PEARLESCENT PIGMENT MARKET ANALYSIS

Global pearlescent pigment market is estimated to reach US$ 5.5 billion by 2030, exhibiting a CAGR of 4.7% during the forecast period (2023 to 2030).

Rising focus of the manufacturer to increase the number of the production facility is estimated to drive the market growth over the forecast period. For instance, in May 2018, FX Pigment, inaugurated a pearlescent pigments manufacturing unit in Mahad, Maharashtra, India. This new unit have capacity of 3,600 tons per year.

Global Pearlescent Pigment Market: Growth Drivers

Increasing Demand for Premium and Luxury Vehicles

Increasing demand for premium and luxury vehicles among the consumer, owing to rising disposable income of the population is expected to drive the market growth. Increasing usage of pearlescent pigments in high luster and the premium finish product is further expected to drive the market growth. Using pearlescent pigments as an alternative to glitters and conventional solid colors in textiles, toys, and others is expected to drive the  market growth.

Figure 1. Global Pearlescent Pigment Market , By Structure Type,2022

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Rising Concerns over Toxicology and Lead Compounds

Rising concerns regarding toxicology and lead compounds has boosted demand for alternative pigments in the paints and coatings industry, and this is expected to drive the market growth. India, China, and Mexico are the major consumer of pearlescent pigments in construction and automotive industry  is also expected to drive the market growth of the pearlescent pigments. Moreover, rising demand for high-luster pigments is further expected to drive the market growth. 

Global Pearlescent Pigment Market: Restraints

High Cost of Pearlescent Pigments

High cost of pearlescent pigments in developed regions such as Europe and North America is due to the high cost of labor in the region, and this is expected to hinder the market growth. Moreover, major players such as BASF SE and Altana AG (ECKART effect pigments) sell pearlescent pigments at relatively high prices as compared to their China counterparts.

Global Pearlescent Pigment Market: Segmentation

On the basis of structure type, in 2022, multilayer segment accounted the largest market share of 59.6%, in terms of revenue, followed by monolayer and substrate-free, respectively. Multilayer pearlescent pigments segment witnessed the significant growth, as it provides more sparkling and radiance effect due to higher number of refractions.

Figure 2. Global Pearlescent Pigment Market, By Region, 2022

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Global Pearlescent Pigment Market: Regional Analysis

Asia Pacific region is expected to dominate the global Pearlescent pigment market during the forecast period 2023-2030. Asia Pacific region is expected had the largest market share of 35% in 2022, owing to increasing  demand for automotive paints. The top four manufacturers of passenger cars globally are China, Japan, India, and South Korea, and this increases demand for pearlescent pigments that are used in cars, especially luxury and premium models, to provide a metallic, chrome, and gloss look. According to the Organisation Internationale des Constructeurs d'Automobiles, 29.8 million passenger vehicles were manufactured  in these nations, that makes up 53.4% of all passenger vehicles global production. According to the American Coatings Association, China held 60% share of the paints & coatings market in APAC in 2021, followed by India with an 18 % share. The Paints & Coatings Industry generated US$ 74.2 billion in 2021. Due to these factors, Asia Pacific consumes most of pearlescent pigment.

Global Pearlescent Pigment Market: Recent Developments

• In September 2020, DIC Corporation and its subsidiary company Sun Chemical acquired Seller Ink, a Brazil-based manufacturer of coatings and specialty inks
• In October 2021, Sun Chemical, launched Xennia Pearl pigment inks for high-speed industrial applications. This includes inks for both mid-viscosity and high-viscosity printheads. The company announced the development of this product for high fastness, multi-substrated compatibility, consistent color and Outstanding Print Performance.

Global Pearlescent Pigment Market: Key Players

Key players active in the global pearlescent pigment market are BASF SE, Sudarshan Chemical Industries Ltd., Merck KGaA, DIC Corporation, ALTANA AG, Fujian Kuncai Material Technology Co., Ltd., CRISTAL, Shanghai Zhuerna High-Tech Powder Material Co., Ltd., Oxen Special Chemicals Co., Ltd., Huaian Concord Industrial Product Co., Ltd., Spectra Colours Ltd., LANSCO COLORS, Aal Chem, Zhejiang Ruicheng Effect Pigment Co., Ltd, Sinpearl Pearlescent Pigment Co., Ltd., and Kolorjet Chemicals Pvt. Ltd.

*Definition: Pearlescent pigments are mainly micas that are basically coated with titanium dioxide or iron oxide. It offer excellent whiteness, brilliance, and exceptional different optical effects ranging from a fine-grained luster to a bold silvery-white sparkle. These pigments are widely used in packaging of plastics, personal care products, coatings, inks, and other applications. Pearlescent pigments are generally used where soft shine or a satin luster appearance is required. It can be produced by creating an in-situ TiO₂ surface coating on mica along with a titanium chemical precursor.