Increasing awareness among people regarding the need to use sustainable, low carbon emission paints and coatings is a major factor supporting developments in metallic pigments market. Aluminum and copper metallic pigments have witnessed extensive demand due to the wide availability of various products.
Global metallic pigments market size is projected to hit USD 2.3 billion in annual sales by 2024. Mentioned below are some of the integral factors expected to support developments in metallic pigments market share through 2024.
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With phenomenal growth in the industry, pigment suppliers have been developing novel technologies to meet the changing industry needs for paints and coatings formulators. Prominent pigment manufacturers are aiming at introducing innovation in their range of products by constantly carrying out research towards enhancing the prevailing range of products. Key market players include BASF SE, Clariant, Toyo Aluminum K.K., Silberline Manufacturing and Carl Schlenk AG, among various others.
Consistent demand from cosmetic applications
Aluminum metallic pigments have gained considerable recognition over the years primarily due to their use in the cosmetics industry. The segment valued close to USD 80 million during the year 2017. These substances showcase extreme performance, superior coverage and offer high reflection.
The improvement in disposable income among people over the years has amplified the sale of cosmetics across the globe. The vast cosmetics industry uses aluminum powders that are coated with metal oxides with an aim to achieve different color shades like green, blue, orange, gold and silver. When combined with organic and pearlescent powders, the manufacturers obtain various different colors and effects.
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Use of metallic pigments in the automobile sector
Metallic pigments industry has witnessed significant demands from the automobile sector over the last few years. In the year 2018, the total number of vehicles produced globally stood at 98.1 million due to the improvement in purchasing power among people in both developed and developing nations.
With nations such as China, India and Brazil witnessing advancements in the regional automobile sector, the demand for metallic pigments to be used in the production and finish of vehicles is expected to soar over time. Furthermore, the introduction of electric vehicles owing to the strict regulations regarding the need to control carbon emissions is magnifying the demand for metallic pigments.
Growth in infrastructural sector over the years
A boom in infrastructure sector primarily due to the growing demand for green construction, architectural flexibility and industrialization along with efforts taken by the government to provide affordable housing solutions has supplemented growth in the industry. Metallic pigments offer attractive and long-lasting color to many construction materials like cast-in-situ concrete, roofing tiles, pavers and precast concrete.
Additionally, metallic pigments find use in concrete, artificial stone, tiles, paving stones, mortar, concrete paints and toppings.
U.S. to emerge as a key revenue terrain
Regionally, U.S. aluminum based metallic pigments industry has led the market share over the past several years, especially from the decorative coatings, automotive and cosmetics market. Aluminum metallic pigments are found in platelets and offer various aesthetic features like high color flop and metallic brilliance that may enhance the metallic pigments industrial growth.
Printing inks have gained considerable demand due to rapid growth in publications, corrugated cardboard industry and commercial printing, coupled with the growing awareness regarding the need for sustainable products will boost the demand for the product. These pigments impart colors that have gained popularity in printing inks due to their superior color efficacy.
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