Rising demand for aesthetics in packaging and increasing popularity of high-performance pigments are some key factors driving market revenue growth
Plastic Pigment Market Size – USD 11.56 Billion in 2020, Growth – at a CAGR of 7.2%, Trends – Increasing research and development activities
The global Plastic Pigment market size is expected to reach USD 20.14 Billion in 2028 and register a revenue CAGR of 7.2% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by rising demand for plastics pigments in major end-use industries such as automotive, construction, packaging, and consumer goods, among others. Increasing demand for plastic packaging in the packaging industry is expected to drive revenue growth of the market to a significant extent over the forecast period. Rising focus on aesthetics in the packaging industry is boosting applications of Plastic Pigment in the packaging materials industry. Increasing need to enhance the visual appeal of packaged products is a key factor driving market growth.
The growth of the Plastic Pigment market is driven by factors such as increasing demand for colored plastics in various applications, such as packaging, consumer goods, construction, and automotive. The growing popularity of sustainable and eco-friendly products, along with advancements in technology for producing high-quality Plastic Pigment, are also contributing to the market growth. Additionally, the increasing use of Plastic Pigment in the Asia-Pacific region is expected to drive the market's growth in the future.
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Top Companies: BASF SE, Clariant AG, DIC Corporation, Cabot Corporation, Ferro Corporation, Tronox Inc., Heubach GmbH, Sudarshan Chemical Industries, Chemours Company, and DCL Corporation.
Further Key Finding from the Report Suggestion:
- In August 2021, DCL Corporation announced the acquisition of Performance Pigments Plant of Sun Chemical in South Carolina. The acquisition includes the sales and production of the specialty pigments product portfolios along with other specialty products. Specialty pigments provide highest performance, especially high durability, high heat stability, and transparency for the most demanding applications, including industrial coatings, automotive coatings, and engineered plastics. Addition of high-performance pigment portfolio and a U.S. manufacturing base to the established platform of DCL Corporation is expected to strengthen the position of the company in the global market.
- Inorganic Plastic Pigment segment is expected to account for largest revenue share in the global Plastic Pigment market over the forecast period owing to its cost effectiveness. Inorganic pigments are manufactured from mineral compounds and are less expensive in comparison to organic pigments, which is driving revenue growth of this segment.
- Direct sales channel segment is expected to register robust revenue growth over the forecast period. The profit margin is higher in the direct sales channel due to the non-involvement of distributors in the supply chain model, which is boosting growth of the direct sales channel segment.
- Packaging segment is expected to account for a considerably robust revenue share in the global Plastic Pigment market owing to increasing demand for plastic packaging among various end-use industries.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Plastic Pigment market is segmented into:
Product Type Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Organic Plastic Pigment
- Inorganic Plastic Pigment
Sales Channel Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Direct Sales Channel
- Distribution Channel
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Construction
- Automotive
- Packaging
- Consumer Goods
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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