Global Metallic Pigments Market to Grow at Steady Pace Spurred by Demand from Diverse Segments, says TMR
Encouraged by steady growth witnessed in the global metallic pigments market, the leading companies are increasingly investing in research and development activities. The companies intend acquiring a competitive position through these initiatives, which is likely to boost the overall market in the coming years. As per recent study by Transparency Market Research (TMR), Silberline Manufacturing Co., Inc., Asahi Kasei Corporation, BASF SE, Carl Schlenk AG, ALTANA AG., among others hold strong position in the global metallic pigments market. Strategies these companies adopt will therefore have a considerable influence on the prevailing dynamics. As per studies, several companies are also likely to focus on product development, which is expected give impetus to the global metallic pigments market in the coming years.
TMR pegs the global market to reach US$1,286 mn by the end of 2023 as against US$736.2 mn in 2014. If these market figures hold true, the global metallic pigment will rise at a CAGR of 6.4% between 2015 and 2023. The report has identified aluminum, zinc, stainless steel, copper, and others such as nickel as key products available in the market. Of these, the market witnessed significantly high demand for aluminum pigments in 2014. Besides this, the copper pigments segment is expanding at a swift pace. It is expected to hold nearly 15% of the overall market by 2023. Regionally, holding nearly 30% of the global metallic pigments market, Asia Pacific emerged dominant in 2014.
Rising Demand from Automotive OEMs to Boost Market
In the coming years, the global metallic pigments market is likely to witness increasing demand from automotive OEMs. The increasing use of metallic pigments in architectural projects is also expected to enable the market pick pace in the near future. Metallic coatings offer corrosion resistance, which is why their use in marine coating has significantly increased. Spurred by increasing applications across diverse segments, the global metallic pigments market will exhibit growth at a positive pace over the course of the forecast period.
Consumer Preference towards Visually Attractive Products to Create Growth Opportunities
TMR in its study forecasts the market witness impressive growth in the coming years. The rising application of metallic pigments in mechanical and car segments is also expected to enable growth in the market. Metallic pigments are increasingly used in printing and shading. Products with upgraded style always attract customers. Furthermore they are quick to purchase items with higher visual appeal and quality. Hence companies utilize various types of metal and natural mixes to enhance the final appearance of their products. Because metallic pigments are used in various paints and coatings, the increasing demand for visual appeal in products will create attractive growth prospects for the market.
On the downside, stringent environmental regulations may curb the demand for metallic pigments in certain regions. Nonetheless, the rising demand from emerging economies in the Middle East and Africa and Latin America will enable the market to gain pace in the coming years.
This review is based on a TMR report, titled “Metallic Pigments (Aluminum, Zinc, Copper, Stainless Steel, and Others) Market for Paints & Coatings, Plastics, Personal Care, Printing Inks, and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The report segments the global metallic pigments market as:
Metallic Pigments Market - Product Segment Analysis
- Stainless steel
- Others (Including nickel, etc.)
Metallic Pigments Market – End-user Analysis
- Paints & coatings
- Personal care
- Printing inks
- Others (Including construction materials, etc.)
Metallic Pigments Market – Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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