Pigments refer to the chemical compounds divided into microscopic size particles having a color of their own, while simultaneously possessing the capability of dying other objects. Plastic pigments are primarily derived from three sourced, including organic, inorganic and synthetic. Molecular weight, thermal stability, compatibility and tinctorial strength are among some of the factors taken into consideration while selecting the plastic pigments for a certain application. The rising significance of aesthetics in packaging along with growing industrialization in emerging economies is estimated to supplement the growth of plastic pigments market over the forecast period.
In terms of revenue, plastic pigments market was valued at US$ 11262.33 Mn in 2020 growing at a CAGR of 7.6% over the forecast period (2021 – 2029).
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Organic Segment is expected to Witness Fastest Growth over the Forecast Period
According to Absolute Market Insights report, organic segment in the global plastic pigments market is expected to the fastest growing segment over the forecast period owing to its beneficial properties such as bright color, good dispersion property, high tinting strength, etc. Organic pigment is a coloured substance composed of organic compounds that have pigment properties. This pigment is commonly used to colour inks, paints, rubber products, plastic products, and coated printing size. Organic pigments are a safer alternative to some inorganic pigments that are toxic. Organic products, on the other hand, are more expensive, and the number of products with excellent characteristics is limited.
Strategic initiatives being undertaken by market participants towards increasing their geographical presence in order to expand their customer base is fuelling the growth of plastic pigments market. For instance, DIC Corporation closed on the acquisition of BASF's global pigments division, known as BASF Colors & Effects, in June 2021. The acquisition combines the two organizations complementary portfolios of technology, manufacturing assets, products, supply chain, and customer service, aiding them to serve customers internationally.
Packaging Segment held the Largest Market share and is expected to be the Fastest Growing in Segment the Forecast Period
According to AMI, packaging segment accounted for the largest market share and is expected to be the fastest growing in the global plastic pigments market over the period of next eight years, owing to increasing demand from the packaging industry globally. Additionally, in order to obtain the highest market share, major players are investing towards development of new products. LANXESS, for instance, developed a black pigment for colouring black plastic that reflects 20% of near-infrared radiation (NIR). This allows plastics to be identified efficiently and cost-effectively using NIR detectors similar to those used for waste sorting. Black pigments helps to enhance the recycling rate for plastic packaging. In an another instance, Sun Chemical, created Indofast dry pigments for the plastic rigid packaging sectors that comprises of all the desirable properties of a strong violet pigment. Furthermore, they also possess high resistance to crystallisation and flocculation.
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Direct Distribution Channel Accounted for the Highest Share in 2020
According to AMI, direct distribution channel segment held the highest share in the global plastic pigments market in 2020, as a result of the growing demand for plastic pigments in key industries such as construction, packaging, automotive, and consumer products. Industries with customised requirement procure materials from the manufacturer through the direct sales channel, which is aiding the segment’s growth in the global market. Rising investments towards online mode of sales channels for chemicals and materials in developing countries is fuelling significant market expansion, particularly in areas where offline vendors are inaccessible. Furthermore, direct distribution gives firms complete control over how their products are marketed and sold, allowing them to build genuine relationships with their customers.
North America Region is dominated the Global Plastic Pigments Market in 2020
North America region accounted for the largest share in the global plastic pigments market in 2020 owing to the presence of major players in this region and advanced technology adoption in the industry for the development of pigments. Furthermore, expansion in packaging industry along with growing demand for packaged food and beverages in North America region is expected to drive the market growth. Moreover, manufacturers in the region are investing in R&D initiatives to produce plastic pigments that meet stringent criteria for food packaging colouring applications. Major businesses in this region are undertaking initiatives to boost market growth, such as Clariant partnered with Lintech International (US) in July 2018 to distribute its pigments exclusively in the United States. Lintech is a specialty chemical distributor that sells plastic pigments. This aspect will assist the organisation in improving its sales, services, and logistics throughout the country.
Some of the players operating in the plastic pigments market are BASF SE, Cabot Corporation, Clariant, CrownPigment, COLORWEN INTERNATIONAL CORP., DIC CORPORATION, Ferro Corporation, Heubach GmbH, LANXESS, Navpad Pigments Pvt. Ltd., Penn Color Inc., Sudarshan Chemical Industries, The Chemours Company, TOYOCOLOR CO., LTD., Tronox Holdings plc, and other market participants.
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Global Plastic Pigments Market:
- Metal Oxides and Sulphides
- Titanium Dioxide
- Carbon Black
- Food packaging
- Non-Food Packaging
- Consumer Goods (Toys, Footwear, Etc.)
- Building and Construction
- Electrical and Electronics
By Distribution Channel
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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