Market Segmentation
The global plastic pigments market has been segmented by type, resin, application, and region. Based on type, the market has been segmented into organic, inorganic, and specialty pigments. The demand for organic pigments is expected to grow at a highest CAGR during the forecast period, whereas, the inorganic pigments is expected to account for the largest market share in terms of value and volume.
This can be attributed to the cost advantage of inorganic pigments over organic pigments and its resistive properties against heat and chemicals when used with polymers. Nevertheless, organic pigments are eco-friendlier and offer rich and brighter tonality to the plastic substrate than inorganic pigment. However, organic pigments tend to have low resistivity against heat and chemicals.
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Competitive Analysis
Some of the key players in the global plastic pigments market are BASF SE (Germany), Heubach GmbH (Germany), Clariant (Switzerland), Sudarshan Chemical Industries Limited (India), DIC CORPORATION (Japan), Atul Ltd (India), Lanxess (Germany), Mazda Colours Ltd.(India), Tronox Limited (US), and The Chemours Company. Chemours (US).
Based on application, the market has been segmented into packaging, automotive, building and construction, consumer goods, healthcare, and others. Packaging accounted for the largest market share during the forecast period owing to the increasing demand for plastics as the most preferred packaging material in the end-use industries such as food and beverages, pharmaceuticals, personal care and others. Furthermore, the increasing adoption of PVC in the building and construction industry is expected to drive the demand for plastic pigments during the forecast period. In addition, the regulations pertaining to the use of color additives in medical plastics is expected to drive the market for plastic pigments during the forecast period.
Regional Analysis
Based on region, the plastic pigments market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
Asia-Pacific accounted for the largest share of the plastic pigments market on account of the growing end-use industries such as packaging, pharmaceuticals, construction and others. Also, presence of a considerable number of manufacturers is the region is expected to drive the market demand during the forecast period.
The European market is expected to grow at a considerable rate during the review period. The stringent regulations pertaining to the use of color additives in the medical plastics and surge in demand for automotive plastics is expected to boost the demand for plastic pigments in the region.
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The markets in Latin America and the Middle East Africa are likely to register substantial growth during the review period as a result of the growing industrial base in these regions.
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