The high performance pigments Market size is estimated to reach US$5.2 billion by 2027 after growing at a CAGR of around 3% from 2022 to 2027. High performance pigments market is growing as the high performance pigments show excellent properties of persistence i.e., these pigments possess resistance towards heat, humidity, light, organic solvents, water and detergents. For instance, in printing inks, high performance pigments are used in variety of applications which includes laminating inks, decorating inks, screen inks, UV inks and others, due to its high resistance properties like light, chemical and humidity. High performance pigments encompass a wide variety of pigments, including specialty phthalocyanine blue, indanthrone, quinacridones, perylenes, DPP, specialty napthol, carbazole violet, benzimidazolone, azo condensations, metal complex pigments and isoindolinone. High performance pigments have also a unique property that it can disperse well in most polymers and thus give good coloring, high opacity, and tinting strength. The High performance pigments market is growing due to huge demands in automotive and construction industries due to their excellent durability, able to withstand extreme weather conditions, low solubility, and have high color strength. For instance, phthalocyanine blue offers properties like high light fastness, alkali fastness, acid fastness, and also solvent properties. Thus, they are suitable for applications like coloring plastics, PVC and textiles and others.
High Performance Pigments Market COVID-19 Impact
The COVID-19 pandemic has impacted the high performance pigments market, as there was lockdown implemented in almost every sector all across the world. The construction industry got affected initially due to lack of labor forces and lack of raw materials. The high performance pigments due to their high resistance and fastness properties are widely used in construction industry in applications such as residential and commercial coatings. For instance, Clariant, a major player in the High Performance Pigments industry, manufactures Quinacridone pigments which are based on renewable raw materials and thus are environment friendly. They are widely used in decorative coatings in construction. The high performance pigments industry experienced disruption because of decline in construction projects because of low workforce and supply chain disruptions. To examine these common outcomes, some data is gathered from the International Housing Association (IHA). The IHA provides an international forum to address globally significant issues identified by the member countries relevant to the housing sector. IHA surveyed its member countries to assess the impact COVID-19 on the housing sector, and out of the 13 countries that participated in the survey, the majority responded that the COVID-19 crisis had a significant negative impact on the housing construction sector. Thus, many constructions projects were put onto hold during the year 2020, which has in turn impacted the market of high performance pigments.
Thus, covid-19 has negatively impacted the demand of high performance pigments in various industries like construction, automation and others. However, during the pandemic, environmental concerns regarding high performance inorganic pigments have been taken into serious considerations, promoting the growth of high performance organic pigments in the market, which will create major opportunities for the manufacturers in the coming years.
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High Performance Pigments Market Segment Analysis – By Type
Organic Pigments held the largest share in the market in 2021 and is expected to grow at a CAGR of 5% between 2022 and 2027. An Organic pigment is a class of organic compounds which are insoluble. The organic pigments offer brighter color and their tinting strength is also much higher as compared to inorganic ones. For instance, Phthalocyanine pigments are proved to be excellent organic pigments due to their high performance fastness properties to heat, light, chemical and others. Phthalocyanine blue is a blue colored large, aromatic organic compound that is majorly used in pigmenting. This modern era of global warming and other environmental concerns, it has been observed that organic pigments do not pose any threat to the environment and are safe to use. High performance organic pigment coatings are extensively been used for coatings in cars, aircrafts, marine and railways exhaust gaskets, thrust cage bearings, steering column components, brake clips and others. The growth of global automotive industry coupled with the application of high performance organic pigments in the automotive industry is expected to create major demand in coming years. For instance, Heubach, a major player in HPPs, have a high-performance organic pigment known as Monolite TR pigment which is used in automotive coating as it endures extreme conditions of weather, dust and chemicals. Monolite TR Red forms the base of red color Ferrari. Monolite TR pigments have properties such as; they are dry, dispersable and transparent, suitable for opaque coloring of metallic base coats for two and four-wheelers.
High Performance Pigments Market Segment Analysis – By Application
By application, the coating segment accounted for the highest market share of around 50% in 2021, and is estimated to hold the highest share even during the forecast period. Automotive coatings which fall under the category of automotive adhesives accounts as a major application. The growth of automotive market globally will facilitate the growth of HPPs. Sun Chemical, a major player of the high performance pigments market, has a series of Sunfast dry pigments which offer the automotive market all the desirable properties of Phthalocyanine blue and phthalocyanine green. Which makes the automotive able to withstand extreme weather conditions. Additionally aerospace coatings also use high performance pigments as aerospace coatings have to perform in wide variations of heat, rain, and cold, exposure to fuels and ultraviolet (UV) exposure. Thus, BASF produces high performance pigments that are high in opacity and maintains high quality durability.
High Performance Pigments Market Segment Analysis – By End-Use Industry
The automotive industry held the highest share in the High-Performance Pigments Market as the HPPs are used in coatings for high-end hybrid motor cars, conventional plug-in automobiles, and luxury cars, ships, aircrafts and others. Automotive industry is one of the most growing industries across the globe, for instance, in 2020, Automotive Motor Market size value was around USD$35 billion, and therefore the demand for high performance pigments is increasing. Automobile paints and coatings not only uses high performance pigments for aesthetic appearance but also protect underlying components and metals from extreme environmental conditions, to provide durability and protection from corrosion. For instance, bismuth vanadate a high performance inorganic pigment is highly used in automotive industry as they show properties like, are brightly coloured, lead-free, and give standard automotive finishes. BASF, one of the major players in the high performance pigments industry, has increased the production of bismuth vanadate pigments as it is an excellent alternative to pigments containing lead chromate as it is considered to be harmful to the environment. Construction and infrastructure also held a significant share in the market in 2020. For construction materials, complex inorganic color pigments offers the best solution due to their properties of heat stability, weather and light fastness, chemical inertness.
High Performance Pigments Market Segment Analysis – By Geography
Asia Pacific is the largest and the fastest growing region in the High-Performance Pigments market. The Asia-Pacific architectural coatings market estimated a significant growth at CAGR of around 5% over the forecast period. For instance, India witnessed the fastest growth rate in the construction activity in nearly eight years in 2021. GDP from Construction in India increased to US$43 billion in the first quarter of 2021 from US$37 billion in the fourth quarter of 2020. As automotive coatings are a major application for the market, there is an increase in the automobile demand which is complementing the growth and development of high performance pigments industry in near future due to the high usage of high performance pigments like bismuth vanadate as they are lead-free. The cosmetics end-use industry in the region is also growing at a rapid pace, in turn creating a conducive growth environment for the high performance pigments market. For instance, The South Korean beauty and personal care products market is projected to grow at a CAGR of around 5% during the forecast period which shows South Korea is one of the world’s fastest-changing beauty markets. Both organic and inorganic pigments are used and both does not cause allergy and are available in different colours. For instance, Sun Chemical introduced a new SpectraFlex Illusion pigment which can be used in daily wear makeup items like primers to blur imperfections optically.
North America is the second largest market for HPPs due to the growth of automotive and construction industries. North America has some of the world’s largest automobile manufacturers namely Ford Motors, General Motors and Fiat Chrysler Automobiles. Due to the presence of such big companies in the region coupled with the emerging technological innovations in the automobile industry, The North America Automotive Market is projected to grow with a CAGR of around 7% during the forecast period. Additionally, the rising construction activities in North America is likely to create a huge demand in the pigment industry in the forecast period.
High Performance Pigments Market Drivers
Increasing demand of coatings in every industry is driving the demand for high performance pigments market
The introduction of latest coating technologies such as waterborne paint requires efficient performance of pigments, which therefore drives the growth of high performance pigments market. The efficiency for their better performance is due to their superior properties such as, enhanced durability, robust chemical stability, weather fastening properties and others. For instance, Pearlescent pigments are being used across multiple applications, which range from plastics to automotive coatings, because they have a property to exhibit the luster of natural pearls.
Manufacturers are engaged in the production of smart technology to produce environmentally friendly coatings with increased scratch resistance and abrasion boosts the demand for high-performance pigments.
APAC is the most growing region for organic high performance pigments
There is an increase in demand of construction and infrastructure activities in Asia-Pacific region. China and India are one of the fastest growing production houses. High performance pigments are majorly used in architectural and decorative because they create lustrous, pearlescent and vibrant colors which create high demand in architectural and decorative paints and coatings. The Asia-Pacific Paints and Coatings Market was around USD$ 60 billion in 2020 and is expected to grow with a CAGR of around 5% in the forecast period. High performance pigments can be used in a variety of equipment used in this industry such as spray coating. High performance pigments offer efficiency in outer appearances of buildings and infrastructure by providing shine and shimmer.
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High Performance Pigments Market Challenges
Rising environmental concerns
The biggest challenge faced by the high performance pigments industry is environmental concerns due to the inorganic pigments as they are made of petroleum-based products. For instance, cadmium pigments, chrome yellow and zinc yellow may cause lung cancer. Similarly, chromate pigments may cause skin allergies. This in turn hampers the market growth. Therefore, with the development of science and technology, organic pigments are been made of high performance and efficiency with low maintenance cost.
High Performance Pigments Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies which are adopted by the dominant players in this market. High performance pigments top 10 companies include:
Merck Performance Materials
BASF SE
Clariant AG
Sun Chemical Corporation
Heubach GmbH
Synthesia AS
Sudarshan Chemical Industries Ltd.
Ferro Corporation, Solvay SA
Huntsman International LLC
Lanxess AG
Key Takeaways
Asia-Pacific is expected to have the fastest growth in the market as there is an increase in construction hubs in China, India, Japan and others. For instance, the government in Malaysia has taken initiative to increase home-ownership and announced several incentives in the budget 2021. The government announced full stamp duty exemption for the first-time home buyers till 2025. Thus, the growth of residential construction is increasing in the country. Similarly, most governments in Asia-Pacific region are focusing on construction development and thus will promote the demand for high performance pigments in other end user industries like automotive, electronics products and others. The Quinacridone pigments have a huge demand in construction industry due to their excellent fastness properties.
High performance organic pigments accounts for the highest market share. Due to their significant features such as being environment friendly, having high tinting strength and others; they are high in demand in the automotive and other industries.
The major opportunity for high performance pigments market is in the automotive industry as the automotive industry was around USD$0.02 billion, in 2020, and is expected to grow at a CAGR of around 4% in the forecast period.
Acquisitions/Technology Launches
In June 2021, DIC Corporation acquired BASF’s global pigments business, known as BASF Colors & Effects (BCE). This will help to combine the technological capabilities of both companies to continue to provide new value to the market and to be the leading company in the pigment business. There will be over 30 pigment production facilities worldwide between DIC and BCE, which will enhance the company’s pigment portfolio with broader product categories related to high performance pigments market including inorganic, organic and others.
In June 2021, The Heubach Group, partnered with SK Capital Partners, to acquire Clariant’s Pigments business. This will increase the organic pigments product portfolio for the company which is operate on 13 global production sites.
Relevant Report:
Organic Pigments Market
https://www.industryarc.com/Research/Organic-Pigments-Market-Research-500022
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