The market size of plastic pigments is
estimated at USD 10.3 billion in 2018 and is projected to reach USD 14.8 billion
by 2023, at a CAGR of 7.5% from 2018 to 2023.
Increasing demand for plastics in the automotive
industry, increasing significance of aesthetics in packaging, industrialization
in emerging economies, and high demand for high-performance pigments (HPPs) are expected to drive the demand in the plastic
pigments market during the forecast period.
Download PDF Sample Report at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=8614062
The key players in the plastic pigmentsmarket include, Clariant (Switzerland), BASF (Germany), DIC (Japan), Huntsman
(US), Cabot (US), LANXESS (Germany), PolyOne (US), Chemours (US), Heubach (Germany),
Tronox (US), and Ferro (US). The plastic pigments market report analyzes the key
growth strategies adopted by leading market players, between 2013 and 2018,
which include investment & expansion, new product launch, agreement,
partnership & joint venture, and merger & acquisition.
Clariant is among the key players in the
plastic pigments market, which has adopted both organic and inorganic
strategies, such as new product launch, investment & expansion, and merger
& acquisition. Its plastics and coatings segment accounted for maximum sales,
i.e., 42% of the overall revenue of the
company in 2017, which indicates that the company is strengthening its presence
in the plastic pigment market. The focus on R&D has helped the company come
up with more innovative products as compared with its competitors. Over the last
few years, the company has been concentrating on the emerging markets, such as
APAC and the Middle East & Africa to achieve its growth targets. For
instance, in April 2013, Clariant planned to invest in a new pigment plant in
Indonesia to cater to customer demand in
China, India, and Indonesia.
BASF leads the plastic pigments market. Dispersions & pigments, which is a part of the company’s performance products business
segment, accounted for 33.0%, in 2017. Its pigments
business unit is capitalizing its growth by mainly focusing on innovation and
expansion. This will, in turn, improve
the quality and performance of its pigment products. Excellent combination of color effect, high reliable
processing capability, and high durability of plastics can be achieved by the
pigments offered by the company. In June 2016, BASF
launched a pigments brand, ‘Colors & Effects’,
which
offers various pigments to fulfill the demand from the plastic industry. The company is focusing on providing sustainable solutions as sustainability will serve as a start point for new business opportunities in the future, and it is also the key to long-term success. BASF mainly caters to Europe and is targeting the emerging markets of APAC, the Middle East & Africa, and South America to expand its business in these markets.
offers various pigments to fulfill the demand from the plastic industry. The company is focusing on providing sustainable solutions as sustainability will serve as a start point for new business opportunities in the future, and it is also the key to long-term success. BASF mainly caters to Europe and is targeting the emerging markets of APAC, the Middle East & Africa, and South America to expand its business in these markets.
Increasing demand for plastics in
the automotive industry and high demand for high- performance pigments (HPPs) globally are expected to drive the plastic
pigments market during the forecast period.
The market size of plastic pigments is estimated
to be USD 10.3 billion in 2018 and is projected to reach USD 14.8 billion by 2023,
at a CAGR of 7.5%, from 2018 to 2023. One of the major restraints of the
plastic pigments market is increasing environmental regulations related
to application areas of pigments, use of raw materials for pigments, and safety
evaluations. Thus, these environmental regulations can
delay or even prevent the launch of new products, increasing the prices of any
new product and restrain the market
growth.
Environmental regulations related to
plastic consumption and in general, the plastic industry, are expected to
affect the plastic pigments market. In addition,
the consumption of pigments in the packaging industry in plastics is regulated by regulations, such as The Food
Additives Amendment of 1958, US Food and Drug Administration, regulations
imposed by European Union (EU) and other regulations related to the hazardous
nature of pigments. These regulatory factors along with increasing regulations
in the plastic industry are expected to affect the plastic pigments market.
Organic pigment is the faster-growing type owing to its lightweight, small particle
size, resistance to wetting, transparency, tinting strength, lightfastness, and
other properties. However, increasing
regulations in the plastic pigments market would, in turn, increase the demand
for plastic pigments.
Packaging is the fastest-growing end-use industry of plastic
pigments. The packaging industry is growing across
various sectors, such as food & beverage, healthcare, cosmetics and other
consumer goods due to the increasing use
of plastics in these industries. The use of plastics in the packaging end-use
industry is the highest compared to that of other packaging materials, such as
paper, metal, and fiber. Overall, the increasing use of plastics has resulted
in high demand for plastic pigments in plastic packaging. Thus, the factors
mentioned above are projected to drive the plastic pigments market in the
packaging end-use industry, by 2022.
APAC is the fastest-growing market of plastic
pigments, by region. This region has huge
growth potential for the plastic industry. The plastic consumption is
increasing with innovations in the industry and expansion in manufacturing bases.
These factors have accelerated the growth rate of the pigment consumption in
plastics. China and India are the major markets of plastic pigments in the
region owing to the growth of infrastructure and increasing domestic and international
trade of plastic pigments. China is the leading manufacturer as well as the consumer
of pigments, globally. The presence of a strong downstream customer base and
gradually maturing production technology are propelling the demand for plastic
pigments in the region. In July 2018, BASF planned to increase its production
capacity of isoindoline yellow pigments by 70%, by 2020. This expansion will
enable the company to cater to the growing demand for high-performance pigments
in the market. Also, Clariant introduced a new color range named
“Super-transparent” in North America, in April 2018. The “Super-transparent” range
will help in providing metallic and mineral-effect shades. This development
will help the company to cater to the increasing demand for plastic pigments, globally.
Read More Context at https://www.marketsandmarkets.com/Market-Reports/plastic-pigments-market-8614062.html
