Wilmington, Delaware , May 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Plastic Pigment Market by Type (Organic and Inorganic), and Application (Packaging, Consumer Goods, Building and Construction, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the plastic pigment market was valued at $11.2 billion in 2022 and is estimated to reach $21.8 billion by 2032, growing at a CAGR of 6.9% from 2023 to 2032.
Prime determinants of growth
The global plastic pigments market is positioned for substantial growth owing to increase in demand for vibrant colors and enhanced aesthetics across consumer goods and packaging. Moreover, the escalating demand for plastic pigments in pivotal end-use sectors such as automotive, construction, electronics, and consumer goods propel market expansion. However, stringent regulations concerning volatile organic compound (VOC) emissions are restraining market growth. Contrarily, advancements in plastic pigment formulations present a lucrative growth opportunity for the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $11.2 Billion |
| Market Size in 2032 | $21.8 Billion |
| CAGR | 6.9% |
| No. of Pages in Report | 250 |
| Segments Covered | Type, Application, and Region |
| Drivers | Surge in demand for vibrant colors and enhanced aesthetics in consumer goods and packaging products Rise in use of plastic pigments in various end-use industries Increased demand for eco-friendly and bio-based pigments |
| Opportunity | Advancements in plastic pigments formulations Rise in demand for high performance pigments |
| Restraint | Stringent regulations on VOC emissions Fluctuating price of raw materials |
The inorganic segment to maintain its lead position during the forecast period.
By type, the inorganic segment held the highest market share in 2022, accounting for more than half of the global plastic pigments market revenue and is likely to retain its dominance throughout the forecast period. Advances in pigment manufacturing technology have led to the development of new and improved inorganic pigments with enhanced properties such as better dispersion, higher tinting strength, and improved compatibility with various polymer matrices. Furthermore, with the rising demand for packaged goods, particularly in the food and beverage industry, there is a corresponding increase in the use of inorganic pigments for plastic packaging. These pigments provide the vibrant colors and visual appeal desired by consumers while ensuring the safety and integrity of the packaging material.
The packaging segment to maintain its lead position during the forecast period.
By appliocation, the packaging segment held the highest market share in 2022, accounting for more than half of the global plastic pigments market revenue and is likely to retain its dominance throughout the forecast period. Packaging serves as a powerful marketing tool, communicating brand identity, values, and product benefits. Plastic pigments allow for the creation of customized packaging designs that reinforce brand messaging and attract target consumers. In addition to aesthetics, packaging plays a crucial role in protecting products from damage, contamination, and spoilage. Plastic pigments are used to produce packaging materials with specific properties such as UV resistance, barrier protection, and tamper-evident features, ensuring product integrity and safety.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global plastic pigments market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The rising population and increasing disposable incomes in the Asia-Pacific region have led to growing consumer markets for various goods, including packaged foods, beverages, personal care products, and household items. This drives the demand for colorful and attractive packaging made from plastic materials, thereby boosting the demand for plastic pigments. Furthermore, the Asia-Pacific region is witnessing significant investments in infrastructure development, including construction of residential buildings, commercial complexes, roads, bridges, and transportation networks. Plastic materials, often colored with pigments, are used in various construction applications, driving the demand for plastic pigments.
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Players:
- Atul Ltd
- BASF SE
- CLARIANT
- DIC CORPORATION
- Heubach GmbH
- LANXESS
- Mazda Colours Ltd.
- Sudarshan Chemical Industries Limited
- The Chemours Company
- Tronox Holdings Plc.
The report provides a detailed analysis of these key players in the global plastic pigments market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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