by The global Pearlescent Pigment Market is estimated to be valued at US$ 3.98 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pearlescent pigments are reflective inorganic pigments made of various substrates like mica or alumina coated with one or more layers of metal oxide like titanium dioxide or iron oxide. They provide pearlescent or nacreous effect when applied and find applications for paints, plastics, printing inks, cosmetics and others. They impart a unique sparkling effect to the products along with enhancing their aesthetic appeal. These platelet-shaped pigments provide advantages like high hiding power, UV stability and durability under weathering conditions making them suitable for automotive coatings, construction paints and exterior decorative paints.
Market key trends:
One of the key trends in the pearlescent pigment market is the increasing demand for improved durability. Consumers are looking for longer lasting coatings and paints which retain their aesthetic appeal even under harsh weather conditions. Manufacturers are focusing on developing novel pearlescent pigments with robust binder systems that offer better durability and resistance to weathering factors like sunlight, moisture and heat. For instance, Merck developed its Lumitrend effect pigments series with enhanced chemical resistance and light-fastness for automotive coatings.
Porter’s Analysis
Threat of new entrants: Low. Established players dominate the pearlescent pigment market with deep operational experience and strong brand recognition. New companies need significant capital investment for R&D and wide distribution network.
Bargaining power of buyers: Moderate. Pearlescent pigments have applications in various industries. However, large customers can negotiate lower prices by increasing orders.
Bargaining power of suppliers: Low. Raw material suppliers have minimal bargaining power due to the availability of ample supply. Key suppliers face strong threat from alternative suppliers.
Threat of new substitutes: Low. Alternative products like fluorescent pigments have limited applications. Pearlescent pigments offer unique optical properties that cannot be easily substituted.
Competitive rivalry: High. The global pearlescent pigment market is moderately consolidated with key players. Players compete on aspects of pricing, quality, product differentiation, and customer network.
Key Takeaways
The global pearlescent pigment market size is expected to reach US$ 5.55 Bn by 2030, expanding at a CAGR of 4.7% during the forecast period. Growing demand from the automotive and plastics industries is driving the pearlescent pigment market. The growing automotive industry is fuelling the use of pearlescent pigments for vehicle coating applications.
The Asia Pacific region dominated the global pearlescent pigment market in 2018. Expanding building and construction sectors along with significant growth in automotive manufacturing in emerging countries such as China, India, and Thailand support market growth in Asia Pacific.
Key players operating in the pearlescent pigment market include BASF SE, Sudarshan Chemical Industries Ltd., Merck KGaA, DIC Corporation, ALTANA AG, Fujian Kuncai Material Technology Co., Ltd., CRISTAL, Shanghai Zhuerna High-Tech Powder Material Co., Ltd., Oxen Special Chemicals Co., Ltd., Huaian Concord Industrial Product Co., Ltd., Spectra Colours Ltd., LANSCO COLORS, Aal Chem, Zhejiang Ruicheng Effect Pigment Co., Ltd, Sinpearl Pearlescent Pigment Co., Ltd., and Kolorjet Chemicals Pvt. Ltd. Key players are focusing on new product launches and expansion strategies to gain a competitive advantage in the market.
