Aluminum Pigments Market to Develop Rapidly by 2024

The global market for aluminum pigments features the dominance of large- and mid-sized companies, with the leading six vendors collectively accounting for a nearly 48% of the overall market in 2015, says Transparency Market Research in a recent report. These leading market participants, namely Sun Chemical Corporation, Silberline Manufacturing Co. Inc., Zhangqiu Metallic Pigment Co. Ltd., Altana AG., Carl Schenk AG, and Carlfors Bruk AB command immense control on the market owing to vast product portfolios and strong production potentials.

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The market exhibits stringent entry barriers to new entrants owing to the high facility establishment costs, high cost of machinery and raw materials, and the high trust value achieved by leading vendors. Immense difficulties present in the process of technology and equipment assessment could also present entry challenges for new companies in the global aluminum pigments market.

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Transparency Market Research projects that the global aluminum pigments market will exhibit a CAGR of 6.4%, in terms of revenue, over the period between 2016 and 2024, rising from a valuation of US$332 mn in 2015 to US$581 mn in 2024. In terms of volume, the market had a valuation of nearly 46 kilo tons in 2015.

Asia Pacific Market to Remain Key Consumer of Aluminum Pigments

Of the key users of aluminum pigments, including industries such as plastics, paints and coatings, printing inks, personal care, and construction materials, the segment of paints and coatings holds the dominant share in the global aluminum pigments market in 2015. The segment generated revenue worth US$21 mn in the said year and is expected to continue to account for a significant share in the market’s overall revenue over the forecast period. From a geographical standpoint, the market in Asia Pacific is presently the leading contributor to the revenue of the global aluminum pigments market owing to the swiftly expanding industrial sector and the rising set of applications of aluminum pigments across a number of industries.

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Thriving Automotive Industry to Remain Key Contributor of Revenue to Market

One of the key factors propelling the market for aluminum pigments across the globe is their rising demand across the paints and coatings and the automotive industries. The thriving automotive industry, especially across emerging economies in regions such as Asia Pacific, is expanding in terms of consumer base as well as the establishment of manufacturing and assembling facilities. Owing to the strengthening economies, rising disposable incomes, and increased purchase of commercial and public vehicles, a number of automotive companies are directing their business expansion activities towards these economies. The resultantly swelling automotive industry in the region is expected to provide massive growth opportunities to the market for aluminum pigments in the next few years.

Apart from the use of aluminum pigments in protective paints for automobiles, the increasing demand from consumers for a lager set of color preferences in cars is also contributing to the increased demand for aluminum pigments in the automotive industry. The trend is expected to remain strong over the next few years and development of the automotive industry will continue to remain a key determinant of the growth prospects of the global aluminum pigments market. The increased focus on the development of environmentally viable paints and coatings will also remain a key determinant of growth of failure of business ideas implemented in the market in the near future.

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This release was published on openPR.