February 9, 2025

The Emergence of Cost-Effective Bio-Based Pigments is Anticipated to Open Up New Avenues for the High Performance Pigment Market

The High Performance Pigment Market is estimated to be valued at US$ 6.55 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

High performance pigments are extensively used as colorants in automotive coatings, plastics, cosmetics, printing inks, and other industries. They provide excellent weather and lightfastness properties to end products. Major types of high performance pigments include organic pigments such as phthalocyanine, quinacridone, and azo pigments and inorganic pigments including cadmium, chrome, carbon black, and titanium dioxide.

Market Dynamics:

Increasing use of high performance pigments in various industrial applications such as automotive and protective coatings, printing inks, plastics, and others is a major factor driving growth of the global high performance pigment market. Rising demand from the paints and coatings industry is further fueling market growth. For instance, strong demand for automotive OEM coatings is positively impacting demand for high performance pigments. Another key driver is growing preference of consumers towards novel and attractive colors in household goods and other consumer products which in turn is propelling the high performance pigment market growth. Over the forecast period, development of bio-based and eco-friendly pigments is expected to offer significant opportunities for market players. However, stringent environmental regulations regarding use of heavy metal-based pigments may restrain the market growth.

Segment Analysis:

The high performance pigment market can be segmented into organic and inorganic pigments. The inorganic pigments segment accounts for around 65% share of the overall market owing to its wide usage in various industries like automotive, construction and packaging. Key inorganic pigments include Titanium Dioxide, Iron Oxide and Carbon Black. Within inorganic pigments, Titanium Dioxide pigment dominates the market with over 50% share. This is due to titanium dioxide’s brightness and ability to provide opacity and durability to surfaces.

PEST Analysis:

  • Political: Stringent environmental regulations especially in Europe regarding the usage of toxic organic pigments can restrain market growth. However, governments are supporting investments in renewable energy industries like solar panels which use inorganic pigments.
  • Economic: Growth of end-use industries like automotive, packaging and construction due to rising household incomes in developing nations will drive pigment demand. Higher prices of few rare earth-based inorganic pigments can impact the cost structure.
  • Social: Increasing consumer preference for brighter and long-lasting colors along with eco-friendly pigments are influencing product development.
  • Technological: Nanopigment technology results in higher tinting strength, opacity and gloss. Research in bio-based pigments provides sustainability.

Key Takeaways

The global high performance pigment market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing usage in industrial coatings and plastics. The market size for 2023 is US$ 6.55 Bn.

Regional analysis: North America dominates the market owing to extensive usage of performance pigments in industrial coatings for infrastructure and oil & gas industries. Asia Pacific exhibits the fastest growth led by China, driven by rising automobile production and construction activity.

Key players operating in the high performance pigment market are BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Heubach GmbH,Sun Chemical Corporation, Ferro Corporation, Merck KGaA, and Synthesia A.S. Key players are focusing on new product launches with enhanced properties to capture more market share.

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

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