NEWARK, Del, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The pearlescent pigment market is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 4% according to analysis by FMI. Anticipated to reach a market value of US$ 3,745.8 million by 2023, the industry's upward trajectory reflects a promising landscape. This growth is likely driven by increasing demand for pearlescent pigments across various industries, underlining their versatile applications and the expanding market opportunities in the coming years.
Manufacturers of automotive and industrial coatings are opting for pearlescent pigment for their aesthetic brilliance and exclusivity, thus enhancing the look of their products. Additionally, efficacious, special-effect pearl pigments enhance the sustainability quotient of the final product due to their inherent sustainability.
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Sustainable pearlescent pigments have low VOC volume and better performance attributes like durability, better barrier resistance, and thermal stability. Since customers are becoming discerning of the potential environmental damage, they are increasingly considering options that allow them to reduce their overall carbon footprint. Based on these factors, the market is expected to expand over the forecast period.
This pigment has also stepped foot in the personal care and cosmetics industry, and since its arrival, it has revolutionized how consumers perceive beauty and appearance. This is credited to its cost-effectiveness, which makes achieving a ‘celebrity’ look possible on a budget. Many powders, creams, and lotions for personal care consist of natural pearl essence as an eco-friendly, dermatologically tested substitute to its toxic and synthetic counterparts.
Key consumers for this pigment are India, China, and Brazil due to their adoption quotient and surging per capita income. Moreover, the popularization of mass-customized goods and surging governmental assistance is expected to push construction activities and automotive production, thus broadening the application scope of these pigments.
Top Highlights from the FMI’s Analysis of the Pearlescent Pigment Market:
- As per FMI estimates, the United States' stake in the global market is 27.3%, making it an ideal candidate for future business prospects.
- Germany is expected to enjoy a market share of 6.8% in 2023, suggesting considerable opportunities for growth.
- Australia is expected to attain 5.9%, representing one of the core markets for pearlescent pigment. Manufacturers are projected to explore burgeoning prospects in the country.
- Japan’s share is estimated to be 5.6%, demonstrating a substantial market for business ventures of pearlescent pigment.
- India is expected to expand at a CAGR of 4.8% over the forecast period, suggesting more investments are underway by manufacturers.
- China and the United Kingdom are anticipated to expand at CAGRs of 4.4% and 3.9%, respectively, over the forecast period.
- Based on purity type, natural pearl pigment is expected to take up the majority of the market share by gaining 67.4% in 2023.
- Based on end use industry, the automotive paints industry is expected to contribute 39.3% market share in 2023.
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Market Developments Shaping the Pearlescent Pigment Industry
- Sun Chemical introduced Xennia Pearl pigment inks in October 2021. The latter is used in fast-paced industrial applications. This consists of inks for both mid and high-viscosity printheads. The firm stated the creation of this product for its multi-substrate compatibility, robustness, consistent color, and excellent print performance.
- DIC Corporation and Sun Chemical, its subsidiary firm, obtained Seller Ink in September 2020. The latter company is a Brazil-based producer of specialty inks and coatings. This acquisition is expected to help Sun Chemical expand its specialty inks and coatings business in Latin America.
- BASF SE released eXpand! Blue EH 6001 in March 2019. The product is marketed under its brand name Colours & Effects. This product came to fruition due to a partnership between Landa Labs and BASF.
- Fujian Kuncai Fine Chemicals Co. Ltd. introduced the “Dove Grey” pigment in May 2019. This pigment is a semi-transparent neutral grey hue, used mainly for industrial applications.
Scope of Report
| Attribute | Details | ||
| Estimated Market Size (2023E) | US$ 3,745.8 million | ||
| Projected Market Value (2033F) | US$ 5,544.7 million | ||
| Value CAGR (2023 to 2033) | 4.0% | ||
| Forecast Period | 2023 to 2033 | ||
| Historical Data Available for | 2018 to 2022 | ||
| Market Analysis | US$ million for Value and Tons for Volume | ||
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, India, Association of Southeast Asian Nations, Australia and New Zealand, GCC Countries, South Africa | ||
| Key Segments Covered |
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| Key Companies Profiled |
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Author Bio:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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