- Global HPPs Market was valued at US$ 24 billion in 2022 and is expected to reach US$ 9.13 billion by 2030, exhibiting a CAGR of 4.9% over the forecast period (2023-2030). According to global High Performance Pigment Market, Published by Coherent Market Insights, By Product Type (Organic, sub-segments, Benzimidazolones HPPs, Dioxazine Violet, Isoindolinones and Isoindolines, Perylenes, Quinacridones, Diketo-Pyrrolo-Pyrroles, Phthalocyanines, Imidazolone-Annellated Triphenedioxazine High Performance Pigments, Others and Inorganic, sub-segments, Cadmium High Performance Pigments, Cerium Pigment, Titanate High Performance Pigments, Bismuth Vanadate, Others), By Application (Coatings, sub-segments, Automotive coatings, Decorative Coatings, Industrial Coatings and Cosmetic Products, Inks, Plastics and Others).
Market Dynamics
High performance pigments are pigments that offer excellent performance, and has properties such as enhanced light fastness, weather-fastness, and fastness to chemical exposure, high heat stability, and low solubility for system and migration application. They are primarily used in applications that require excellent weather and light fastness such as outdoor signs, automotive coatings, and exterior house paints. Rising demand for highly durable coatings such as coil coatings, marine coatings, exterior masonry coatings, and others is boosting growth of the global HPPs market. For instance, the automotive motor market's size value was approximately US$ 34.87 billion in 2020. Increasing usage of HPPs in cosmetics, ink jet printing, and in plastic industry is further driving growth of global HPPs market. However, high cost per unit weight of HPPs is expected to hamper the global market growth. The COVID-19 pandemic has had an impact on the market for high performance pigments because lockdown actions were implemented for almost every industry worldwide. The construction industry got affected initially due to lack of labour forces and lack of raw materials. Due to their high resistance and fastness qualities, high performance pigments are frequently used in the construction industry in coatings for homes and businesses. For instance, Quinacridone pigments are produced by Clariant, a significant player in the High Performance Pigments sector, and are eco-friendly due to their base of renewable raw materials. They are widely used in decorative coatings.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/high-performance-pigment-market-1016
Browse 600* pages, 450 market data tables* and 90 figures* on "Global High Performance Pigments Market”- Global forecast to 2030.
Key Trends and Analysis of the Global HPPs Market:
- Inorganic segment accounted for the highest market share (65%) in product type in 2022, owing to increasing demand for metallic HPPs in the automotive industry. For instance, according to the International Organization of Motor Vehicle Manufacturer (OICA), the total global registration or sales of passenger cars was 65,523,124 in 2020 and has increased to 69,560,173 in 2021.
- Organic HPPs is expected to be the fast growing segment, owing to increasing demand for environment- friendly pigments. Organic HPPs are widely used in various industries such as plastics, cosmetics, and others. For instances, Pigment Violet 23 offers various shades, high tinting strength, excellent light fastness, and heat stability, and is widely used in manufacturing of various plastics. Furthermore, rising use of plastic is expected to drive growth of the segment. For instance, according to the India Brand Equity Foundation, a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, domestic consumption of plastic is estimated to reach 20 million metric tons by 2020. .
- Among application, coatings was the dominant segment in 2022 and is expected to maintain its dominance over the forecast period. HPPs are widely used in exterior coatings, as it is exposed to high temperatures in presence of humidity, oxygen, and Ultraviolet radiation. Furthermore, demand for HPPs coatings in the automotive Original Equipment Manufacturer industry is the key factor that is expected to drive the segment growth. For instance, according to the Automotive Mission Plan 2016–2026 of India, prepared by Government of India and Society of Indian Automobile Manufacturers (SIAM), the Indian automotive OEM market is expected to reach around US$ 16.5 billion by 2021 from US$ 7.62 billion in 2016, and is expected to generate around US$ 300 billion by 2026.
Key Takeaways of the Market:
- According to regional, Asia Pacific accounted for the highest market share of 40.16% in terms of revenue in the global HPPs market in 2022, owing to increasing demand for HPPs in various industries such as cosmetics, plastics, and automotive in emerging economies of India and China. According to Plastics Europe, an association of plastic manufacturers, China manufactured 32.6% of the total plastic manufactured globally in 2022. According to India Brand Equity Foundation, luxury SUV and luxury sedans segments are growing at approximately 50% and 25–30%, respectively, during 2012-2020 in India.
- North America is expected to be the second largest region in the HPPs market, owing to high demand for eco-friendly pigments due to regulations imposed by regulatory bodies such as the U.S. Environment Protection Agency, and demand for pigments with high colour quality from automotive, plastics, cosmetics, and other industries. According to Plastics Europe, an association of plastic manufacturers, North America manufactured 18.5% of the total plastic manufactured, globally in 2022. According to Canada Industry Statistics, Government of Canada, the net revenue from paints and coatings manufacturing in 2015 was approximately US$ 332.06 million. HPPs are therefore in high demand for coatings. Key players operating in the global HPPs market include BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Heubach GmbH, Sun Chemical Corporation, Ferro Corporation, Merck KGaA, and Synthesia A.S.
