The global pearlescent pigment market is expected to poise an impressive CAGR of 4.0% over the assessment period from 2022 to 2032. The market is projected to garner a total revenue of US$ 3,601.70 Mn by the end of 2022 and is anticipated to surpass US$ 5,331.4 Mn by 2032.
Predominant influence on the market is by certain industrial and innovation factors including growth in automotive, paints and coatings, and plastic industry and investment in product development. According to the historic evaluations, the pearlescent pigment market witnessed a growth outlook of around 4.2% CAGR over the period between 2015 and 2021.
However, a significant surge has been witnessed in demand for pearlescent pigments, particularly for application in the printing and food packaging industry. Owing to these factors, the demand for the pearlescent pigment market is anticipated to reach US$ 5,331.4 Mn by 2032. Sales in the market are projected to expand by nearly 1.5x over the forecast period (2022-2032).
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On the basis of regional segmentation, the East Asian region is predicted to remain prominent in the consumption of pearlescent pigment. The south Asian market is expected to witness a positive growth outlook, especially in emerging countries like India.
Attributing to the growing applications in various industries including personal care and paints & coatings industries, the global pearlescent pigment market is expected to have higher demand over the years. The global consumption of pearlescent pigment is estimated to be around 6-8% of the overall pigments market.
Key Takeaways
- Owing to the expansion of the automotive industry all over the world, combined with the rising purchasing power, there is a significant surge in the demand for luxury passenger cars in the global landscape. With a surging preference for aesthetically pleasing finishing touches, the automakers are choosing colors that are trending among millennials and Gen-Zs as they are eye pleasing. This is resulting in increased sales of pearlescent pigments in the market.
- As compared to organic pigments, pearlescent pigments are expensive as they are used to attain high luster and a premium finish for luxury cars. Thus, the aforementioned factors are in turn driving demand in the pearlescent pigments market.
- Widespread application of borosilicate glass flake pearlescent pigments in various cosmetics including lip gloss is predicted to bolster growth in the market. The utilization of glass flake pearlescent pigment in lip products is expected to increase significantly over the upcoming decade.
- There are several other applications of glass flake pearlescent pigments in the cosmetics industry, especially for lip, eye, face, nail, and other personal care products that are above the roof. Since these pigments help in moderately diffusing ambient light in order to help reduce the appearance of wrinkles, the demand is in the pearlescent pigment market.
- Owing to the different color index and special mica and metallic pigments utilization, it is expected to lead to the growth of such an extensive variety of pearlescent pigments. In addition to that, the rising application of pearlescent pigments in digital printing for quality of dispersion, viscosity, and consistency is another versatile trend observed in the pearlescent pigments market.
- The packaging industry is expected to strive to meet the increasing demand for high-quality graphics, which in turn is aiding the demand in the pearlescent pigment market. Moreover, synthetic mica, being a substrate material also provides a relatively higher level of transparency and lower impurities as compared to natural mica.
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Competitive Landscape
Prominent players in the market are focusing on surging their manufacturing capacities and are extensively setting up their manufacturing units, sales offices, and distribution channel in emerging economies to boost their sales, especially in emerging economies.
Key participants are also focusing on the acquisition of small and medium-sized manufacturers to enhance their annual turnover. Some of the leading players are also focusing on tailored product offerings as per the specific requirements of the end-use industries.
More Insights into the Pearlescent Pigment Market
According to FMI studies, a significant development in the industrial sector all over the U.S. is expected to result in an upsurge in pearlescent pigment production. It has been widely adopted in various industries such as automotive, paints, and coatings, and plastic compounding will also spur the demand for pearlescent pigment. Backed by this, the U.S. is estimated to account for around 27% of the global market share.
Demand for pearlescent pigment is predicted to surge in China with a phenomenal CAGR of 6.4% over the projection period. Owing to the significant growth in the construction sector, development in the paints and coatings industry, growth in the plastic industry and significant rise in the automotive industry are the key driving factors in the China pearlescent pigment market.
Pearlescent Pigment Market Segmentation
By Purity Type:
- Natural Pearl Pigment
- Synthetic Pearl Pigment
- Glass Flake Pearl Pigment
By Structure Type:
- Substrate-free
- Monolayer
- Multilayer
By End-use Industry:
- Automotive Paints
- Paints & Coatings
- Personal Care
- Plastic Industry
- Printing
- Others
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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