High Performance Pigments Market Share, Size, Trends, Industry Analysis Report, By Product; By Application (Coatings, Plastics, Inks, Cosmetics, Others); By Region; And Segment Forecasts, 2024 - 2032
- Published Date:Feb-2024
- Pages: 119
- Format: PDF
- Report ID: PM4353
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global high performance pigments market was valued at USD 5.91 billion in 2023 and is expected to grow at a CAGR of 4.8% during the forecast period.
The increasing need for ink coatings is expected to influence growth positively and significantly. High-performance pigments stand out due to their exceptional properties in comparison to traditional counterparts. These properties encompass high resistance to heat and light, improved fastness, and extended operational lifespan, rendering them valuable for diverse applications across numerous industries. Prominent advancements in High-Performance Pigments (HPPs) include the increased usage of IR black pigments, the emergence of yellow & orange pigments such as BV Yellow, NTP Yellow, & RTZ Orange as high-performance substitutes for the lead chromate, and the application of easily-dispersing (ED) technology to the IR & yellow-orange pigments.
The advent of autonomous vehicles has spurred the development of functional pigments designed to be integrated into various layers of automotive paint. This aims to enhance the visibility of vehicles for the detection systems utilized in self-driving vehicles. Companies are striving to develop coatings that possess improved radar reflectivity. These coatings play a crucial role in enabling driverless cars to visualize other vehicles on the road. By enhancing radar reflectivity, these coatings assist in creating a clearer and more accurate picture of the surrounding vehicles for the sensors and systems used in autonomous vehicles. This enhanced visibility is essential for the safe and effective navigation of driverless cars, ensuring they can detect and respond to other vehicles on the road accurately.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces high performance pigments market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
To Understand More About this Research: Request a Free Sample Report
Ink coatings represent a vital application area, significantly impacting the demand for high-performance pigments. The heightened demand for ink coatings, driven by increased ink sales in recent times, has positively influenced overall growth. Industry players have been proactively implementing strategic measures, including expanding production capacities and introducing superior high-performance products. These initiatives are aimed at fulfilling the growing needs of customers.
Increasing environmental consciousness and strict regulatory standards are anticipated to drive substantial demand for high-performance pigments in the coming years. Customer inclination towards bio-based products has led industry players to actively pursue initiatives to create high-performance pigments entirely from bio-based materials. These efforts, combined with technological advancements, are poised to provide significant growth prospects over the study period.
High-performance pigments, a result of rigorous research and demanding top-notch raw materials, come at a high cost. Recent shifts in consumer choices towards bio-based products, coupled with increased awareness about the harmful effects of traditional pigments, have led to a strong demand for bio-based alternatives. This trend is anticipated to persist in the coming years. Companies have proactively undertaken initiatives to create eco-friendly and superior products, albeit at a higher production cost. The substantial expenditure on extensive research and development is reflected in the pricing passed on to the customers.
Growth Drivers
High performance pigments with enhanced properties and versatile applications drives the market
High-performance pigments stand out due to their numerous superior properties that set them apart from traditional counterparts. These characteristics include improved light fastness, weather resistance, extended lifespan, enhanced resistance to natural elements and chemicals, high heat stability, low solubility, and minimal migration. These properties make them essential for various applications in a wide range of industries, especially in outdoor settings. Major outdoor applications encompass ink coatings and exterior coatings for buildings. Additionally, they possess exceptional traits such as fluorescence, luminescence, & photochromatic effects.
Report Segmentation
The market is primarily segmented based on product, application, and region.
|
By Product |
By Application |
By Region |
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Product Analysis
Inorganic segment held the largest share of the market in 2023
The inorganic segment garnered the largest share. Inorganic high-performance pigments market, synthetic in nature, are recognized for their remarkable color intensity, longevity, resistance to heat and chemicals, as well as their ability to withstand light exposure. Industries like inks, plastics, and packaging primarily drive the demand for these inorganic high-performance pigments. These sectors rely on high-performance pigments to improve their product features and visual appeal. Ongoing research and development endeavors have led to the creation of upgraded inorganic High-Performance Pigments (HPPs) with enhanced qualities, including superior color intensity, heat resistance, & weather durability. These advancements are appealing to both manufacturers and end-users.
The organic segment will grow at a significant pace. Increasing worries regarding the environmental consequences of chemical pigments have led to a rising preference for organic pigments sourced from natural origins. These pigments are favored because they have a smaller ecological footprint and are less toxic compared to their inorganic counterparts.
By Application Analysis
Coatings segment accounted for the largest share of the market in 2023
The coatings segment accounted for the largest market share. The increasing demand for high-performance pigments within the ink industry drives this dominance. Ink coatings require pigments capable of withstanding challenging environmental conditions, including exposure to UV radiation, chemicals, and extreme temperatures. High-performance pigments offer superior color retention and durability, making them exceptionally well-suited for ink coatings, including exterior finishes, trim paints, and protective coatings.
Regional Insights
Europe accounted for the largest share of global market
Europe dominated the market. This dominance is due to the heightened demand from diverse industries. Developed regions exhibit lower price sensitivity compared to developing ones, leading to their prevalence in the global market. Developed regions are saturated. The market is anticipated to thrive due to heightened environmental concerns and strict regulations, providing significant growth prospects for industry players.
Asia Pacific region will grow at the fastest pace. Economies like China & India are poised to take the lead in the regional market. Changes in consumption habits, along with strict regulations concerning high-performance pigments, are anticipated to have a significant impact on the market shortly. Meanwhile, developed regions are likely to experience a relatively moderate growth rate due to market saturation.
Key Market Players & Competitive Insights
Global market companies prioritize expanding their international presence to boost revenue and market share. These companies are implementing strategic measures, including enhancing production capacity, and diversifying their product range. These initiatives aim to meet the rising demand, especially in developing regions.
Some of the major players operating in the global market include:
- ALTANA AG
- BASF SE
- Clariant
- Ferro Corporation
- Heubach GmbH
- Meghmani Organics Ltd.
- Merck
- Sun Chemical
- Trust Chem Co., Ltd.
- Vijay Chemical Industries
- VOXCO India
Recent Developments
- In May 2023, Silica introduced a new product named EverWhite, tailored for coatings, building materials, and diverse applications. This innovative pigment provides a distinctive solution by serving as a partial substitute or complement to other inorganic white pigments like aluminum trihydrate (ATH) & titanium dioxide (TiO2).
- In March 2023, BTC Europe & Sudarshan Chemical formed a partnership for pigment distribution in Europe. This strategic alliance empowers Sudarshan Chemical Industries Limited to become a reliable provider of high-performance pigments, offering a wide array of colors. Through this collaboration, they will have access to a diverse selection of premium-quality pigments suitable for numerous applications and industries.
- In January 2023, Heubach introduced its latest product line, Ultrazur, during the PlastIndia 2023 event. It includes ultra-marine blue pigments available in four unique tones, ranging from greenish to reddish hues. These pigments are carefully crafted to meet a broad spectrum of applications, catering to both common & intricate uses.
High Performance Pigments Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 6.17 billion |
|
Revenue forecast in 2032 |
USD 8.96 billion |
|
CAGR |
4.8% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments covered |
By Product, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
In today’s hyper-connected world, running a business around the clock is no longer an option. And at Polaris Market Research, we get that. Our sales & analyst team is available 24x5 to assist you. Get all your queries and questions answered about the high performance pigments market report with a phone call or email, as and when needed.
FAQ's
The High Performance Pigments Market report covering key segments are product, application, and region.
The global high performance pigments market size is expected to reach USD 8.96 billion by 2032.
The global high performance pigments market is expected to grow at a CAGR of 4.8% during the forecast period.
Europe regions is leading the global market.
Expanding outdoor applications are the key driving factors in High Performance Pigments Market.
