The global pearlescent pigment market is to reach a valuation of USD 3,745.8 million by the end of 2023. Sales prospects in the pearlescent pigment are anticipated to witness steady growth at 4.0% CAGR, surpassing USD 5,544.7 million by 2033. The market has been predominantly influenced by certain industrial and innovation factors including growth in automotive, paints and coatings, and plastic industry and investment in product development.
Regionally, East Asia is expected to remain prominent for the consumption of pearlescent pigment. South Asia market is expected to witness a positive growth outlook, especially in India, on the back of growing applications in personal care and paints & coatings industries. The global consumption of pearlescent pigment is estimated to be around 6-8% of the overall pigments market.
| Attributes | Key Insights |
|---|---|
| Pearlescent Pigment Market Sales (2022A) | USD 3,601.7 million |
| Estimated Market Size (2023E) | USD 3,745.8 million |
| Projected Market Value (2033F) | USD 5,544.7 million |
| Value CAGR (2023 to 2033) | 4.0% |
| Collective Value Share: Top 3 Countries (2023E) | 43.6% |
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As per Future Market Insights (FMI), the pearlescent pigment industry witnessed a growth outlook of around 3.6% CAGR throughout 2018 and 2022. However, there has been a significant increase in demand for pearlescent pigments, particularly for application in printing and food packaging.
This is expected to lead to the growth of a wider variety of pearlescent pigments with different color indexes and special mica and metallic pigments. Moreover, the rising application of pearlescent pigments in digital printing for quality of dispersion, viscosity, and consistency is another trend observed in the pearlescent pigments market.
Hence, packaging companies strive to meet the increasing demand for high-quality graphics, which in turn is aiding the demand in the pearlescent pigment industry. Further, synthetic mica as a substrate material provides a relatively higher level of transparency and lower impurities as compared to natural mica.
This enables manufacturers and suppliers to provide a more consistent batch-to-batch quality of synthetic pearlescent pigments. For niche applications such as premium vehicles and cosmetics that have very narrow quality specifications, synthetic pearlescent pigments offer various advantages.
Further, the market is expected to witness lucrative growth prospects as a preference for aesthetic colors in automotive vehicles is surging among consumers. Hence, automotive manufacturers are increasing the adoption of specialty colors, propelling the demand for pearlescent pigments. On the back of these factors, the demand in the pearlescent pigment industry is anticipated to reach USD 5,544.7 million by 2033. Sales in the market are projected to expand by nearly 1.5x over the forecast period.
Growing Fad for Aesthetic Finishes in Passenger Cars to Bolster the Sales
With the expansion of the automotive industry across the globe coupled with rising purchasing power, the demand for luxury passenger cars is surging. Also, with a growing preference for aesthetic finishes, automakers are choosing colors that are trending among millennials and Gen-Zs as they are eye pleasing. This is resulting in increased sales of pearlescent pigments in the market.
Pearlescent pigments are expensive, unlike other organic pigments. These are mainly used to attain high luster and a premium finish for luxury cars. Thus, the aforementioned factors are in turn driving demand in the pearlescent pigments market.
Application of Pearlescent Pigment in the Cosmetics Industry to Create Tailwinds
The increasing application of borosilicate or glass flake pearlescent pigments in cosmetics such as lip gloss is predicted to surge. The application of glass flake pearlescent pigment in lip products is expected to increase significantly over the upcoming decade.
Demand for glass flake pearlescent pigments for applications in cosmetics, particularly for lip, eye, face, nail, and other personal care products is increasing. As these pigments moderately diffuse ambient light to help reduce the appearance of wrinkles, the demand in the pearlescent pigment industry.
The high cost of pearlescent pigments is high, especially in developed countries of Europe and North America. Since production cost remains high owing to high labor charges and Capex costs associated, the demand is likely to be hampered in these regions.
These pigments are available at relatively lower prices in developing countries of the Asia Pacific, especially China, and India. As pearlescent pigments cost less due to the low cost of labor in the region and the wide availability of raw materials such as natural mica (India accounts for more than 90% of exports), sales in the Asia Pacific pearlescent pigment industry are expected to gain traction.
However, key players such as BASF SE and ALTANA AG sell this category of pigments at relatively higher pricing as compared to manufacturers in China and India. This can adversely affect market share in the long term, especially in price-sensitive markets of Asia Pacific.
Over 1/4th of the Pearlescent Pigment Market Demand to Contributed by the United States
| Country | The United States |
|---|---|
| Market Share % (2023) |
27.3% |
According to the study, a significant development in the industrial sector across the USA is predicted to result in an upsurge in pearlescent pigment production. Rising applications in diverse industries including automotive, paints and coatings, and plastic are expected to also spur the demand for pearlescent pigment. Backed by this, the United States is estimated to account for around 27.3% of the global market share.
Further, robust growth in the building and construction sector is expected to also result in higher demand for paints, boosting the consumption of pigments. As the United States is considered to be the second largest vehicle manufacturing country worldwide, the demand for aesthetic finish passenger cars is expected to accelerate sales in the pearlescent pigment industry.
Strong Supply-Chain and Flourishing Paints & Coatings Industry to Create a Conducive Environment
| Country | China |
|---|---|
| Market CAGR % (2023 to 2033) |
4.4% |
FMI opines the rising industrial sector in China over the past decade has boosted the chemical industry, including the paints & coatings market. China is considered to be the leading pigment manufacturing industry due to the strong manufacturing supply chain in the country. Manufacturers in China are also key exporters of chemicals all across the globe owing to their less pricing for the product. This is resulting in higher sales of pearlescent pigment in China.
Demand for the pearlescent pigment in China is expected to witness growth at a CAGR of 4.4% over the assessment period. Significant growth in the construction sector, development in the paints and coatings industry, growth in the plastic industry, and significant rise in the automotive industry are the key driving factors in China's pearlescent pigment market.
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Key Players Eyeing the Asia Pacific Market as Availability of Natural Pigment Raw Materials is Higher
Based on product type, the natural pearl pigment segment is estimated to account for about 67% of the pearlescent pigment market. Pearlescent pigments produced using natural substrates are considered natural pearl pigments. Some of the raw materials used in natural pearl pigments are mica, kaolin, or phlogopite.
Owing to its low cost as compared to its counterparts and the easy manufacturing process for this product type, demand for natural pearl pigments is anticipated to remain prominent in the global market.
Furthermore, owing to stringency in government regulations, manufacturers are focusing on developing natural pearl pigments. Moreover, a growing focus on setting up manufacturing units in the Asia Pacific as the availability of raw materials such as mica, kaolin, and phlogopite is high. This is expected to boost sales in the global pearlescent pigment market.
Maximum Sales in Pearlescent Pigment Market to Come from Automotive Industry
| Segment | Automotive Paints |
|---|---|
|
Market Share % (2023) |
39.3% |
In terms of end-user, the automotive paints segment is expected to dominate the global market over the forecast period. Growth in the segment is primarily underpinned by substantial production of vehicles across the globe.
Also, the rising demand for aesthetic paints required on the passenger car is fueling the demand in the segment. On the back of this, the demand in the automotive industry is predicted to surge at a CAGR of 5.2% during 2023 and 2033.
Key manufacturers are focusing on increasing their manufacturing capacities and are setting up manufacturing units, sales offices, and distribution channels in emerging economies to boost their sales.
For expansion, key market participants are also focusing acquisition of small and medium-sized manufacturers to enhance their annual turnover. Some of the leading players are also focusing on tailored product offerings as per the specific requirements of the end-use industries.
For instance,
| Attribute | Details |
|---|---|
| Estimated Market Size (2023E) | USD 3,745.8 million |
| Projected Market Value (2033F) | USD 5,544.7 million |
| Value CAGR (2023 to 2033) | 4.0% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Tons for Volume |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, BENELUX, Russia, China, Japan, South Korea, India, Association of Southeast Asian Nations, Australia and New Zealand, GCC Countries, South Africa |
| Key Segments Covered | Purity Type, Structure Type, End-use Industry, and Region |
| Key Companies Profiled | 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; Kolorjet Chemicals Pvt Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The pearlescent pigment industry is projected to reach a valuation of US$ 5,544.7 million by 2033.
BASF SE and Sudarshan Chemical Industries Ltd are the top players in the pearlescent pigment industry.
The United States is projected to hold a sizeable market share over the forecast period.
The pearlescent pigment industry is projected to grow at a CAGR of 4%.
The market size is estimated at US$ 3,745.8 million in 2023.
The market is expected to reach US$ 5,544.7 million by 2033.
The market is anticipated to experience a 43.6% share in 2023.
Automotive paints with a 39.3% share will drive sales.
BASF SE, Merck KGaA, and CRISTAL are the leading companies.
| Market Value (2022) | USD 5862 Million |
|---|---|
| Market Anticipated Value (2032) | USD 9824.9 Million |
| Projected CAGR (2022 to 2032) | 4.5% |
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