Some of the prominent market factors that positively influence the growth of market are increasing demand from paints & coatings sector, increasing production of cosmetics & personal care, and rising environmental regulations regarding the emission rate of volatile organic compounds (VOCs). Rapid industrialization coupled with rising disposable income in emerging economies are expected to propel the growth of market over the forecast period. Development of innovative Specialty Metallic Pigments with unique substrate layering and new technology advancement has opened up lucrative avenues for growth.
Market Segmentation:
The Global Specialty Metallic Pigments Market is divided into types, applications, and regions. On the basis of types, the specialty metallic pigments market is segmented into copper, aluminum, bronze, stainless steel, zinc, and others. On the basis of application, the market is segmented into paints & coatings, printing inks, cosmetics & personal care, plastics, and others. The aluminum Specialty Metallic Pigment Market hold the largest share and is expected to grow at significant CAGR over the forecast period. The growth of market is attributed to their sustainability in different application areas. They are widely used because of their great reflectivity of light. Specialty Metallic Pigments can be used directly in powdered form in various types of plastics and are widely used for the preparation of master batches. Moreover, these are used in the formulation of gravure inks, screen inks, offset inks, and flexographic inks in graphic arts application. In cosmetics, they find wide application scope in preparation of lipsticks, lip gloss, eye shadows, blusher rouge, face cold cream, nail polish, hair spray, shampoo, and others. As a printing ink application, they are used in flexible packaging, food packaging, label printing, wall paper printing, graphic arts, textile printing, and cardboard packaging.
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Asia Pacific is estimated to dominate the market over the forecast period, on account of increasing consumption of Specialty Metallic Pigments in numerous applications such as cosmetics & personal care, printing inks, plastics, and paints & coatings. Asia Pacific observes a lucrative growth prospect in specialty metallic pigment from automotive and architectural coatings application. In recent years, surge in demand of aesthetically designed vehicles with lustrous paints have increased the market value of Specialty Metallic Pigments. Increasing consumer expenditure on personal care products in countries such as Thailand, India, China, South Korea and Malaysia is predicted to propel the growth of the market. The printing ink application is expected to witness high growth due to increasing demand for attractive and sustainable packaging printing, which is likely to boost the demand for Specialty Metallic Pigments. While the packaging printing market in developed countries is getting saturated, the markets in India and China are predicted to register the highest growth over the forecast period. Growing e-retail sales, coupled with the demand for convenience packaging in food as well as electronics industries is one of the leading factors in the growth of market during the review period.
Asia Pacific holds the largest market for Specialty Metallic Pigment followed by North America and Europe. Europe and North America predominantly consist of developed countries and mature markets. Therefore the growth of the market in these regions is estimated to be at a moderate pace during the forecast period. Specialty Metallic Pigments Market in North American countries such as U.S. and Canada are expected to grow with an average CAGR due to steady demand for cosmetic products coupled with a growing decorative and automotive coatings market. Russia, Germany, U.K, and Spain are expected to be the major contributors in the European market growth due to significant growth in various end use industries. However, stringent regulations imposed by regulations like REACH and EPA regarding low VOC content in paints & coatings, is anticipated to hamper the demand for Specialty Metallic Pigment in the upcoming years. Except this, growing construction sector and improving printing & ink industry in Latin America and the Middle East and Africa are expected to create a demand for Specialty Metallic Pigments.
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