Global metallic pigments market is expected to witness a CAGR of over 6% over the forecast period owing to high demand from growing automotive industry. Metallic pigments market is expected to witness strong growth owing to high demand from end-use industries such as paints & coatings, plastics, personal care, and printing. Metallic pigments offer corrosion resistance and are thus gaining popularity across several industries. These are used to provide a metallic finish to products. Major product types include aluminum, zinc, copper, and stainless steel. Other comparatively less prominent product types include nickel and chromium pigments.
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Metallic pigments have favorable environmental characteristics and use low carbon units compared to their substitutes. Such favorable characteristics are expected to positively impact the market over the next seven years. Growing environmental concerns and increasing awareness are presumed to aid the industry in the near future.
The industry is severely impacted by fluctuating metal prices. Such volatile raw material prices impact profitability and operational expenditure of the pigment manufacturing companies and are projected to hinder market growth. Stringent regulations governing volatile organic compound emission and particulate matter are anticipated to hamper the market growth over the forecast period.
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The U.S Environmental Protection Agency (U.S. EPA), REACH, and Swiss Ordinance in Europe have issued several stringent regulations. Tightening VOC regulations established by the Chinese government and growing concerns regarding pigment migration in packaging applications are other key factors that are anticipated to negatively influence the industry in the near future.
R&D initiatives by industry participants are aimed at developing superior products and reducing production costs. Technological advancements have resulted in better product performance and characteristics such as longer life, better visual appeal, high corrosion resistance, and wider application base. Such technological advancements promise ample opportunities for the existing as well as new industry participants over the forecast period.
Aluminum dominated the global market over the recent years. Aluminum pigments are widely accepted across industries such as paints & coatings, printing inks, and paints. Such widespread popularity is due to the lustrous visual effect provided by the aluminum products. Copper accounted for the second largest global market share. It is used for applications in the personal care and printing inks industry. Heavy metal pigments are presumed to witness a decline in their market share owing to environmental concerns and shifting consumer preference resulting from hazardous health impacts.
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