The global High Performance Pigment Market is estimated to be valued at US$ 6.55 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
High performance pigments are pigments used in various industries like automotive, industrial coatings, architectural coatings etc. due to their superior properties like brightness, opacity, heat resistance, corrosion resistance etc. compared to conventional pigments. These pigments find widespread applications in paints, coatings, printing inks, plastics and construction industries.
Market Key Trends:
One of the key trends in the high performance pigment market is the increasing demand for organic pigments. Organic pigments exhibit high resistance to heat, light and weathering. They do not fade or discolor easily and their compatibility with various substrates have increased their usage in automotive and industrial coatings. The requirement to develop heat-resistant, long-lasting and non-toxic pigments suitable for powder and liquid coatings in various end-use industries is expected to drive the demand for organic pigments during the forecast period.
SWOT Analysis:
- Strength: Wide applications in industries like paints & coatings, plastics, and printing inks. Pigments provide properties like color, opacity, durability.
- Weakness: High production cost compared to conventional pigments. Stringent regulations pertaining to toxic materials.
- Opportunity: Developing bio-based and environment-friendly pigments. Growing construction and automotive industries in developing nations.
- Threats: Volatility in raw material prices. Increased competition from local players.
Key Takeaways
The global high performance pigment market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period of 2023 to 2030, due to increasing usage in paints & coatings industry.
The Asia Pacific region is expected to dominate the market during the forecast period. This is attributed to growing construction and automotive industries in the region coupled with rising industrial activities in countries like China and India.
Key players operating in the high performance pigment market are BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Heubach GmbH,Sun Chemical Corporation, Ferro Corporation, Merck KGaA, and Synthesia A.S.
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