Press release
Aluminum Pigments Market Showing 6.5% CAGR Growth to 2024: Company Profiles & Trends Analysis
Rising demand for cosmetic products will drive the aluminum pigments market throughout the forecast period. Global cosmetics sector is experiencing a boost due to rising income levels and purchasing power among consumers. This trend has been more evident in the developing nations of Asia Pacific and other regions where improving economic condition and willingness to spend on personal grooming is driving the demand for cosmetic products. Aluminum pigments are used in cosmetic products such as lipsticks, nail polishes and pressed powders to impart metallic color and luster. It is also used as a substrate upon which another color can be precipitated. The product inhibits the flow of sweat and prevents bleeding effects in cosmetic products like lipsticks. Global cosmetics industry was valued above 290 million in 2016 and is expected to rise at a healthy rate till 2024.
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Aluminum Pigments Market size will likely surpass USD 580 million by 2024; according to a new research report.
Usage of aluminum pigments in solvent medium may lead to serious impacts on the environment. Solvent borne aluminum coatings emit a considerable amount of volatile organic compounds (VOC) which are easily converted to carbon dioxide by the oxidizing effect of sunlight. VOCs may also react with other air pollutants to produce ozone. Both carbon dioxide and ozone are serious air pollutants. Prolonged exposure to photochemical reactions of VOCs may lead to toxicity in human health and create serious health problems. These reasons pose a serious challenge for the participants in aluminum pigments market as end-user companies may look for other safer alternatives.
Based on grade, global aluminum pigments market is segmented as non-leafing and leafing. Leafing grades are mostly used in printing inks and cosmetic products to increase the brightness and impart a lustrous effect on the surface. Non-leafing grades impart a more long-lasting effect on the coated surfaces and are resistant to abrasion and corrosion owing to which they are extensively used in automobile paints. Growing automobile industry will positively affect the demand for non-leafing grades and augment the entire aluminum pigments market.
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Aluminum pigments market is segmented into five end-user categories including personal care, paints & coatings, plastic, printing inks, and other end-users like construction materials. Plastic end-user category will grow with CAGR exceeding 6% and its market value is estimated to be above USD 110 million by 2024. This segment is projected to grow due to increased demand for plastic products from various sectors. Personal care end-user segment is estimated to generate a revenue exceeding USD 55 million in 2024, growing by a CAGR exceeding 6.5%. This is one of the quickest growing end-user segment owing to the booming demand for personal care products across the globe.
North America share of the aluminum pigments market is estimated to be above 130 million by 2024, increasing with CAGR of almost 6%. Steady demand for cosmetic products coupled with a growing automotive and decorative coatings market will be the chief drivers in North America. Latin America is one of the quickest growing aluminum pigments market with CAGR exceeding 6.5%. This region is estimated to earn a revenue above USD 30 million by the end of 2024. Healthy growth in construction industry will increase the demand for paints & coatings which will in turn propel the aluminum pigments market in this Latin America.
Aluminum pigments market is characterized by moderate consolidation with major players like Silberline, Altana, Carlfors Bruk, and. Carl Schlenk occupying almost one third of total share. Sun Chemical, Metal Powder Chemical, BASF SE, Asahi Kasei Corporation, Mono Pigment Developments Limited, Alba Aluminiu, etc. are other important players in the aluminum pigments market.
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