The pearlescent pigment market is estimated to be valued at US$ 3.98 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pearlescent pigments are specialized pigments that have the unique ability to reflect light from their distinct multilayered structure. They are commonly used in automotive coatings, industrial coatings, cosmetics, and printing inks. Pearlescent pigments provide a rich pearlescent effect in paints, coatings, plastics, and other applications.
Market Dynamics:
Growth in the automotive industry coupled with the increasing demand for automotive coatings is expected to drive the pearlescent pigment market growth over the forecast period. Pearlescent pigments are commonly used in automotive coating applications to enhance the luxurious look and feel of automotive exterior and interior parts. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), global automobile production increased from around 77 million units in 2015 to around 95 million units in 2019 registering a CAGR of around 4% during the period. Furthermore, rapid growth of industries such as packaging, construction, cosmetics, and plastics is also expected to support the market growth over the forecast period. In the construction industry, the use of pearlescent pigments in roofing, terracotta tiles, and concrete applications is rising due to their benefits such as protection from bacteria, weather resistance and decorative appearance.
SWOT Analysis
Strength: Pearlescent pigments offers unique optic effects like sparkle and glimmer. They produce hidh quality multilayer pigments. Pearlescent pigments are widely used in automotive coatings, plastics, paints and coatings due to their aesthetic properties.
Weakness: Pearlescent pigment production process is complex involving multiple coating layers. This increases the production cost. Durability and light-fastness of pearlescent pigments is relatively lower.
Opportunity: Growing automotive industry especially in Asia Pacific is expanding the market for automotive coatings application of pearlescent pigments. Increasing consumer spending on household products is augmenting the demand for plastics and coatings using pearlescent pigments.
Threats: Availability of substitutes like aluminum powder and mica tends to hamper the pearlescent pigment market. Stringent environmental regulations over VOCs emission during pearlescent pigment production poses a threat.
Key Takeaways
The global pearlescent pigment market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing demand from automotive coatings industry. The global pearlescent pigment market size for 2023 is US$ 3.98 Bn.
Regional analysis
Asia Pacific dominates the global pearlescent pigment market with over 40% share owing to strong automotive and coatings industry presence in China and India. China is the largest consumer as well as producer of pearlescent pigments attributed to low production cost and presence of key players. Western Europe and North America are other major markets for pearlescent pigments.
Key players
Key players operating in the pearlescent pigment market are BASF SE, Sudarshan Chemical Industries Ltd., Merck KGaA, DIC Corporation, ALTANA AG, Fujian Kuncai Material Technology Co., Ltd., CRISTAL, Shanghai Zhuerna High-Tech Powder Material Co., Ltd., Oxen Special Chemicals Co., Ltd., Huaian Concord Industrial Product Co., Ltd., Spectra Colours Ltd., LANSCO COLORS, Aal Chem, Zhejiang Ruicheng Effect Pigment Co., Ltd, Sinpearl Pearlescent Pigment Co., Ltd., and Kolorjet Chemicals Pvt. Ltd.
