According to the report, published by Zion Market Research, global demand for metallic pigments market was valued at USD 781.6 million in 2015, is expected to reach USD 1,121.6 million in 2021 and is anticipated to grow at a CAGR of 6.2% between 2016 and 2021.
Metallic pigments are special effect coloring agents comprising of mica nanoparticles covered with a variety of inorganic and organic pigments. The metallic pigments are mixed with epoxy to create coating shine which reflects light and disperse various eye-catching dramatic colors.
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The growth of global metallic pigments market has been accelerated by strong demand from the automotive industry.The demand for metallic pigments is increasing owing to its advanced features and qualities such as unique appearance, eco-friendly nature, low maintenance, and cost-effectiveness. Increasing application in end user industries such as paints and coatings, plastics and building material is expected to propel the growth of metallic pigments market in the coming years. Furthermore, rapid urbanization and growing usage of personal care products and cosmetics in emerging economies are driving the growth of the market.However, fluctuation in raw material price and higher prices of precious metals are expected to hamper market growth in near future. Nonetheless, development of novel metal oxides with unique substrate coatings and new technology is likely to open up new growth opportunities for the market in the near future.
Based on product type, metallic pigments market has been segmented into aluminum, zinc, copper, stainless steel, and others. Aluminum is one of the most important segments of metallic pigments market. This segment is expected to continue its dominance in the global market throughout the forecast period due to the growing acceptance of the product in automotive paints & coatings. Copper is expected to emerge as the fastest growing segment within forecast period due to rising consumer preference for unique gold and bronze color effects,particularly in the cosmetics sector.
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On the basis of the application, the market is classified into paints & coatings, plastics, personal care, printing inks and others. Paints & coatings were the largest application segment of the metallic pigments market accounting for more than 45% of global market in 2015.The growth of paint & coatings industry is driven by increasing construction activities in emerging economies. However, personal care segment is anticipated to witness the fastest growth in coming years due to a growing focus on beauty & appearance.
Based on geography,Asia Pacific was the largest consumer of metallic pigments in 2015 due to the high demand from end-user industries such as plastics and automotive. The region is also expected to emerge as the fastest growing market in the forecast period. Europe was one of the leading players in the metallic pigments market in 2015. The growth of the metallic pigments market in this region is expected to decline in future, due to the stringent governmental regulations imposed by the European government on volatile organic compounds(VOC).Latin America is projected to provide favorable opportunities for metallic pigments, owing to rapid industrialization and growing consumer awareness regarding sustainability and low toxicity of these pigments. The North American markets are comparatively below average growth due to maturity of the market.
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Key market participants include BASF, Sudarshan Chemicals, Eckhart Pigments, Schlenk Metallic Pigments, Sun Chemical Performance Pigments, Ferro Corporation and Carlfors Bruk, Toyal America Inc., Asahi Kasei Corporation, Umicore and Siberline Manufacturing Co.
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