction, printing inks and other major end-use industries is expected to fuel the demand. Good hiding power, high luster & brilliance, coupled with compatibility to several materials is expected to boost the segment over the forecast period.
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Further key findings from the report suggest:
- Global pearlescent pigment market demand was 174.8 kilo tons in 2014 and is expected to reach 233.2 kilo tons by 2022, growing at a CAGR of 4.4%from 2015 to 2022
- Iron/ferric oxide-mica pigment is also expected to witness significant growth on account its high refractive index, metallic luster, excellent hiding properties and weather resistance. Increasing application in the cosmetics and printing inks sector is a major driving force for the product.
- Automotive paints and industrial coatings emerged as the leading application segment and accounted for 34.1% of global market in 2014. Increasing consumer preference for high-value coatings and colorful iridescence on sports and luxury vehicles is likely to foster the market growth.
- North America was the leading pearlescent pigment consumer and accounted for 38.2% of total market volume in 2014. Asia Pacific is expected to witness the highest growth of 4.9% from 2015 to 2022.Rapid industrialization and expansion of major end-use industries such as automotive and construction in Thailand, India, China and Indonesia are expected to drive the regional market
- Global pearlescent pigment industry is fragmented with the presence of several major multinationals and regional companies across the globe. Key participants in the industry include BASF SA, Sun Chemical Performance Pigments, Merck Performance Materials, Huaian Concord Industrial Products Co. Ltd., Lansco Colors, L’Arca Srl., Fujian Kuncai Fine Chemicals Co. Ltd., RIKA Technology Co. Ltd and Smarol Technology Co. Ltd.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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