New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Aluminum Pigments Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Aluminum Pigments Market Size:
The global aluminum pigments market garners an estimated revenue of USD 488.7 million in 2022. Moreover, it is expected to generate a revenue of USD 909.7 million by 2033. The market growth is primarily driven by increased consumption of plastic followed by higher usage of plastic bottles for drinking water and beverages. According to the World Economic Forum, in 2019, the total plastic consumption was 460 million tonnes and it is projected to rise to 1,231 million tonnes by 2060. Additionally, the various emerging industry in the market has pushed the plastic consumption to triple digits in past 25 years. Furthermore, every minute, one million plastic bottles are purchased worldwide, and by 2021, that number will have increased by 20%. As per the statistics of UNEP, a whopping 36% of all the plastic production is utilized for packaging, including single-use items for food and drink containers.
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Global Aluminum Pigments Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Paints & Coatings segment to dominate the revenue graph
- Paste sub-segment remains prominent in the form segment
Increased Usage of Cosmetic Products and Escalated Trade of Aluminum Pigments is to Boost the Market Growth
Rising involvement of people into cosmetic and personal care products is to increase the production of these products which in turn drive the market growth of aluminum pigments. The production of cosmetic products and personal care products is expected to increase by around 32% and nearly 18% by 2025, respectively. Sales of luxury goods for personal use reached about USD 320 billion by the end of 2021. It was a rise from the 310 billion sales in 2019. Besides this, rising production and increased export of metal pigments is anticipated to boost the market growth. According to the Observatory of Economic Complexity (OEM), the total world’s trade of pigments in 2020 was USD 4.27 billion.
Global Aluminum Pigments Market: Regional Overview
The global aluminum pigments market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Asia Pacific’s Market Growth is Propelled by Growing Automobile Sales and Higher Constructional Activities
The market in Asia Pacific is primarily driven by upsurge in sales of automobiles, including normal cars and luxury cars. During the 12-month period that concluded on March 20, 2022, over 24,000 luxury vehicles were sold in India. Additionally, in 2021, the German automaker sold about 840,000 BMW and Mini vehicles in China. Furthermore, rising constructional activities and growing investment is to propel the Asia Pacific aluminum pigments market growth. According to APAC building experts, private residential, commercial, and infrastructure expansion would increase by 12%, 15%, and 50%, respectively, in 2022. Additionally, over 232 thousand dwelling units were introduced to the Indian residential market in 2021. Moreover, Mitsui & Co., a leading https://asia.nikkei.com/Business/Companies/Mitsui-to-invest-2.7bn-to-develop-data-centers-in-Japan-by-2026billion to build data centres in Japan.
Higher Demand of Cosmetics, Plastic Containers and Aluminum Pigments is to Augment the North America’s Market Growth
The aluminum pigments market in North America is expected to garner a modest revenue by 2033. The market growth in North America is attributed to higher usage of plastic and plastic bottles. Every day, more than 70 million disposable water bottles are utilized by Americans. Moreover, the annual production of plastic in the United States is nearly 367 million metric tons. The North America’s market growth is also expected on the account of increased sales of cosmetic products followed by higher production of aluminum pigments. The cosmetic sales in the United States was around USD 2 billion. Further, in 2018, the U.S. ranked as the most valuable market for the beauty and personal care market. Furthermore, in 2020, the United States, imported around USD 176 million prepared pigments.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Aluminum Pigments Market, Segmentation by Form
- Paste
- Pellet
- Powder
- Flakes
On the basis of form, the paste segment is to garner the highest revenue by 2033. The segment growth is attributed to growing production and export of aluminum paste. In 2018, India export value of aluminum paste was more than USD 6 million and the value rose to nearly USD 8 million in 2019. Furthermore, in Japan, the leading producer of aluminum pigments, 25 Suppliers exported 2.1K shipments of pigment paste from the country.
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Global Aluminum Pigments Market, Segmentation by Application
- Paints & Coatings
- Plastics
- Personal Care
- Printing Inks
- Others
By application, the paints and coating segment is anticipated to generate a maximum revenue by the end of 2033. Rising constructional development and increased demand of automobiles. Paints and coatings are used in enhancing building and car’s aesthetic view moreover it saves from corrosion. Luxury car sales peaked at over 2,000 units in 2022, and by 2026, they're expected to be close to 202,000 units. Moreover, nearly 30% of people around the world intended to purchase a car in the first half of 2022. In 2022, leading car maker, Volkswagen and Toyota sold nearly 2 million and 4 million worldwide, respectively. Furthermore, the total value of global residential construction in 2022 was approximately USD 660 billion and it grew by around 2% since 2017.
Global Aluminum Pigments Market, Segmentation by Type
- Leafing
- Non-Leafing
Few of the well-known market leaders in the global aluminum pigments market that are profiled by Research Nester are ALTANA AG, BASF SE, Kolortek Co. Ltd, Geotech International B.V., Asahi Kasei Corporation, Sun Chemical Corporation, Carl Schlenk AG, FX Pigments Pvt. Ltd., and others.
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Recent Developments in the Aluminum Pigments Market
- June 2021, Sun Chemical Corporation along with DIC Corporation, announced the acquisition of BASF's global pigments business known by BASF Colors, and Effects (BCE). The acquisition’s main agenda is to bring the portfolio of technology, manufacturing assets, supply chain, products and customer service of the both the companies on the table. It is a strategic acquisition which is expected to increase the sales of DIC corporation to over USD 8 billion by 2025. Moreover, this deal is anticipated to provide a horizon for the Sun Chemical’s product portfolio such as, electronic displays, cosmetics, plastics, coating inks and others. It enables both the company to broaden their global market and fixe their footprints.
- January 2020, Carl Schlenk AG, a key manufacturer of effect pigments, announced the release of Zenexo GoldenShine WB 21 YY, a new effect pigment designed for automotive and waterborne coatings. These pigments are based on UTP technology, which is to be considered as a breakthrough in effect pigment technology, especially in the sector of automotive. The Zenexo, comes under non-hazardous material and it provides excellent hiding and fine flop. Additionally, the UTP technology, offers precise thickness distribution and unparalleled aspect ratio to the substrates. The combination of two enables uncompromised safety during transportation and storage.
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