 "Pigments image via Shutterstock.")
Growing demand for automotive is expected to propel the global high performance pigments market to reach $ 6.32 billion by 2022 from $ 4.17 billion in 2014, according to a new report by Grand View Research Inc (GVR).
As the name suggests, high performance pigments are characterised by superior properties when compared to their conventional counterparts. These superior characteristics include high resistance to heat & light, enhanced fastness and longer operational life, making them useful for various applications across multiple industries. However, such high performance products are priced much higher when compared to their conventional counterparts.
Automotive coatings are a key application and hence it critically influences the high performance pigment demand. The rise in automotive coatings demand owing to increased automotive sales in the recent past has had a positive impact on their demand. Industry participants have been taking several key strategic initiatives such as capacity expansion and introducing superior high performance products with an aim to serve the customer’s increasing needs.
“Growing of automotive coatings demand on account of increasing automobile production particularly in Asia Pacific is expected to remain a key driving factor for the global high performance pigments market,” said GVR in a press release.
The growth of global personal care industry is also expected to have a positive influence on the market growth. Volatile raw material prices coupled with the high price of these pigments is expected to remain a key challenge for market participants. The market displays high competition among its industry participants which has resulted in companies taking strong measures to reduce manufacturing costs and yet provide superior quality products.
Inorganic high performance pigments emerged as the leading product segment with demand share exceeding 60 percent of the global market in 2014. However, organic high performance pigments are presumed to witness a faster growth rate on account of changing customer buying patterns and favourable regulatory scenario.
Global demand for high performance pigments is expected to reach 233 kilo tonnes by 2022 from 154.8 kilo tonnes in 2014 and register a CAGR of 5.2 percent from 2015 to 2022.
Coatings were the leading application segment and accounted for 59.9 percent of total market volume in 2014. Growth of global automotive coatings industry is expected to drive this segment between 2015-2022. It is also expected to witness the highest growth of 5.4 percent over the forecast period. Developments in the ink jet printing technology are expected to lead high performance pigment demand in the ink industry.
Europe dominated the global market with demand share estimated at 31.8 percent in 2014. Developed markets of North America and Europe have had their dominance in the past. However, the recent economic downturn critically impacted key end-use industry growth in these regions. Recovery of US automotive industry from the economic downturn is expected to re-establish high performance pigment demand in North America.
Asia Pacific is expected to witness the highest growth of 6 percent from 2015 to 2022. Increasing automobile production in China, India, Thailand and Indonesia is expected to drive the regional market over the forecast period.
