According to the latest report from Global Market Insights Inc., the complex inorganic color pigments (CICP) market size will exceed a yearly valuation of over USD 433.5 million by 2027.
Complex inorganic color pigments (CICP) are calling for tremendous preference in recent years, taking into account their enhanced performance benefits, including heat and chemical stability, hiding power, UV opacity, and infrared (IR) reflectivity. The growing usage of various new products in paints & coatings, concrete, glass, and plastics to provide additional functionality has extended the need for exteriorly durable materials that possess physical and spectral features than just color.
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The complex inorganic color pigments market is also growing due to the increasing efforts undertaken by leading manufacturers on expanding their global reach with the help of inorganic marketing ventures, including capacity expansions, partnerships and acquisitions. To cite an instance, in June 2021, Clariant sold its pigments business to SK Capital Partners and Heubach Group in a $951.27 million deal to cater to rising demand for pigments across the automotive, and plastics industries.
To throw more light on the expansion of this business space, here are a few important developments that will outline the market growth in the coming years.
Rising usage of iron-based pigments
Increasing penetration in the manufacturing of paints and coatings will prominently drive the iron based CICP industry growth. These pigments are particularly used as colorants in ceramic glazes, glass, plastic, paper, and rubber, as well as textiles and cosmetics, magnetic inks, and toners. They can be easily produced and are versatile. In fact, reflective complex inorganic color pigments such as iron chromite brown blacks are largely utilized for providing dark colors with reduced heat buildup. The greater need for iron oxides in polyalkenes will also significantly add to the product penetration.
Surging adoption of paints & coatings
The need for CCIPs is expected to witness a considerable rise in paints & coatings applications on account of their abilities to offer effective heat resistance. They are used to paint the automotive interiors and exteriors as well as buildings and facades. Water-based and solvent-based paints have grown significantly important in housing-related products, like exterior siding materials and roofing, and home appliances. The increasing requirement for decorative, coil, industrial, powder and nonstick coatings will also infuse a positive outlook for the market growth.
Increasing potential in coloring plastics
Mainly driven by their strong unbeatable weather abilities, heat and chemical resistance, non-warping and easy dispersion, the complex inorganic color pigments market is likely to showcase notable proceeds in the plastic business space. Apart from just helping in imparting a specific color, inorganic pigments are used for rendering functional benefits, such as light fastness, nucleation, and transparency to the polymer bases.
Titanium dioxide can be touted as the most used pigment across the plastics industry. The growing product adoption in engineering plastics and masterbatches, including plastics bottles, wood-plastic composites, engineering polymers, and food contact plastics among many others will add a positive edge to the industry expansion.
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In a nutshell, the CCIP market will gain traction in the years to come with the rapidly growing construction sector and the consequent demand for roof and building coatings. These pigments are not only environmentally friendly and non-toxic but also possess high heat resistance stability and non-migrating as well as non-bleeding properties. Rising incursion in decorative ceramic and porcelain enamel coatings is another factor that may influence the industry progression.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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