Global Plastic Pigments Market to Cross $ 15 Billion by 2024
Increasing
industrialization, growing packaging industry and rising demand for
high-performance pigments to boost global plastic pigments market through 2024.
According
to TechSci Research report, “Global Plastic Pigments Market
By Type, By End-Use Industry, By Region, Competition, Forecast &
Opportunities, 2024”, global
plastic pigments market is forecast to reach $ 15.09 billion by 2024, on
account of growing significance of aesthetics in packaging, huge demand for
high-performance pigments and industrialization in emerging economies. However, volatility in raw material prices as well as
environmental regulations hinder the growth of plastic pigments market. A
pigment is a material that changes the color of reflected or transmitted light
as a result of wavelength-selective absorption. Pigments are used for coloring
paints, inks, plastics, fabrics, cosmetics, food and other materials. On the
back of growing packaging industry and rapid industrialization in Asia-Pacific,
the region’s plastic pigments market is expected to register highest growth during the forecast period.
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Based on type, the inorganic pigments segment is
anticipated to lead the plastic pigments market during the forecast period.
Inorganic pigments lead the plastic pigments market where titanium dioxide
pigments hold a major share. Notably, these are generally metallic oxides or
synthetics, provide dull colors and have possess a good lightfastness. Notably,
these properties of the inorganic pigments and their low cost make inorganic
pigments the largest type segment in the plastic pigments market. Further, packaging is the largest end-use industry of plastic
pigments. This industry is expanding across various sectors, like food &
beverage, cosmetics, healthcare and other consumer goods owing to the
increasing use of plastics in these industries. The packaging industry is also
growing due to increased use of a variety of color shades to enhance the
attractiveness of packaging of goods.
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“Considering the regional distribution, China
is the largest market of plastic pigments in Asia-Pacific, owing to huge demand
for plastic pigments in the plastics industry. Moreover, India is expected to
generate huge demand for plastic pigments, backed by strong presence of small
players in the plastic pigments market and economic development. Lastly, the
global plastic consumption has increased three times in the last 15 years and
are anticipated to grow further.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global
Plastic
Pigments Market By Type, By End-Use Industry, By Region, Competition,
Forecast & Opportunities, 2024” has evaluated the future growth potential of global plastic pigments market
and provides statistics and information on market structure, size, share and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers to take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in the global plastic
pigments market.
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