Plastic Pigments Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Fiber Type (PAN Type, Pitch Type), By Modulus Type (Standards Modulus, Intermediate Modulus, High Modulus, Ultra-High Modulus), By Application (Automotive Components, Turbine Blades, Aircraft Parts, Implants & Imaging Application, Construction Material, Others), By Industry Vertical (Automotive, Building & Construction, Aerospace, Energy Generation, Medical & Healthcare, Others), And By Geography - Forecasts From 2023 To 2028

Plastic pigments are the particles that are added to the polymer base for providing functional benefits to the plastic such as high weather resistance, transparency, chemical, and dust resistance. Such particles are either organic or inorganic and owing to their major performance features, they have high applicability in the automotive and building & construction sectors in paints & coatings applications. The growing productivity in these sectors coupled with technological innovations in pigment manufacturing has increased the demand for lightweight and long-lasting plastic pigments in such sectors, which has become a major driving factor for their market growth. Moreover, plastic pigments are also applied in cosmetics products such as eyeliners, skin care, nail polish, and in makeup products. Rapid urbanization, improvement in living standards, and improvement in disposable income have created a surge in demand and consumption of cosmetics products owing to which major cosmetics and consumer products companies reported an increase in their revenue. For instance, according to the 2021 annual report of Japan-based cosmetic giant Shiseido, the company reported a 7% increase in its cosmetics sales in America. Furthermore, Unilever as per its quarterly report reported an increase of 7.5% in its beauty & personal care products sales in the first half of 2022.

Based on type, the plastic pigments market is segmented into organic and inorganic. The organic type is projected to hold a decent market share during the forecast period. The growing concern about pollution caused by inorganic pigment manufacturing has shifted the interest of manufacturers toward organic pigments, thereby leading in their plant establishment. For instance, DCC Lansco, 2019 announced the establishment of its organic pigments manufacturing plant in Canada. In addition to that, the growing awareness regarding the usage of inorganic pigments in cosmetics has raised the demand for organic pigments in the cosmetics sector which is further pushing the market growth.

Growing automotive production is projected to increase the demand for plastic pigment. Plastic pigments having thermal stability, weather, and dust resistance is applied as coatings on automotive dashboard and bumpers. Post-pandemic the automotive sector has witnessed steady growth owing to favorable investment inflows and growing demand for new fuel-efficient vehicles which has increased the production and consumption scale. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2021, global automotive production reached 80.1 million showing a 3% increase over 2020, whereas global sales reached 82.6 million showing a 4.9% increase. With automotive sales and production on the rise, the market demand for plastic pigments is also expected to increase for paints and coatings applications, thereby augmenting the overall market growth during the forecast period.

Stringent regulations on VOC emission are expected to pose a challenge to the plastic pigments market growth. The volatile organic compound emitted in the atmosphere during inorganic plastic pigment production causes major health problems such as damage to the kidney, liver, and lungs, and throat infection. Government authorities to reduce the effect of such emissions have implemented certain regulations. Such as, the emission standards under the Clean Air Act require the EPA to control VOC emissions.

Recent developments

• In January 2022, Germany-based pigment maker Heubach Group in partnership with SK Capital Partners completed the acquisition of Clariant’s pigment business. The business will operate under the Heubach brand and will make the company an industry leader in pigment technology.
• In August 2021, DCL Corporation a leading provider of color pigments for the plastics, coatings, and inks industry completed the acquisition of Sun Chemical’s pigments plant in South Carolina. The acquisition would enable DCL to meet the growing demand for pigments in engineered plastics and industrial coatings applications.
• In June 2021, DIC Corporation completed the acquisition of BASF’s pigment business called BASF Color & Effect which is a prominent manufacturer of specialty inorganic pigments globally. The acquisition combined the pigment products, technologies, supply chain, customer service, and manufacturing assets of the two companies thereby enabling them to serve their pigment-using customers globally.

Covid-19 Impact on the Plastic Pigments Market

The COVID-19 pandemic negatively impacted major end-use industries of plastic pigments globally. Automotive manufacturing decreased due to the shutdown of plants & factories and restrictions in supply chains, whereas the construction projects were halted due to a lack of labor and raw material availability. According to the International Organization of Motor Vehicle Manufacturers, in 2021, global vehicle production witnessed a decrease of 15.6% at 77.7 million units. Furthermore, as per the UNEP’s 2020 Global Status report for building and construction, it was found that global construction activities witnessed a drop of 10-25% in comparison to 2019. However, as the pandemic effect lessens and ease in COVID restriction shown by the government is providing steady growth to such sectors, thereby ultimately opening the market for plastic pigments in the future.

Plastic Pigments Market Scope:

Segmentation

• By Fiber Type
  • PAN Type
  • Pitch Type
• By Modulus Type
  • Standards Modulus
  • Intermediate Modulus
  • High Modulus
  • Ultra-High Modulus
• By Application
  • Automotive Components
  • Turbine Blades
  • Aircraft Parts
  • Implants & Imaging Application
  • Construction Material
  • Others
• By Industry Vertical
  • Automotive
  • Building & Construction
  • Aerospace
  • Energy Generation
  • Medical & Healthcare
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others