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The plastic pigments market size is forecast to increase by USD 4.26 billion, at a CAGR of 7.47% between 2023 and 2028. The growth rate of the market depends on several factors, including advancements in pigment formulation, rising adoption of enhanced plastic pigment dispersion techniques and augmenting digitalization and Industry 4.0 for plastic pigment production. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Plastic pigment refers to a coloring agent that is added to plastics during manufacturing to impart color. These are finely ground particles or powders composed of chemicals and compounds that provide specific hues when dispersed in plastic materials. It iscrucial in enhancing the appearance of plastic products and can also serve functional purposes such as UV resistance or heat stability.
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Advancements in pigment formulation are notably driving market growth. his expanded color palette caters to diverse applications across various industries, driving the demand. Advancements in pigment formulation allow for the creation of color-changing effects and finishes such as metallic, pearlescent, fluorescent, and iridescent. These unique effects enhance the aesthetic appeal of plastic products and differentiate them in the market, driving the demand. Additionally, advanced pigment formulations incorporate additives and coatings that improve lightfastness, weatherability, and resistance to fading and degradation. This enhances the durability and longevity of colored plastics, making them suitable for outdoor applications such as automotive exterior parts, building materials, and signage.
Furthermore, innovative pigment formulations are designed to improve dispersion within plastic resins and enhance compatibility with polymer matrices. This ensures uniform color distribution, optimal color strength, and improved processing efficiency, leading to higher-quality-colored plastics and increased demand. Thus, the advancements in pigment formulations will boost the growth of the market during the forecast period.
The emergence of smart pigments and functional additives is an emerging trend shaping market growth. These functionalities include UV protection, antimicrobial properties, antistatic properties, self-healing capabilities, and temperature sensitivity. The availability of smart colourants and functional additives drives the demand for specialty plastics with specific properties and functionalities. Industries such as automotive, electronics, healthcare, and packaging seek out these specialty plastics for applications requiring advanced performance characteristics, contributing to the demand. Furthermore, smart colourants and functional additives enable manufacturers to differentiate their products in the market by offering unique features and capabilities. Innovation in this area allows companies to stay ahead of competitors, attract customers seeking novel solutions, and command premium prices, driving market growth.
For instance, MASTERSAFE Iron 16105 from ECKART (a division of Altana AG) is a non-dusting pigment preparation designed for easy handling, optimal dispersion, and processing in a variety of plastics. MASTERSAFE Iron 16105 is designed specifically for magnetic detectable polymers and any applications that require magnetic polymers. MASTERSAFE Iron 16105 is a metallic pigment preparation made up of 90% effect pigment and 10% carrier. Thus, the emergence of these meterials and functional additives will propel the growth of the market during the forecast period.
Migration or blooming tendencies of plant pigments is a significant challenge hindering market growth. Migration of pigments to the surface of plastic products can result in surface defects such as color streaking, spotting, or mottling. These defects detract from the appearance and aesthetic quality of the products, reducing their market appeal and perceived value. Pigment migration can cause color variations or inconsistencies within plastic products, leading to uneven color distribution or color blending effects. This can also result in non-uniformity in appearance and color mismatch between different parts or batches of products, hindering product quality and brand consistency.
Moreover, this can cause staining or discoloration of adjacent materials or surfaces in contact with the colored plastics. This can occur through direct contact, leaching of pigments, or transfer of surface contaminants, resulting in aesthetic damage and functional impairment of surrounding components. Thus, addressing migration or blooming tendencies requires careful selection of pigments, additives, and processing conditions to minimize migration risks and ensure product quality and safety, which can decline the growth of the market during the forecast period.
The market share growth by the packaging segment will be significant during the forecast years. Packaging plays a crucial role in brand identity and differentiation for consumer products. Plastic pigments enable packaging manufacturers to create visually appealing designs, vibrant colors, and custom branding elements that distinguish products on the retail shelf and attract consumer attention. Plastic colourants contribute to the aesthetic appeal and shelf presence of packaged products, enhancing their visual impact and perceived value.
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The packaging segment was the largest and was valued at USD 3.51 billion in 2018. Plastic pigments derived from renewable sources, bio-based materials, or recycled materials offer environmentally friendly alternatives to traditional pigments, aligning with sustainability goals and consumer preferences for greener packaging options. Furthermore, the rise of e-commerce and online retail channels accelerates the demand for packaging materials that offer product protection, convenience, and branding opportunities in the digital marketplace. Plastic pigments play a vital role in creating visually appealing packaging designs optimized for online display, shipping efficiency, and consumer experience in e-commerce packaging. Thus, these factors will drive the demand for the segment of the market during the forecast period.
Based on the type, the market has been segmented into inorganic pigments and organic pigments. The inorganic pigments segment will account for the largest share of this segment.?Inorganic types are known for their durability, stability, and resistance to environmental factors such as UV radiation, heat, and chemical exposure. Their robust nature makes them suitable for applications requiring long-lasting color retention and performance, such as outdoor products, construction materials, and automotive components. Furthermore, inorganic generally offer cost-effective colouration solutions compared to organic or specialty effects. Their abundant availability, low raw material costs, and efficient manufacturing processes contribute to their competitive pricing and affordability for a wide range of applications. Thus, factors such as durability and stability, cost-effectiveness, colorfastness, and lightfastness will promote the growth of the segment of the market during the forecast period.
APAC is estimated to contribute 45% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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The APAC region is experiencing rapid industrialization and urbanization, leading to increased demand for colored plastics in the construction, automotive, electronics, packaging, and consumer goods industries. The automotive industry in the APAC region is one of the largest consumers of plastic pigments for coloring interior and exterior components of vehicles. As the demand for automobiles continues to rise due to increasing urbanization, economic growth, and consumer preferences for customization, there is a corresponding increase in demand in the automotive sector. Furthermore, the packaging industry in APAC is witnessing significant expansion due to e-commerce growth, urbanization, and changing consumer lifestyles. The rise of online shopping and food delivery services further drives demand in packaging applications. New product launches and collaboration with international partners, technology transfer, and cross-border investments by the global and regional players contribute to the growth and demand in APAC countries.
For instance, in March 2023, Sun Chemical, a subsidiary of DIC Corporation, launched a new effect in Japan by highlighting its natural colorants and ingredients, emphasizing its commitment to providing colorful and sustainable solutions to the beauty industry by leveraging the industry's broadest, most comprehensive color portfolio. SunPRIZMA, a new line of 11 silica-based color travel effect pigments, is introduced in two particle size ranges: multi-chrome effects for vivid, bold looks and dazzling color travel for dramatic dazzle finishes. The SunPRIZMA series of effect pigments will allow formulators to generate chromatic color shifts with effects in color cosmetics. Thus, these factors drive the growth of the market in APAC during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Altana AG - The company offers plastic pigments through its subsidiary ECKART such as metallic and pearlescent pigments. The product range encompasses all kinds of pigments and even press-ready metallic printing inks.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Altana AG, BASF SE, Cabot Corp., Clariant International Ltd., CrownPigment, DCL Corp., Delta Performance Products Inc., DIC Corp., Dynakrom, Guangzhou Yortay Fine Chemicals Co. Ltd., Heubach GmbH, Kolortek Co. Ltd., Kronos Worldwide Inc., Lanxess AG, Nantong Hermeta Chemicals Co. Ltd., Navpad Pigments Pvt. Ltd., NeoVchem, P2 Science Inc., Pylam Products Company Inc., Ravago, SCHLENK SE, Shepherd Color, Shiv Chemical, Sino Shineway Industry Co. Ltd., Solar Organics, SP Colour and Chemicals, Sudarshan Chemical Industries Ltd., The Chemours Co., Tronox Holdings Plc, VIBFAST PIGMENTS PVT. LTD., Vibrantz Technologies, and Vipul Organics Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The global plastic pigments market is experiencing significant growth, especially in emerging countries and economies. Aesthetics play a crucial role in the demand for high-performance pigments, which offer excellent opacity and durability. These pigments find extensive use in the building & construction, food & beverage, packaging, automotive, and healthcare industries, among others. The increasing industrialization and demand for cost-efficient, lightweight materials have further boosted the market for plastic pigments.
In terms of types, both inorganic and organic pigments are witnessing steady demand, with organic pigments gaining popularity due to their lower weight and cost efficiency. The forecast period looks promising for this market, driven by the rising demand for consumer goods, cosmetics, and other end-use industries. Despite challenges such as sunlight exposure and chemical resistance, the market is expected to grow steadily, driven by innovation and technological advancements.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.47% |
Market Growth 2024-2028 |
USD 4.26 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.54 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altana AG, BASF SE, Cabot Corp., Clariant International Ltd., CrownPigment, DCL Corp., Delta Performance Products Inc., DIC Corp., Dynakrom, Guangzhou Yortay Fine Chemicals Co. Ltd., Heubach GmbH, Kolortek Co. Ltd., Kronos Worldwide Inc., Lanxess AG, Nantong Hermeta Chemicals Co. Ltd., Navpad Pigments Pvt. Ltd., NeoVchem, P2 Science Inc., Pylam Products Company Inc., Ravago, SCHLENK SE, Shepherd Color, Shiv Chemical, Sino Shineway Industry Co. Ltd., Solar Organics, SP Colour and Chemicals, Sudarshan Chemical Industries Ltd., The Chemours Co., Tronox Holdings Plc, VIBFAST PIGMENTS PVT. LTD., Vibrantz Technologies, and Vipul Organics Ltd. |
Market dynamics |
Parent market research and growth, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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