The global high-performance pigments market was worth YY billion in 2018 and is forecasted to reach YY billion by 2026, at a CAGR of YY % over the forecast period.
High-Performance Pigments are organic and inorganic pigments with excellent effectiveness that include superior ease of dispersion, and high coloring strength. Organic pigments are derivated from natural sources which contain carbon chains and carbon rings, and inorganic pigments are precipitated metallic salts.
High-performance pigments exhibit high insolubility, heat stability, color strength, solvent fastness, light fastness properties, and low migration.
These are primarily used in outdoor applications like advertising and also for indoor applications such as floor and wall coverings.
The superior characteristics like high resistance to heat & light, longer operational life, making them useful for multiple applications in various industry sectors.
Growing demand for coatings in multiple industries such as automobiles, construction, marine, and aerospace coupled with the increasing requirement in cosmetic, plastic and textile industry are significant drivers for the growth of the high-performance pigments market.
Due to the high performance of this pigment, they are more expensive compared to conventional Pigments.
Based on the product the global market for high-performance pigments is broadly segmented as coatings, cosmetic products, and others. Among all these automotive coatings is the critical application and it effectively influences the demand for high-performance pigment.
The rise in automotive coatings demands due to an increase in automotive sales in recent days. Manufacturers have been taking several important initiatives such as the expansion of capacity and introducing high-performance products with an aim to reach customer’s needs.
Below statistics shows the information about the market share of high-performance pigments worldwide in 2016, by segment.
In 2016 coatings accounted for a share of 54.9% of the market.
Based on the type of the global market for high-performance pigments is classified into organic and inorganic pigments. In these inorganic pigments occupied significant market share. This is due to high stability, durability, and opacity of high-performance inorganic polymers.
However, organic pigments have been penetrating the market at a rapid pace in the forecast period because they are more environmentally friendly and suitable for usage in various applications. Stringent government regulations on the use of toxic products are also driving the organic pigments segment.
Global high-performance pigments market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
The Asia Pacific occupies the dominant share in the high-performance pigments market and is expected to grow at a CAGR of YY%.
This is due to rapid growth in automotive, cosmetics, and other sectors especially in emerging countries such as China, India, and South Korea. For instance, according to the ITA – International Trade Association, USA, in 2016 the cosmetics market was valued at USD 7.1 billion in South Korea.
Additionally, increasing demand for high-performance pigments in the automotive and aerospace coatings is fuelling the growth of the market. For instance, according to the Society of Indian Manufacturers, the domestic sales of automobiles in India was approximately 19 million in 2014-2015, and by 2015-2016 it reached around 21 million.
Significant players in global high-performance pigments market are BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Atul Ltd., Sudarshan Chemical Industries Ltd, Heubach GMBH, Sun Chemical Corporation, Synthesia A.S., Ferro Corporation, Gharda Chemicals Ltd., and others.
Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share. For instance, in November 2018, Lanxess AG launched a new generation iron oxide red pigments on the market.
In July 2015, Ferro Corporation acquired Nubiola, a pigment manufacturing company. To strengthen the company’s position in the European market.
In June 2016, BASF SE launched its Colors & Effects brand, bundling BASF’s global pigments business.
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