Analysis of COVID-19 Crisis-driven Growth Opportunities in Pearlescent Pigment Market
The demand within the global pearlescent pigment market is slated to rise as new creative avenues emerge in the art and craft industry. Several artists have increased the consumption of pearlescent pigments, mainly due to the aesthetic value of these pigments in art forms. The use of these pigments can majorly be attributed to the gloss and shine imparted by these pigments to the design or craft. These pigments exhibit unique physical and chemical properties, and can be used on a variety of surfaces. Demonstration designs developed by artists on various types of canvas necessitate the use of pearlescent pigment. In this scenario, it is safe to expect that the global pearlescent pigment market would expand at a stellar pace in the times to follow.
- These pigments can be used to polish surfaces such as glass, and this is an important consideration from the perspective of market growth and maturity. In addition to this, use of these pigments in art and craft shows organised by internationally renowned artists and organizations has also created a plethora of opportunities for growth within the global market. As the field of fine arts gains popularity across the globe, the total volume of revenues within the global pearlescent pigment market is slated to increase.
- The cosmetic and beauty industry has emerged as an important end-user in the global pearlescent pigment market. Manufacturing of enhancers and makeup items from these pigments has given an impetus to market growth. Eye shadows and lipsticks are some of the products that involve the use of pearlescent pigment during manufacturing. The popularity of glossy products for makeup, especially amongst fashion icons, has created humongous opportunities for advancement in the market. The regional dynamics of the global pearlescent pigment market reveal that the demand for the products has increased in Europe.
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Pearlescent pigments are composed of synthetic mica platelets or artificial glass substrates and consecutive semitransparent layers of metal oxides. This pigments deliver superior whiteness, with extraordinary optical effects ranging from a fine-grained luster to bold silvery white sparkle. Pearlescent pigments are generally employed in end-use applications such as industrial coatings, cosmetics, plastics, and printing ink applications
In terms of product type, the pearlescent pigments market can be divided into natural pearl essence, titanium dioxide mica, iron/ferric oxide mica, combination mica, and others. In 2016, the titanium dioxide mica segment accounted for a significant share of the global pearlescent pigments market. Increase in popularity of high luster pigments with inherent sustainability and solubility is estimated to drive the pearlescent pigments market during the forecast period. Rise in demand for sports & luxury vehicles with bright chromatic effects is likely to boost the demand for these pigments in the automotive industry. This, in turn, is anticipated to augment the demand for pearlescent pigments.
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In terms of application, the pearlescent pigments market can be segmented into paints & coatings, plastics, printing inks, and cosmetics. The paints & coatings segment held significant share of the global pearlescent pigments market in 2016 due to the rising application of pearlescent pigments in automotive paints and industrial machinery. However, implementation of the VOC emission regulations limit in Europe and the U.S. is likely to drive technological changes and subsequent modifications in paints & coating applications.
Based on region, the global pearlescent pigments market can be segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. North America was a major region for pearlescent pigments in 2016. The market in the region is estimated to expand due to the increasing number of end-use industries in the region. Growth in demand for pearlescent pigments in the automotive sector is also likely to drive the market in North America during the forecast period. The U.S. and China are estimated to account for major share of the pearlescent pigments market in North America and Asia Pacific, respectively, due to the rising demand for paints and coatings in these countries. The global market is anticipated to witness a shift from developed countries to the developing economies of Asia due to the expansion in the construction sector in the region. The pearlescent pigments market in China and India is projected to expand significantly owing to the advancements in end-use sectors, technological developments, and wide expansion in application range in these countries. This, in turn, is anticipated to propel the demand for pearlescent pigments in Asia Pacific during the forecast period.
Global demand for pearlescent pigments is projected to rise significantly in the near future, thus offering immense growth opportunities for the market. The rapid rise in demand for these pigments in end-use applications, its competitive manufacturing costs, and the high economic growth rates are the key factors driving the pearlescent pigments market in Asia Pacific and attracting companies to adopt expansion and R&D strategies in the region. Market players are focusing on Asia Pacific to gain substantial market share. Producers of pearlescent pigments have been compelled to adopt expansion and acquisition strategies to meet the global demand. Several producers are shifting their plants to China and India due to the high demand and low raw material & labor costs in these countries. Growth in various end-use sectors in Asia Pacific is anticipated to boost the need for pearlescent pigments during the forecast period.
Key players operating in the global market include Huaian Concord Industrial Product Co. Ltd., BASF SE, Lansco Colors, L’Arca Srl, Sun Chemical Performance Pigments, Fujian Kuncai Fine Chemicals Co. Ltd, and Geotech International B.V.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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