Global High Performance Pigment Market - 2023-2030
Market OverviewThe global high performance pigment market was valued at US$ 6.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 8.5 billion by 2030. The market is expected to exhibit a CAGR of 3.4% during the forecast period (2023-2030).
The high performance pigments market is expanding as a result of the high performance pigments' exceptional persistence qualities, which include resistance to heat, humidity, light organic solvents, water and detergents. For instance, high performance pigments are used in printing inks for a range of purposes, such as laminating, decorating, screen, UV, and other inks, due to their strong resistance to moisture, chemicals and light.
The growth of the global market for high performance pigments is due to the increasing demand for coatings in a variety of end-use sectors. During the estimated timeframe, the coatings application category, which now makes up around 45% of the market, is anticipated to grow quickly.
Market DynamicsThe Rising Demand for Organic Pigments
During the forecast period, market growth is anticipated to be fueled by rising consumer demand for plastic packaging with aesthetically pleasing designs. Due to intense competition, consumers seek more distinctive products, which elevates the importance of aesthetics in plastic packaging. The need to make products more appealing in order to draw customers has led to an increase in demand for organic pigments. The great coloring power of organic pigments makes it possible to provide custom colors and a wide range of color tones, improving the product's appeal and appeal. In addition, rigorous guidelines controlling the use of printing inks in food packaging are increasing the demand for organic pigments that are good for the environment.
Huge R&D Expenditure
The pigments are expensive because they require premium-quality raw materials and were produced after intensive research and development. Bio-based pigments are in high demand as a result of the recent movement in customer preferences towards bio-based products and increased awareness of the potentially harmful effects of pigments. In the near future, this tendency is anticipated to persist. Companies have taken a number of steps to create superior and environmentally friendly products, which has increased the cost of those products. The high cost of R&D initiatives is passed on to the consumer, which restrains market expansion.
COVID-19 Impact AnalysisThe COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).
Segment AnalysisThe global high performance pigment market is segmented based on type, application and region.
High Performance Properties of Organic Pigments Drive The Segment Growth
The organic pigment segment, which now accounts for around 60% of the industry, is anticipated to undergo significant growth over the forecast period. An insoluble family of organic compounds is known as an organic pigment. In comparison to inorganic pigments, organic pigments offer brighter color and have a far higher tinting strength. For instance, due to their high performance fastness qualities to heat, light, chemical and others, phthalocyanine pigments are proven to be outstanding organic pigments.
Geographical AnalysisThe Rapid Growth of Constrcution and Autmotive Sectors in North America
Due to the expansion of the construction and automotive industries, North America is the second-largest market with a market share of more than 20% for high-performance pigment. Ford Motors, General Motors and Fiat Chrysler Automobiles are three of the largest vehicle manufacturers in the world. The North America automotive market is anticipated to expand with a high CAGR during the forecast period as a result of the presence of such large corporations in the area as well as the growing technical breakthroughs in the automotive sector. Additionally, the projected period is expected to see a tremendous demand in the pigment sector due to the growing construction activity in North America.
Competitive LandscapeThe major global players include BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Atul Ltd., Sudarshan Chemical Industries Ltd, Heubach GMBH, Sun Chemical Corporation and Synthesia A.S.
Why Purchase the Report?• To visualize the global high performance pigment- market segmentation based on type, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of high performance pigment market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global high performance pigment market report would provide approximately 53 tables, 47 figures and 204 pages.
Target Audience 2023• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies