Pearlescent Pigment Market Projected to Reach USD$1.4 Billion by 2026
Pearlescent Pigment Market Overview
Pearlescent Pigment market is projected to reach USD$1.4 billion by 2026 at a CAGR of 4.3% from 2021-2026. Pearlescent Pigments are coated mica platelets that display a variety of colors and visual effects and are transparent and reflect light due to which they are able to obtain bright and lustrous effects. These pigments are usually coated with metal oxides like Titanium dioxide, Ferric oxide, chromium oxide and others. Natural mica is sandwiched and coated between a layer or multilayer of these metal oxides, to different degrees, to obtain the desired effect. Titanium Dioxide is the most widely used interference pigment and Ferric oxide is the most widely used absorptive pigment deposited in very thin layers of mica flakes. Pearlescent Pigments have a reduced Volatile Organic Compound (VOC) emission and are much more sustainable & eco-friendlier than other lead and heavy metal-based coatings, which is one of the main driving factors for the increase in demand of the pigment. Paints & Coatings holds the highest share in the End-Use industry whereas Asia-Pacific (APAC) Region, holds the highest share by Geography.
COVID-19 Impact
Due to the Covid-19 Pandemic, the production for the Pearlescent Pigment market decreased but the demand wasn’t affected directly. However, its End-Use Industries, like the Paints & Coatings Industry that holds the highest share, took a hit during the pandemic. Applications like Automotive Paints were greatly affected as both the production and demand for passenger vehicles decreased. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the production of passenger vehicles decreased by 16.9% from 2019 to 2020. Similarly, Personal Care and Cosmetics as well as the Food & Beverage Industry saw a decline in production as well as sales on year-to-year from 2019 to 2020. Due to these declines in the End-Use Industry, the Pearlescent Pigment market also saw a decline in the year 2020.
Pearlescent Pigment Market Analysis – By Type
Titanium dioxide-based Mica coating holds the largest share in the Pearlescent Pigment market at 36% in 2020. Titanium dioxide-based mica is widely popular amongst market leaders, and it is so due to its properties like being a bad electric and heat conductor. These conditions make it ideal for coatings in the industrial sector as well as in automotive paints. It is also much safer and eco-friendly. Ferric oxide-based mica pearlescent pigments are also widely used in the industry. Metal oxide-based mica pigment is essentially natural mica sandwiched and coated with a layer or multilayer of metal oxides which gives them a lustre due to various reflecting and refracting properties of the metal oxide layer.
Pearlescent Pigment Market Analysis – By Form
Powder blends hold the largest share in this segmentation of Pearlescent Pigment market by 53% in 2020. Most Pearlescent Pigments are available in the form of powder, which can be easily blended with a variety of other ingredients and is used in food, drug & cosmetics applications. Powder blends of Pearlescent Pigments are also widely used in blending with water and solvent systems. Pearlescent Pigments are also available in Dispersion & Paste which is a blend of Food & Drug Administration (FDA)-approved carrying media and colorants to obtain the desired viscosity and effect with a particular shade and lustre.
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Pearlescent Pigment Market Analysis – By End-Use Industry
Paints and Coatings Industry holds the largest share of 42% in 2020. The Paints & Coatings industry can be further subdivided into architectural coatings, industrial coatings and special purpose coatings that include marine paints, automotive coatings, military-specific coatings and so on. According to the American Coatings Association, the U.S. Paints & Coatings Industry alone is worth USD $26 billion, with California alone accounting for USD $2.4 billion. They have also stated that the Paints & Coatings Industry has seen a growth from the previous year as well.
Pearlescent Pigment Market Analysis – By Geography
Asia-Pacific (APAC) Region holds the highest share of 35% in the Pearlescent Pigment market in 2020. The primary reason for this is the increase in demand for Automotive Paints. China, Japan, India, and South Korea are the leading producers of passenger vehicles in the world. This also increases the demand for Pearlescent Pigments which are used to produce a metallic, chrome and gloss finish in cars, especially luxury and premium cars. A total of 29.8 million passenger vehicles were produced in these countries which accounts for 53.4% for total passenger vehicles produced globally, as stated by Organisation Internationale des Constructeurs d’Automobiles. According to the American Coatings Association, China dominates the Paints & Coatings market in APAC with a share of 60% in APAC, followed by India with a share of 18% in 2020. In 2018, the Paints & Coatings Industry revenue was estimated to be $74.2 billion. These factors make Asia-Pacific the largest consumer of the Pearlescent Pigment market.
Pearlescent Pigment Market Drivers
Improvement in the Technology of Pearlescent Pigment:The technology of Pearlescent Pigment has been one of the key driving factors for the market. Pearlescent Pigments have observed many improvements such as better thermal stability, higher durability, and escalated barrier resistance. Along with that, they have also shown reduced Volatile Organic Compounds (VOC) content, are also more sustainable, and show better performance than its alternatives as many markets prefer pearlescent pigments over pigments based on lead compounds due to growing concerns over toxicology and hazards.
Growing Demand for Passenger Vehicles in APAC:
The demand for passenger vehicles is on the rise and this in turn helps propel the growth of the Pearlescent Pigment market. This is because Automotive Paints is one of the key areas where Pearlescent Paints are being used and this is due to their lustre and gloss. China, Japan, and India are some of the key regions where we observe a growth in the demand of the Automotive Industry. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), a total of 29.8 million passenger vehicles were produced in these countries which accounts for 53.4% for total passenger vehicles produced globally. This proves to be one of the primary drivers that will foster the growth of Pearlescent Pigment market.
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Pearlescent Pigment Market Challenges
Decline in the Buildings & Construction Industry leading to a decline in the demand for Pearlescent Pigment in the sector:Ever since the Covid-19 Pandemic started, there has been a decline in the Construction Industry as many projects were either halted or cancelled and far lesser new projects were authorized. According to the Associated General Contractors of America (AGC), a survey done in the May 2020 concluded that 67% of construction firms in America cancelled or delayed their projects ever since the start of the Pandemic. As such, the Pearlescent Pigment Market had also suffered due to the decline as Building and Constructions is one of the prominent End-Use industries of Pearlescent Pigment Market.
Pearlescent Pigment Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Pearlescent Pigment Market. Some of the major companies in the Pearlescent Pigment Market include:
1. Huaian Concord Industrial Product Co. Ltd. (Kolortek)
2. BASF SE
3. Sun Chemical Performance Pigments
4. L’Arca Srl (Arca Colours)
5. Geotech International B.V.
6. RIKA Technology Co. Ltd.
7. Smarol Technology
8. Nanyang Lingbao Pearl Pigment Co. Ltd.
9. Pritty Pearlescent Pigments
10. Brenntag Specialties Inc. and others
Acquisitions/Launches
On September 2020, Sun Chemical and their parent company, DIC Corporation, announce the acquisition of Seller Ink Industria e Comércio de Tintas e Vernizes Ltda., a specialty inks and coatings manufacturer based in São Paulo, Brazil. With this acquisition, Sun Chemical is able to expand their specialty inks and coatings in South America.
On March 2019, BASF SE has launched eXpand! Blue EH 6001, which is marketed under their Colours & Effects brand. This remarkable product was brought about by a partnership between BASF and Landa Labs.
On May 2019, Fujian Kuncai Fine Chemicals Co. Ltd. launched their “Dove Grey” pigment, which is a semi-transparent neutral grey colour tone, used primarily for industrial application.
Key Takeaways
The Pearlescent Pigment Market is being dominated by Asia-Pacific (APAC) Region in 2020. This is primarily due to the demand of automotive paints and coatings in China, Japan, and India.
Pearlescent Pigments are a much safer and more eco-friendly option for coatings as opposed to its alternative coatings that are lead-based or heavy metal-based. They are also edible and proves to be harmless for humans.
Titanium dioxide coated mica is the most common form of Pearlescent Pigment and is often used in a variety of applications like automotive paints and industrial coatings due to its excellent lustre and finish.
In End-Use Industry, Pearlescent Pigments are mostly used in the Paints & Coatings industry. Within the industry, automotive paints see the most use due to the application of Pearlescent Pigments in metallic and gloss finish.
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