Industry News, Coatings, Inks
High Performance and Special Effect Pigments
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Industry News, Coatings, Inks
The global high performance pigments market size was valued at $5.69 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030, according to a recent report from Grand View Research.
High-performance pigments are characterized by superior properties when compared to their conventional counterparts. These superior characteristics include high resistance to heat and light, enhanced fastness, and longer operational life, making them useful for various applications across multiple industries.
Because of their superior performance characteristics, high-performance products are priced higher when compared to their conventional counterparts. According to Grand View Research, such price disparity is anticipated to remain a key challenge for the market participants over the forecast period. Volatile raw material prices are also expected to pose threats to industry profitability.
Developed countries including India, China and Japan are expected to witness rapid growth in demand over the forecast period across numerous industries. Such robust growth prospects promise ample growth opportunities to the companies in the near future. Technological innovation related to superior products with enhanced properties is also estimated to offer abundant opportunities for growth and development.
According to Grand View Research, growing environmental awareness and stringent regulatory laws are expected to result in high demand for high-performance pigments in the near future. Customer preference for bio-based products has resulted in industry participants taking several key initiatives to develop high-performance pigments from completely bio-based products. Such initiatives and technological advancements are expected to offer ample growth opportunities over the forecast period.
The coating segment dominated the market and held the largest revenue share of 60.9% in 2022. The escalating demand for high-performance pigments in the inks industry propels the growth of this segment. Inks and coatings necessitate pigments capable of enduring harsh environmental conditions, encompassing exposure to UV radiation, chemicals, and extreme temperatures.
High-performance pigments provide enhanced color retention and durability, rendering them highly suitable for inks and coatings, which encompass exterior finishes, trim paints, and protective coatings.
Grand View reported that markets in developed regions such as North America and Europe are saturated in terms of applications. However, strong environmental concerns and stringent regulations are projected to fuel the market in these regions and offer ample growth opportunities to the industry participants.