The global metallic pigments market is undergoing a phase of tremendous growth, thanks to the rising demand from the automotive industry for metallic pigments to be used in automotive coatings and refinish paints. In 2014, the global metallic pigments market stood at US$736.2 million. Developing at a CAGR of 6.4% from 2015 to 2023, the market is expected to reach a value of US$1,286.7 million by the end of the term.
Although the development of the market has been unruffled till now, unstable prices of raw materials and stern rules and regulations regarding the usage volatile organic compounds and emission of particulates are likely to pose severe problems for the market in the near future.
Aluminum Pigment Market: Leading Product Segment
Aluminum, copper, zinc, stainless steel, and others such as nickel are the key components of the metallic pigment product market, whereas the markets for paints and coatings, printing inks, personal care, plastics, and others such as construction materials are the major consumers of metallic pigments. North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the main regional metallic pigments markets.
In 2014, the aluminum pigments market led the global metallic pigments products industry, whereas the copper pigments market occupied 15% of the overall market. The markets for printing inks, paints and coatings, and plastics are the key consumers of aluminum pigments and the rising demand from these industries is expected to fuel the aluminum pigments market in coming years.
Personal Care Market: Fastest Growing End User
The paints and coating industry recorded the highest consumption of metallic pigments in 2014, whereas the printing inks market captured the second position in terms of demand for metallic pigments. Metallic pigments are essential components of decorative, architectural, industrial, coil, and automotive OEM coatings. They also provide corrosion resistance, which is the key factor behind its application in marine coatings.
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These pigments are also heavily utilized in flexography, gravure, digital, and offset inks, which is the main reason for its rising demand from the printing inks market. The personal care market is expected to report the fastest development among all end users of metallic pigments. The markets for plastics and construction materials are projected to witness moderate demand for metallic pigments in the forthcoming years.
Asia Pacific: Dominant Regional Market
The metallic pigments market in Asia Pacific has acquired the leading position among all the regional markets. The region accounted for more than 30% of the global demand for metallic pigments in 2014.
On account of stringent regulations pertaining to the environment, the markets for metallic pigments in Europe and North America are expected to shrink, witnessing a decline in the demand for metallic pigments. However, the markets in Latin America and the Middle East and Africa are likely to emerge as lucrative markets for metallic pigments in the coming years.
Global Metallic Pigments Market: Major Players
Metallic pigment producers are continuously working on developing innovative, highly advanced, and better performing pigments. Recently, an array of new, less expensive metallic pigments has been introduced in the global market, offering consumers enhanced performance at reasonable rates.
Altana AG, Carl Schlenk AG, Sun Chemical Corp., Geotech International B.V., AMETEK Inc., Silberline Manufacturing Co. Inc., The Metal Powder Co. Ltd., Coprabel S.A., BASF SE, Umicore N.V., Toyal America Inc., Metaflake Ltd., Asahi Kasei Corp., and Zhangqiu Metallic Pigment Co. Ltd. are the major players functioning in the global metallic pigments market.
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