The global complex inorganic color pigments (CICP) market is slated to observe significant impetus through 2027 on the back of the ongoing developments and innovations in the space.
Citing one such development, the Shepherd Color Company, in 2020, announced adding YInMN Blue pigment to the US EPA TSCA registry. This implies that the pigment is now wholly approved for use in commercial applications like paints and coatings, plastics, and others. The compound has been long valued for its exceptional balance of IR reflectivity and durability.
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In yet another instance, LANXESS extended its Colortherm Yellow color spectrum offering for high-performance and heat-resistant plastics. The new inorganic yellow pigments- Colortherm Yellow 26 and 5- have been specifically developed for economical coloration in a temperature range of between 220 degrees Celsius and 260 degrees Celsius.
In lieu of such advancements, the global complex inorganic color pigments market is projected to surge to USD 433.5 million over 2021 to 2027; cites a recent study by Global Market Insights Inc.
CICPs offer enhanced performance in chemical and heat stability, IR reflectivity, UV opacity, and hiding power. Besides, these pigments are deemed to withstand high chemically aggressive environments, thus being highly suitable for the paints and coatings industry.
Increased use of titanate-based inorganic pigments in exterior coatings
With the growing need for high IR reflectivity in paints and coatings, several studies have claimed that using titanate-based inorganic pigments in exterior coatings could emerge as a viable solution across different sectors including construction, automotive, and others.
Complex inorganic titanate pigments with less than 5% dopant levels exhibit coloristic and enhanced IR reflectance attributes that make them useful in formulating colors displaying high IR reflectivity. This feature is becoming extensively useful in keeping exterior surfaces cooler during high exposure to direct sunlight.
Reports suggest that accomplishing this can reduce energy consumption and costs. Moreover, low-loaded titanates can boost the IR reflectivity by 1% to 10% in certain visual color spaces.
Asia Pacific complex inorganic color pigments market to amass lucrative gains through 2028
In terms of the regional viewpoint, the overall complex inorganic color pigments industry is anticipated to garner significant proceeds from the Asia Pacific region, led by emerging countries like China and India. This can be credited to the thriving construction and automobile industries in these economies as a result of the growing urbanization trend.
As per PwC estimates, the APAC infrastructure market is poised to expand at a rate of 7% to 8% a year over the next decade, reaching USD 5.36 trillion by 2025 end. In addition, Chinas construction sector is forecasted to grow at an annual CAGR of 8.6% over 2022 to 2030 while the construction industry in India is likely to reach USD 1.4 trillion by 2025 end, as per a recent report by Invest India.
The substantial growth in the constructions sector would potentially push the demand for paints and coatings, thus indirectly accelerating the sales for CICPs in the region.
As per industry analysts, the APAC complex inorganic color pigments market accounted for an overall business share of 45% in 2020 and is now predicted to grow profusely in the coming years.
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On the whole, the flourishing paints and coatings, plastics, construction, and automobile industries worldwide would offer a positive growth trajectory to the complex inorganic color pigments market in the near future. More so, escalating demand for titanate inorganic pigments for increased IR reflectivity in exterior coatings and paints would further propel the market dynamics.
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