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The pearlescent pigment market size is estimated to increase by USD 438.98 million, at a CAGR of 4.92% between 2022 and 2027. The growth of the market depends on several factors such as population growth and demand for urbanized areas, the growing demand for paints and coatings in automotive and construction, and the shifting production base to APAC.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market is the shifting production base to APAC. Some of the main segments are natural, synthetic, and glass flake, based on product types. The main raw material which is used in the manufacturing of natural is natural mica.
Moreover, there is a significant availability of natural mica in APAC. In addition, several manufacturers are shifting their production base to APAC due to affordable labor costs. Another significant factor for the shifting of the manufacturing unit of APAC is the economic slowdown and the dearth of raw materials increased the production cost in North America and Europe. Hence, such factors are expected to positively impact the market which in turn will drive the market during the forecast period.
A key factor shaping the market is the rising investment in infrastructure development. There is rapid development in the global construction industry with a significant contribution from emerging economies. It is expected that the global construction industry will grow to nearly USD 15 trillion by 2030. As a result, there is increasing investment by several governments in these regions in residential buildings as a large number of people are migrating to metropolitan cities in search of jobs, a better lifestyle, and other amenities.
For instance, in Saudi Arabia, the government has launched the Vision 2030 program whose main objective is economic diversification and minimizing the dependence of the country on oil revenues, which is expected to drive the construction industry. Hence, such factors will positively impact the market. Therefore, it is expected to drive the market growth during the forecast period.
Post-coating hurdles are the key challenges hindering the market. There are three layers for the post-coating process. The first layer is essentially a platy substrate full of mica flakes whereas the second layer constitutes titanium dioxide coated on a mica substrate. In addition, the third layer is mainly coated with metal salts including hydrous metal oxides and phosphorous acid.
However, the layer with a coating of titanium dioxide on the platy substrate is photoactive which when used in inks, varnish, or plastics, reacts with resins under UV exposure, thus it results in yellowing of the substance or permanent loss of luster. Therefore, exposure to color changes and loss of luster can negatively impact the market. Hence, such factors can hinder the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altana AG: The company offers pearlescent pigments for the paints and coatings industry, the graphic arts, plastics, aerated concrete, and cosmetics industries.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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 paints and coatings segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of these for use in paints and coatings due to the excellent physical and chemical properties exhibited by the material. This segment is extensively used across several industries such as the automobile industry, daily articles, and building materials. Therefore, the significant expansion of the automobile sector and the construction industry will contribute to the market.
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The paints and coatings segment was the largest segment and was valued at USD 498.95 million in 2017. Another significant factor that is fuelling the growth of this segment which in turn increases the demand in the growth of the automobile industry. The main advantage of these pigments is that they offer a lustrous shine and, hence, are widely used on automobiles and metallic surfaces. Additionally, there is an increase in consumer preference for high-quality coatings on sports and luxury vehicles. The main factor fuelling the rising sales of automobiles and consumer goods in developed and developing countries due to an increase in disposable income per capita, especially in China. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The main factors that are significantly contributing to the global market in APAC is affordable labor costs and easy availability of raw materials such as natural mica. As a result, APAC is the third largest geographical segment in terms of volume consumption.
Moreover, there is increasing investment by several countries such as China, India, and Japan in the development of advanced manufacturing capabilities, which has allowed them to produce high quality at competitive prices. For example, one of the largest producers in the world due to its vast chemical industry and technological advancements. In addition, the rapid expansion of the industrial sector in APAC, especially textiles, paints and coatings, and plastics has positively impacted the market growth in the region. Hence, such factors are expected to drive the market growth in APAC during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The Market is experiencing significant growth, driven by various industries such as automotive, cosmetics, electronics, and construction. These include bismuth oxychloride and combination mica, which offer high performance and durability, making them popular in industrial coatings, automotive paints, and plastic components.
Technological innovations have led to the development of special-effect pearl pigments, providing an iridescent effect for products in the cosmetics and personal care sectors. Moreover, these pigments are being used in food packaging, medical devices, and toys due to their thermal stability and low VOC content, aligning with VOC regulations. Despite the market's growth, challenges related to heavy metals and toxicology remain, leading to increased focus on sustainability and compliance with legislation. Overall, the market is poised for continued expansion, driven by demand for mass-customized goods and increased barrier resistance in various applications.
Pearlescent Pigment Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.92% |
Market growth 2023-2027 |
USD 438.98 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.49 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altana AG, Asahi Kasei Corp., BASF SE, Fujian Kuncai Material Technology Co. Ltd., Guangxi Chesir Pearl Material Co. Ltd., IFC Solutions, Kobo Products Inc., Koel Colours Pvt Ltd., Kromachem Ltd, L Arca Srl, Merck KGaA, Neelikon Food Dyes and Chemicals Ltd., Oxen Special Chemicals Co. Ltd., Pritty Pearlescent Pigments Co. Ltd., RIKA Technology Co. Ltd., Sinoparst Science and Technology Co. Ltd., Smarol Industry Co. Ltd., Sudarshan Chemical Industries Ltd., Yipin USA INC., and Zhejiang Ruicheng New Materials Co. Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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