July 19, 2024

The High Performance Pigment Market is Estimated To Witness High Growth Owing To Increasing Demand For Vibrant Colors.

The global High Performance Pigment Market is estimated to be valued at US$ 6.55 Bn 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 colorants that possess superior properties such as heat resistance, lightfastness, and weather-resistance compared to ordinary pigments. They also offer better hiding power, gloss, and opacity. Due to their UV-protective properties, high performance pigments are widely used in the coating of automotive and plastic products. They enhance the durability and preserve the color of end-use products. The rising demand for long-lasting and high-quality coatings from industries such as automotive, marine, aviation, construction, and plastics is expected to drive the growth of the global high-performance pigment market during the forecast period.

Market Key Trends:

The development of new bio-based pigments is one of the prominent trends witnessed in the global high performance pigment market. Growing environmental concerns regarding the disposal of petroleum-based pigments have increased the demand for sustainable pigment solutions. Companies are focusing on developing innovative bio-pigments from natural sources such as vegetables, fruits, and microorganisms through fermentation. These natural pigments have high stability and durability comparable to synthetic pigments. For instance, Orange Glo is a pigment derived from carotenoids and displays properties similar to traditional organic pigments. The growing focus on green chemistry and bio-based materials will favor the demand for bio-based high performance pigments.

Porter’s Analysis:

  • Threat of new entrants: The threat of new entrants is moderate. High capital requirements for R&D and marketing acts as a barrier.
  • Bargaining power of buyers: The bargaining power of buyers is high due to the presence of substitutes. Buyers can opt for alternatives if prices are increased.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes in the market.
  • Threat of new substitutes: The threat of new substitutes is high due to ongoing R&D and product innovations.
  • Competitive rivalry: Competition is high among the existing players due to their international presence.

Key Takeaways:

The global High Performance Pigment Market is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing demand from end-use industries like automotive, industrial coatings, plastics, and cosmetics. The market size for 2023 is US$ 6.55 Bn.

Regional analysis: Asia Pacific dominates the global market and is estimated to grow at the fastest rate during the forecast period. The growth in the region can be attributed to increased per capita income and growth of end-use industries in countries like China and India.

Key players: 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. These players are focusing on new product launches and expansion strategies to gain a competitive advantage in the market.