Global Metallic Pigments Market value is expected to exceed USD 1.3 billion by 2024 and is estimated to grow at a CAGR of around 6% from 2016 to 2024. Rising high efficient pigments demand coupled with the need for eco-friendly materials in key applications including printing, coatings, building materials and cosmetics is expected to steer the product demand over the forecast period.
Increasing consumer requirement for attractive packaging including embellished labels and startling graphics is expected to boost the market growth. These pigments are widely being used in various ink formulations by printing manufacturers to provide durable, long-lasting, fashionable and special effects to the consumers. These factors are anticipated to increase the metallic pigments demand globally.
Industrial coatings and automotive paints have been the major consumers and are expected to generate higher demand owing to increasing acceptance and awareness of aluminum pigments as lower volatile organic compound (VOC) formulations that help in reducing environmental pollution.
R&D of innovative and high performance metal oxides coupled with flake technology and unique substrate layering is anticipated to propel the market growth over the next eight years. Metallic pigments are extensively used in cosmetics and other personal care products to manufacture superior quality finished products and provide dermatologically safe skin care and make-up solutions.
High performance zinc-copper pigments provide long-lasting gold-bronze and unique effects to different cosmetics, thereby leading to larger penetration in the application segments.
Metallic materials have been swiftly attaining importance over traditional solid colors, owing to their versatility, sustainability, low maintenance, high resistance, and compatibility to degradation and harmful chemicals.
Stringent regulatory scenario and constant monitoring by government organizations including REACH and Swiss Ordinance in Europe are anticipated to hinder the metallic pigments market growth over the forecast period.
Narrowing environmental legislations and VOC norms in economies such as China and Japan are expected to pressurize the industry participants for maintaining optimum product quality. Increasing concerns on pigment migration particularly in packaging inks have also been identified as one of the key factors hindering growth.
Heavy metals and materials including chromium and cadmium are also expected to be drained out by manufacturers in facilities owing to toxicity and environmental concerns related to exposure to these metals in paints, cosmetics, and construction materials.
Emerging economies including China, India, Argentina, and Brazil, are estimated to be witness significant expansion in near future owing to high growth potential in manufacturing and automotive sectors. Automotive sales are expected to observe substantial growth over the next few years.
On the basis of product type or the base material used, the global Metallic Pigments Market has been segmented into zinc, copper, aluminum, and steel. Other metals include chromium, iron oxide, and cadmium.
Aluminum pigments dominated the global demand accounting for the lion's share in the industry in 2015 and is anticipated to maintain its dominance over the forecast period. The product is increasingly adopted in high gloss powder paints and coatings to offer special effects in vehicles.
Copper & zinc pigments are expected to witness high growth over the next eight years owing to rising consumer preference for distinctive gold bronze tint effects, particularly in make-up and personal care segment.
These materials are further classified according to the grades including vacuum metalized, non-leafing, and leafing. Increasing acceptance of these products in various industries including automotive coatings and paintings owing to high durability and luster, which is expected to steer the industry growth from 2016 to 2024.
On the basis of application, the global market has been categorized into various industries including plastics, paints & coatings, cosmetics, printing inks, paper, construction materials, food & beverage, and textiles. Paints & coatings held the largest market share occupying over 45% of the revenue in 2015.
Growing manufacturing and construction activities in emerging economies including India, China, South Korea and Thailand to sustain the growing population coupled with the need for efficient product and service offerings may be attributed to high market penetration in the segment. Stringent environment legislations boosting use of low VOC level in paints is expected to steer further the market growth.
Growing focus on appearance and beauty, coupled with increasing preference for innovative color effects and excellent finishes is expected propel the product demand in cosmetic industry over the forecast period.
Asia Pacific accounted for over 35% of the global demand in 2015 and is estimated to lead the industry in the next eight years owing to increasing product penetration in growing end-use industries including automotive, packaging, and plastics.
Urbanization and improving fashion sense are estimated to contribute to high demand in regions including Latin America and Africa. Rapid industrialization and rising consumer awareness of low toxicity and sustainability the coloring agents are expected to favor Metallic Pigments Market growth in nations including Argentina, Brazil, UAE, Saudi Arabia and South Africa.
The global industry is moderately consolidated with the presence of domestic and multinational companies that are integrated across the value chain starting from the raw material processing to pigment manufacturing.
Key players operating in the global metallic pigments market include Sudarshan Chemicals, BASF, Schlenk Metallic, Eckhart Pigments, Sun Chemical Performance Pigments, CarlforsBruk and Ferro Corporation. Other industry participants include Asahi Kasei Corporation, Toyal America Inc., and Siberline Manufacturing Co Umicore.
Research Support Specialist, USA