Macroeconomic Overview & Key Drivers of Plastic Pigments Market Industry

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. 

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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. 

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.

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