Catherine Diamond, Associate Editor
The global demand for high perfor- mance pigments is steadily increas- ing, and experts predict that this will
continue through at least 2022. According
to recent research, the global pigments market is expected to be worth $17.58 billion
by 2022; in terms of market share, high performance pigments is anticipated to account
for more than $6 billion.
Researchers from Markets and Markets
determined that high performance pigments
is being driven largely by the use of automotive specialty paints. From a geographical perspective, the Asia-Pacific region is
responsible for most of the overall global
demand. “Asia-Pacific is the largest market
for high performance pigments, closely followed by North America, in terms of value.
The rising demand from applications such
as cosmetic products and coatings for decorative and automotive coatings is driving the market for HPPs
in these regions,” according to the report.
Markets and Markets researchers determined that organic
high performance pigments are capturing the largest market
share. “Organic high performance pigments captured the maxi-
mum share of the overall market and is also expected to wit-
ness high growth rate through 2021,” the report stated. “The
demand of organic high performance pigments is increasing on
account of their environmentally-friendly features, which make
them suitable for use in various applications.”
Markets and Markets also determined that the major appli-
cations of the high performance pigments market are coatings,
plastic, inks, cosmetics, and others. Coatings is the leading ap-
plication of the high performance pigments market due to its
high demand in automotive and decorative coatings sectors. The
demand of HPPs in cosmetic products and plastics is expected
to grow significantly in Asia-Pacific and North America.
Analysts from Grand View Research came to similar con-
clusions. A recently published report from the firm states that
the high performance pigments market is expected to be worth
$6.32 billion by 2022. The growing demand for automotive
coatings is largely due to increasing automobile production,
particularly in the Asia-Pacific region. Additionally, Grand View
Research analysts found, the growth of the global personal care
industry is also expected to have a positive influence on the mar-
ket growth. “Volatile raw material prices coupled with the high
price of these pigments is expected to remain a key challenge
for market participants,” the report states. “The market displays
high competition among its industry participants, which has re-
sulted in companies taking strong measures to reduce manufac-
turing costs and yet provide superior quality products.”
Inorganic high performance pigments were the previous leading
product segment - with demand share exceeding 60% 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 favorable regulatory scenario.
Researchers also determined that the global market is expect-
ed to reach 233.0 kilo tons by 2022, at a CAGR of 5.2%from
The need for specialty pigments in the automotive sector is fueling growth in this market.
High Performance
PIGMENTS
