Consumers are keen to buy products with enhanced aesthetics and are willing to spend higher, not just for quality, but also for the visual attractiveness of products. Various types of organic and metal compounds have been used over the past few years to improve the final appearance of products. Metallic pigments are compounds that are incorporated during the processing of numerous products of plastic, printing inks, fine arts, paints, coatings, and other building materials. These pigments improve the visual effects of final products by providing color, glossy metallic finish, opacity, and ductility.
Based on metals incorporated, the metallic pigments market can be classified into aluminum, copper, zinc, stainless steel, and nickel. Aluminum and copper pigments have accounted for the major consumption of the metallic pigments since the last couple of years. The market for metallic pigments is essentially driven by increase in demand for industrial coatings such as automotive OEM and refinish coatings, marine coatings, and aerospace coatings. Furthermore, consumption of metallic pigments for the manufacture of printing inks and plastic components is an important factor driving the metallic pigments market. Thus, demand for metallic pigments is expected to increase by the end of 2023.
In terms of demand, aluminum pigments dominated the metallic pigments market in 2014. These pigments provide a characteristic silvery finish to the substrate, due to their excellent reflectivity of light. Furthermore, aluminum pigments act as moisture barriers and provide protection to the substrate against rust and corrosion when used along with coating materials. Copper pigments is one of the fastest growing product segments. It is anticipated to account for over 15% share of the global metallic pigments market by 2023. Copper pigments possess high thermal and chemical resistivity; therefore, these pigments are used in the manufacture of plastic masterbatches required for luxury packaging and also in processing of personal care products. Other metallic pigments such as nickel are estimated to exhibit steady growth over the next few years.
In terms of demand, the paints & coatings industry was the largest end-user of metallic pigments in 2014. Metallic pigments are used during the processing of architectural, decorative, industrial, automotive, and coil coatings. Furthermore, these are incorporated during the manufacture of automotive refinish paints and road marking paints. The printing inks industry was the second-largest end-user of metallic pigments in 2014. The industry employs metallic pigments in the processing of various types of inks including flexographic, gravure, and digital printing inks. Other end-user industries such as plastics, personal care, and building & construction materials are likely to exhibit higher demand for metallic pigments in the near future.
In terms of region, Asia Pacific held the largest share of over 30% of the metallic pigments market in 2014. Demand for metallic pigments in the region is likely to rise at a faster rate by the end of 2023, owing to large production base, growth of printing inks and plastics industries, and lenient governmental regulations. In terms of demand, China, India and countries in Southeast Asia are likely to dominate the metallic pigments market in Asia Pacific. Europe accounted for the second-largest share of the metallic pigments market in 2014. Growth of the metallic pigments market in this region is expected to decline by 2023, due to the stringent governmental regulations imposed by the European Union on VOC and particulate emissions. North America is expected to depict stable growth, as the region is technologically advanced and has established markets. Latin America is projected to provide favorable opportunities for metallic pigments, owing to their consumption in end-user industries such as automotive coatings and personal care. The metallic pigments market in Middle East & Africa is estimated to expand at a sluggish rate by the end of 2023.