Booming Automotive Industry Prompts Global Metallic Pigments Market to Reach US$1,286.7 Million by 2023

The global metallic pigments market was valued US$736.2 million in 2014. The market is expected to reach a value of US$1,286 million by 2023, if it can maintain an estimated CAGR of 6.4% from 2015 to 2013. According to a report released by Transparency Market Research, titled “Metallic Pigments - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, the market’s primary growth driver has been growing demand for aluminum.The report states that aluminum was the largest product segment of the global metallic pigments market in 2014.

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A majority of the market was taken up by plastics, printing inks, coatings, and paints that were based on aluminum pigments. Aluminum was the preferred metal due to the visual appeal that it brought out. In comparison, 15% of the 2014 global metallic pigments market was held by copper, which is used to apply a gold bronze finishing to products. Copper pigments are in larger use in the application segments of personal care and printing inks. Other major product segments include chromium and stainless steel.

Among the various end users, the global metallic pigments market was dominated by paints and coatings. Automotive OEM and refinish coatings make major use of metallic pigments, along with architectural projects. Due to the corrosion resistance provided by metallic pigments, they are also used in marine coatings.The global metallic pigments market in 2014 had printing inks as the second largest end-use segment. Printing inks were used as offset inks and in flexography, gravure, and digital inks. The demand for metallic pigments is set to increase by the end of 2023.The fastest growing end-use segment of the global metallic pigments market is expected to be personal care in the near future. Demand for metallic pigments from building materials and plastics are expected to remain stable for the report’s forecast period.

The report’s geographical segmentation of the global metallic pigments market reveals Asia Pacific as the largest consumer. The region held over 30% of the market in 2014, and the report expects it to maintain its lead for the time being. The region’s growth is mainly attributed to a high demand for plastics, printing inks, and paints and coatings.Europe and North America, on the other hand, are set to show a declining demand from the global metallic pigments market.

The primary restraint on the market is the increasingly stringent environmental protection regulations employed by the region’s governing bodies.MEA and Latin America are expected to be the new emergent regions in the market, as they continue to show growing requirement for metallic pigments. However, the demand is still reportedly less and could possibly fall by the end of 2023.Some of the top companies operating in the global metallic pigments market are Asahi Kasei Corporation, Silberline Manufacturing Co., Carl Schlenk AG, BASF AG, and ALTANA AG.

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Most metallic pigments are used to provide finishing touches to a surface. They add protection for the surface from external elements and increase its appeal by providing ductility, opacity, glossy metallic finish, and a wider range of colors.

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