The
global pearlescent pigment market is expected to reach USD 547.8 million by
2022, according to a new report by Grand View Research, Inc. Growing demand for
high performance, high brilliance paints on account of expanding automotive
& construction industries in emerging markets is expected to remain a key
driving factor for the global market.
Shift
in trend towards reducing VOC emissions and growing awareness regarding
sustainability is also expected to act as a vital determinant for market
growth. Developed markets are anticipated to face obstacles in the form of
stringent regulatory norms, hampering market growth over the forecast period.
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Titanium
dioxide (TiO2) coated mica pigment was the leading product segment with demand
share exceeding 35% in 2014. High consumption rates of these pigments across
automotive, construction and printing ink industries is expected to drive this
segment over the forecast period. It is also expected to witness the highest
growth of 5.1% from 2015 to 2022.
Iron/ferric
oxide mica pigment is also expected to witness brisk growth owing to its high
refractive index, metallic luster, excellent hiding properties and weather
resistance. Increasing application in the cosmetics and printing inks sector is
a major driving force for the product.
Further
key findings from the report suggest:
Global
pearlescent pigment market demand was 74.8 kilo tons in 2014 and is expected to
reach 100.7 kilo tons by 2022, growing at a CAGR of 4.6% from 2015 to 2022
Paints
& coatings was the leading application segment and accounted for 34.1% of
total market volume in 2014. Increasing consumer preference for high-value
coatings and colorful iridescence on sports and luxury vehicles is likely to
foster market growth. Plastic is expected to witness the highest growth of 5.1%
from 2015 to 2022.
North
America was the leading regional market with demand share estimated at 38.2% in
2014. Recovery of construction and automotive industry in the U.S. is expected
to drive the regional growth.
Asia
Pacific is expected to witness the highest growth of 5.1% from 2015 to 2022.
Rapid industrialization and expansion of major end-use industries such as
automotive and construction particularly in China and India is expected to
drive the regional growth.
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