Organic Pigments is Fastest Growing Segment Fueling the Growth of High Performance Pigment Market

 

The global High Performance Pigment Market is estimated to be valued at US$ 6.55 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

High performance pigments are compounds that impart superior properties like heat resistance, lightfastness and corrosion protection. They are used in premium products across industries like automotive, industrial coatings and plastics.

Market Key Trends:

One of the key trends driving the market growth is the increasing use of organic pigments. Compared to inorganic pigments, organic pigments offer better color shades, opacity and tinctorial strength. They are preferentially used in industries where aesthetics and color performance holds prominence like printing inks, plastic colorants and coatings. The rising consumption of these end use industries will support the growth of organic pigments in the coming years.

Segment Analysis:

The global high performance pigment market is segmented into organic pigments and inorganic pigments. The inorganic pigments segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Inorganic pigments offer superior properties such as weather resistance, light fastness, and temperature resistance as compared to organic pigments. Their excellent opacity and hiding power also contribute to their large scale use in various end-use industries like automotive coatings, industrial coatings, packaging, plastics and others.

Key Takeaways:

The global high performance pigment market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing demand from automotive and industrial coatings industries.

Regional analysis - Asia Pacific dominated the global market in 2022 and is expected to continue its dominance during the forecast period. Growing automotive production and increasing infrastructure development activities in China, India, and other Asian countries drive the demand for high performance pigments in the region.

Market size - The global high performance pigment market size was valued at US$ 6.55 Bn in 2023 and is projected to reach US$ 9.45 Bn by 2030growing at a CAGR of 4.9% during the forecast period.

Key players - Key players operating in the global high performance pigment market are BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Heubach GmbH,Sun Chemical Corporation, Ferro Corporation, Merck KGaA, and Synthesia A.S. BASF SE and Clariant AG are the dominating players contributing to over 35% of the global market share.

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