North America is dominated by the U.S. pearlescent pigments market. Rising popularity of luxury and sports vehicles with high performance coatings has boosted the product demand in automotive sector of the region. The U.S. environmental policy has banned the use of dyes that are harmful to environment as well as humans, this has increased the pigments demand as they are eco-friendly due to low VOC emissions.
China, India and Vietnam has driven Asia Pacific pearlescent pigments market due to rise in purchasing power of consumers. Ever increasing population in China and India has increased the need of automobiles which in turn has a positive effect on product market. Increased awareness regarding beauty and appearances in consumers have made a significant impact in cosmetic industries promoting application of the pigments. Upsurge in automobile manufacturing companies in emerging economies including Japan and South Korea will reinforce the product usage between 2017 and 2024.
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Pearlescent Pigments Market size has registered a decent growth in recent years and is expected to surge at moderate CAGR in the forecast period. Key factors driving the market are applications in paints, polymers and cosmetic industries. Stringent government regulations on usage of low VOC emitting products will propel product’s demand.
Improved technology has developed high performance pearl pigments that concentrate on high sustainability, performance and reduced VOC content along with properties such as thermal stability, durability and escalated barrier resistance. Replacement of glitter and conventional solid colours in toys, food packaging, textiles and vehicles with these compounds has fuelled its demand. These pigments are consumed in offset and flexographic printing, security printing and gravure. Well established industries using the product are projected to face obstacles in the form of strict regulatory standards hindering pearlescent pigments market in the forecast timeframe. However, escalating industrial and consumer awareness regarding depleting natural ore reserve and mineral deposits will have positive impact on the product usage.
Pearlescent pigments are manufactured by covering the laminar substrate with metal oxide using natural and synthetic methods. Natural method uses natural mica as substrate material, whereas synthetic method deploys alumina, synthetic mica and silica as substrate material. Natural pearlescent pigments hold a significant market share and is likely to maintain its position over the forecast years. Synthetic pigments are likely to depict moderate CAGR over the projected years owing to its feasible manufacturing process than natural pearl pigments.
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Multiple applications of pearlescent pigments market can be divided into automotive paints, decorative paints in toys & textiles and plastics. Automotive paints application contributes majorly in terms of value owing to inclined consumer preference for high value coatings and high lustre paints on luxury and sports cars. These applications are pertaining to varied end-use industries such as paints & coatings, cosmetics, and construction. Paints & coatings contributes major chunk in terms of volume. Upsurge in demand for these products in food packaging, plastic and cosmetic products is likely to drive pearlescent pigments industry in near future.
Global pearlescent pigments market is fragmented in nature with presence of several local and international players. Some key manufacturers are BASF SE, ALTANA AG, Sudarshan chemicals industries, Fujian Kuncai Material Technology, DIC, Merck KgaA and CRISTAL. Certain other prominent formulators includes Spectra Colours Ltd., Oxen Special Chemicals Co., Zhejiang Ruicheng, Lansco Colours Ltd., kolorjet Chemicals and Aal chemicals.
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