Plastic Pigments Market to Grow with a CAGR of 5.34% through 2028
Increase in demand from paints & coating segment are expected to
drive the Global Plastic Pigments Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Plastic
Pigments Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Plastic Pigments Market stood
at USD 12.75 billion in 2022 and is anticipated to grow with a CAGR of 5.34% in
the forecast period, 2023-2028. The initiatives taken by government based on plastic
pigments has led to favorable market conditions for the Global Plastic Pigments
Market. Several factors contribute to the growth of various plastic pigments Market
products. In the United States, the Department of Energy launched the Plastics
Innovation Challenge in 2018. This groundbreaking initiative aims to accelerate
innovations in energy-efficient plastic recycling technologies, with a
particular focus on the development of new pigments that can be easily
separated during the recycling process. By addressing the challenges in plastic
waste management, the Department of Energy is spearheading efforts to create a
more sustainable future for our planet. Additionally,
the National Science Foundation (NSF) is actively funding projects that seek to
engineer the elimination of end-of-life plastic waste. Through cutting-edge
research and collaboration, the NSF is driving advancements in the field of
environmentally friendly pigments that not only contribute to more efficient
recycling but also reduce the overall environmental impact of plastic
production and disposal. By investing in these innovative projects, the NSF is
at the forefront of promoting a circular economy and combating the global
plastic waste crisis.
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Plastic Pigments Market”
In the
production of paints and coatings, pigments are extensively utilized due to the
significant enhancement they provide in coating performance. In the
Asia-Pacific region, the construction and infrastructure activities are
witnessing a notable surge, with architectural and decorative coatings being
the major consumers of pigments. According to the National Investment Promotion
& Facilitation Agency, the construction sector in India is projected to
become the third-largest globally by 2025.
Moreover, the
construction output is anticipated to grow at an average rate of 7.1% each
year, while infrastructure activities have reached a substantial value of
$24.72 billion between April 2000 and March 2021. The incorporation of pigments
in construction components contributes to their ability to withstand extreme
weather conditions. Therefore, the escalating construction activities, coupled
with favorable government measures, are driving the demand for paint and
coatings, consequently boosting the plastic pigment market.
The Global
Plastic Pigments Market is segmented into type, application, regional
distribution, and company. Based on its type,
the inorganic segment held the largest share in the market. The heat stability,
easy dispersing, lightfastness, weatherability, and high opacity of inorganic
pigments are driving their widespread applications in various end-use
industries. These pigments, derived from mineral compounds, possess exceptional
stability against light and heat. In addition, their cost-effectiveness
compared to organic pigments makes them a popular choice. Furthermore, the
superior performance offered by inorganic pigments, surpassing that of organic
pigments, further contributes to the revenue growth of this segment. As a
result, the demand for inorganic pigments continues to escalate in the market,
solidifying their position as a preferred coloring solution.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
The increasing demand for plastic pigments in major
end-use industries in the region, such as automotive, construction, packaging,
and consumer goods, is expected to continue driving market revenue growth
during the forecast period. This growth can be attributed to several factors.
Firstly, the rapid expansion of the automotive industry in countries within the
region, coupled with the rising popularity of electric vehicles, has led to a
surge in demand for high-performance automotive coatings, consequently increasing
the application of plastic pigments. Additionally, the growing demand for
plastics packaging across various industries has further contributed to the
increased usage of plastic pigments.
To cater to this demand, manufacturers such as DIC
Corporation and Sudarshan Chemical Industries have been investing significantly
in their efforts to offer high-quality organic and inorganic color solutions,
as well as pigments specifically designed for automotive, construction,
packaging, and consumer goods applications. These investments are aimed at
meeting the evolving needs of the market and ensuring the availability of
innovative and reliable solutions for end-users.
Overall, the combination of factors driving the demand
for plastic pigments, along with the continuous investments in research and
development by key manufacturers, is expected to fuel the growth of the market
in the region during the forecast period.
Major companies operating in Global Plastic Pigments
Market are:
- BASF SE
- Clariant AG
- DIC Corporation
- Cabot Corporation
- Ferro Corporation
- Tronox Inc.
- Heubach GmbH
- Sudarshan Chemical Industries Ltd
- Chemours Company
- DCL Corporation
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“Growing application of plastic pigments in various
end user industries are key drivers of the plastic pigments market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of plastic pigments with every
passing year are anticipated to register an impressive growth to Global Plastic
Pigments Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Plastic Pigments Market By Type (Inorganic,
Organic, Specialty), By Application (Paints & Coatings, Plastics, Printing
Inks, Construction, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Plastic Pigments Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Plastic Pigments Market.
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