Global Metallic Pigments Market - 2021-2028
Metallic pigments are special effect pigments made up of mica nanoparticles coated with a variety of organic and inorganic pigments to create pearlescent and iridescent effects. The global Metallic Pigments market is expected to grow at a high CAGR during the forecast period.
Global Metallic Pigments Market Dynamics
Growth in the paints and coatings industry will boost the metallic pigments market.
Paints are a type of coating that can be used as a protective coating, a decorative, colorful coating, or both. They give the paint a gleaming and lustrous appearance. The pigments' type, amount, size, and color can be varied to produce a wide range of effects, gloss, and reflections, resulting in a glossier finish than any solid paint.
The increasing demand for paints and coatings is expected to boost the metallic pigments market. For example, Paint and coatings demand in the United States reached 1.4 billion gallons in 2019 of which over 50% of the demand was generated through architectural requirements, whose revenue generation was approximately 65 billion US dollars in 2018, and is expected to reach 82.4 billion US dollars by 2023. According to data provided by Statista, in 2019, the global paint and coatings market volume was nearly 10 billion gallons and is expected to be worth 179 billion dollars by 2025. Moreover, the global market value of industrial coatings was 15.87 billion US dollars in 2016, and it is also expected to rise by almost 49% by 2026.
With the help of these statistics and projections we can expect the Metallic pigments market to be boosted by the increase in demands in the paints and coatings industry.
Increasing demand in the automobile industry will propel the metallic pigments market.
Metallic pigments are a crucial part of paints produced by manufacturers, who have a large catalogue of metallic and pearl colors, and by users, who want to give their vehicles a unique look. These pigments provide a shine and gloss to the vehicles, making it more presentable and attractive. The increase in demand for all kinds of automobiles is expected to boost the metallic pigments market. The global automobile sales are expected to increase to just under 70 million units in 2021, up from an estimated 63.8 million units in 2020. The market value of the global automotive industry is estimated to grow by almost 9 trillion US dollars by 2030, as compared to the current 2020 market value.
The Global Metallic Pigments market is restrained by the strict environmental regulations for pigments in various countries.
The Global Metallic Pigments market is segmented by Type, Application and Region.
Based on Type
The Global Metallic Pigments market is segmented by Type into, Aluminum, Zinc, Copper, Stainless Steel and Others.
Of all the segments of metallic pigments based on type, Aluminum has dominated the market and is expected to do so during the forecast period. Aluminum pigments are used in a variety of applications, including graphic arts and inks, automotive paints, and protective coatings for bridges and buildings. Pigments are almost entirely manufactured using a wet-milling process from aluminum powder. Aluminum pigments appear colored because they absorb certain wavelengths of light more readily than others.
Based on Application
The Global Metallic Pigments market based on application is segmented into Paints & Coatings, Plastics, Personal Care, Printing Inks, Others.
The Global Metallic Pigments market based on region is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa.
Of the various segmented regions, Asia-Pacific region holds the majority of the market share in the Metallic Pigments market. This can be explained due to a constant and huge increase in population of the APAC countries. It is the most populated region in the entire world. According to data, APAC is expected to have the most urban population by 2050. In 2020, the Asia Pacific region's prime office leasing demand was 2.3 million square meters. This demand is expected to more than double by 2021, reaching 6.5 million square meters. Moreover, China's New Energy Vehicle production increased from around 17,500 units in 2013 to over 1.2 million units by 2020.
Europe follows APAC in terms of market share of Metallic Pigments; this is also due to large investments in infrastructure development as well as an increase in the urban population, which will increase demand for Metallic Pigments in residential construction. For example, statistics published by the National Records of Scotland, show the impact of changing demographics, with future household demand rising faster than population growth. Scotland's population is expected to grow by 9% by 2037, with a 17% increase in the number of households. The sales value for metallic pigments in England, after reaching its lowest point of 16.02 million British pounds in 2017, again grew to almost 21 million British pounds in 2019, a 31% increase in sales. Coincidentally, during this period, the population of the United Kingdom increased by almost 2%.
A growth in population means that the demands in the automobile and housing industries will increase. Therefore, the demand for metallic pigments, which are used in paints and coatings that are applied on cars and houses, will increase too.
The Global Metallic Pigments market is fragmented with key players implementing strategies such as mergers, acquisitions, new product launches and investments in Research & Developments in order to stand out. Benda Lutz® COMPAL PC, a highly concentrated aluminum preparation for powder coatings that comes in a groundbreaking pelletized form that virtually eliminates dusting, minimizes housekeeping, simplifies equipment clean-up, and improves worker exposure, was introduced in March 2019 by Sun Chemical Performance Pigments.
Key players in the market include Sun Chemical Corporation, Heubach, Toyal America, Altana, Schlenk AG, ECKART America Corporation, Clariant and Toyo Aluminum K.K.
Company Profile: Schlenk AG
Company Overview: Schlenk AG was founded in 1879 and has its headquarters in Roth, near Nuremberg, in the Middle Franconian Barnsdorf. Schlenk employs approximately 900 people worldwide and is a leading international manufacturer of metal powders, pigments, and foils. Schlenk Metallic Pigments and Schlenk Metal Foils are its two divisions as a holding company.
Product Portfolio: The company specializes in manufacturing metal powders, pigments, foils, prints, graphics, coatings, building materials for the chemical and material industry.
Recent Developments: 1) In January 2020, Zenexo® GoldenShine WB 21 YY, a new effect pigment for automotive and waterborne coatings, was released by SCHLENK Metallic Pigments.
2) In May 2020, SCHLENK company acquired the Lawrence, Kansas-based industrial company ""API Americas."" for manufacturing vacuum metallized foils for production in Roth and Barnsdorf.
3) With effect from June 1 2021, the company has imposed a product-related “procurement cost surcharge” ranging from EUR kg 0.10 to EUR /Kg 0.30.
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