Aluminum Pigments Market to Reach US$581.9 mn by 2024, New Pigment Development Technologies to Stimulate Growth
Transparency Market Research has published a new report titled “Aluminum Pigments Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” According to the report, the global aluminum pigments market was valued at US$332.9 mn in 2015 and is anticipated to reach US$581.9 mn by 2024, expanding at a CAGR of 6.4% between 2016 and 2024.
Pigments are compounds that impart colors to various substrates. They improve hiding power, opacity, fastness, weather & chemical resistance, and durability of paints & coatings, plastics, and printing inks. Aluminum pigments are a special type of pigments that provide silver color with excellent metallic effects. Pigments are broadly used to offer lustrous, glossy, and shiny effects. Aluminum pigments impart the metallic effect by scattering light on rough surfaces or reflecting light on a smooth surface. Usage of aluminum pigments helps provide metallic appearance to products, thus enhancing their esthetic features. Aluminum pigments are available in different shapes and sizes such as lamellar flakes (cornflakes), lenticular flakes (silver-dollars), and vacuum metallized pigments (VMPs). Furthermore, aluminum pigments are classified into two groups – leafing and non-leafing – depending on wetting properties.
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Aluminum pigments are employed widely in paints and coatings, plastics, personal care, printing inks, and construction materials. Consumer preference for high performance aluminum pigments with attractive esthetic features has been rising significantly of late. Aluminum pigments are widely employed in the formulation of automotive paints & coatings to enhance their aesthetic properties. Automotive OEM coatings, automotive interior coatings, wheel coatings, automotive parts and accessories, and automotive refinishes are the major areas where aluminum pigments are used. Increased consumption of these pigments in decorative automotive paints and coatings is likely to fuel the market in the next few years.
Personal care was another lucrative end-user segment of the aluminum pigments market in 2015. Aluminum pigments are largely employed in the production of several personal care products such as eye shadows, nail varnishes, mascara, blushers, shampoos, body washes, lotions, and creams to impart shimmering effects. Growth of the personal care industry is estimated to propel the market for aluminum pigments in the next few years. Emergence of advanced technologies in the development process of aluminum pigments is projected to create lucrative opportunities for the market during the forecast period.
The global aluminum pigments market has been expanding significantly since in the last few years. Automotive industry has experienced considerable growth in developing countries over the last couple of years. This, in turn, has significantly boosted the demand for aluminum pigments in paints & coatings. Thus, paints & coatings was the largest end-user segment in 2015. Furthermore, rising consumer preference for cars with metallic effect has been augmenting the demand for aluminum pigments since the last few years. Furthermore, growth in production of plastics across the globe boosted the demand for aluminum pigments in 2015.
Asia Pacific was the largest consumer of the global aluminum pigments market in 2015. The region is estimated to dominate the market during the forecast period due to the increasing demand for these pigments in major end-user segments. Rising trend in the automotive industry in developing countries such as China, India, Singapore, Thailand, and Malaysia has fueled the demand for aluminum pigments in the paints and coatings segment. China is projected to be the largest consumer of aluminum pigments by 2024, followed by Rest of Asia Pacific and ASEAN. Europe was the second-largest consumer of aluminum pigments in 2015, followed by North America. Middle East & Africa and Latin America are projected to be lucrative markets for aluminum pigments in the next few years.
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