Light Interference Pigments Market Growth, Upcoming Trends, Companies Share | BASF SE, Viavi Solutions Inc
With changing consumer preferences for colored electronics, growing demand for interference pigment could be observed. According to Global Market Insights, Inc., report, global light interference pigments market size is anticipated to expand exponentially by 2027.
Light interference pigments use sophisticated optical properties to convert light waves into colors. It is witnessing significant demand in industries like electronics, automotive, and others due to its characteristic of using the spectrum of light to produce colors of different shades.
In the consumer electronics industry, light interference pigments are used to produce different colors of components that are further used in smartphones, refrigerators, and other electronic appliances. Increasing demand for consumer electronics on account of the growing consumer spending capacity is expected to strongly impact the industry growth in the coming years. As per the Consumer Electronics Association (CEA), global consumer electronics sales were US$2.9 trillion in 2020.
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Rising demand for paint & coating applications in automotive sector
The light interference pigments industry with respect to the application is classified as printing inks, paints & coatings, construction materials, plastics, and others. The paint & coatings application segment is slated to witness significant growth owing to its escalating demand in the automotive sector. Increasing demand for automobiles of different shades among consumers is likely to encourage pigment development.
As per the International Organization of Motor Vehicle Manufacturers, over 77 million units of cars and commercial vehicles were produced in 2020. On the other hand, the rising demand for printing ink applications in banknotes, lacquers, and plastics is predicted to boost interference pigment demand to a large extent.
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Booming cosmetics and printing industries in APAC
Light interference pigments are widely used in cosmetics owing to their spectacular appearance. The application of the substance provides wide color options in a variety of cosmetic products such as nail paints and others. With an increasing necessity to achieve the desired look, the adoption of cosmetics is getting traction day by day.
According to retail analytics firm Edited, global beauty industry was around US$532 billion in 2019.
Asia Pacific light interference pigments industry is predicted to expand on account of the flourishing cosmetics sector in countries like India, China, and others. As per Euromonitor International, the cosmetics industry in China is estimated to be around US$7.4 billion in 2021. Rising urbanization, globalization, modernizing culture, and rising per capita income are some major factors that are driving the demand for cosmetics in the region.
Some of the key market players are BASF SE, Viavi Solutions Inc., Merck KGaA, etc.
Light Interference Pigments Market, By Manufacturing process, 2014-2025 (USD Million)
• Wet chemical process
• High Vacuum process
Light Interference Pigments Market, By End-User, 2014-2025 (USD Million)
• Paints & coatings
• Printing inks
• Construction materials
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