An Incisive, In-depth Analysis on the Pearlescent Pigment Market
This study offers a comprehensive, 360 degree analysis on the Pearlescent Pigment market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Pearlescent Pigment market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Globally, the revenue generated from sales of pearlescent pigment is estimated to be around US$ 2,705.2 Mn in 2015, and is projected to expand at a CAGR of 4.1%, during the forecast period 2015-2025.
Pearlescent pigments are mainly utilized to attain high lustre and premium finishes for luxury cars. Demand for high performance and special effect pearlescent pigments for application in the automotive sector has gained traction in the past few years. These pigments are widely preferred in the automotive paints and coatings industry and are thereby anticipated to drive the demand during the forecast period.
Currently, white and black remain the top preferred colours in the automotive sector. However, consumer preference is rapidly shifting towards speciality colours, particularly chromatic colours, and this trend is anticipated to propel the demand for pearlescent pigments for application in automobiles globally. By the end of 2014, pearlescent pigments was used for paints in over 45% of the cars in the U.S. and 35% in Europe
Adoption of synthetic pearl pigments is mounting at a faster rate as compared to natural pearlescent pigments. Feasibility in production of synthetic pearl pigments tailored for specific end-use requirements gives it an edge over natural pearl pigments.
For instance, key players such as BASF SE and ECKART Effect Pigments are particularly focusing on development of synthetic pearlescent pigments for niche applications such as automotive topcoats and architectural finishes, where durability is a major factor along with aesthetic appeal for premium and luxury vehicles.
Leading manufacturers of pearlescent pigments are shifting their focus from natural mica based pigments to customized synthetic pearlescent pigments.
In 2013, ALTANA AG developed high-quality synthetic pearlescent pigment on the basis of borosilicate glass as a substrate.
On the basis of application, the global pearlescent pigment market is segmented into automotive paints, personal care, paints & coatings, plastics, printing and others (architecture, decorative paints, home appliances and textiles). In the year 2014, the automotive paints segment accounted for almost 40% market share in terms of value. Paints and coatings segment in the global pearlescent pigment market accounted for highest volume sales with 39% share of the overall pearlescent pigment market. However, the segment is expected to lose its share to the automotive paints segment over the forecast period. Personal care along with printing are the other niche application segment in the global pearlescent pigment market collectively expected to exhibit a CAGR of around 4% to account for over 20% revenue share of the global pearlescent pigments market by 2025 end.
There has been a significant increase in demand for pearlescent pigments, particularly for application in printing and food packaging. This has led to growth of a wider variety of pearlescent pigments with different colour index and special mica and metallic pigments. Rising application of pearlescent pigments in digital printing for quality of dispersion, viscosity and consistency is another trend observed in the pearlescent pigments market.
Packaging companies strive to meet increasing demand for high-quality graphics, which in turn is increasing their demand for pearlescent pigments.
In 2014, ECKART Effect Pigment launched a number of innovative pearlescent pigments based on synthetic mica, particularly targeting master batchers and compounders in the packaging industry.
Western Europe to Dominate in Terms of Market Share, while APEJ to witness Maximum Growth Rate Over the Forecast Period
Regionally, the global pearlescent pigment market is segmented into Asia Pacific Excluding Japan (APEJ), North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa and Japan. Sales revenue of pearlescent pigments in Western Europe has been estimated to account for the largest market value share of 29.1% in 2015. North America region is expected to represent an incremental opportunity of US$ 284 Mn between 2015 and 2025. Sales revenue of pearlescent pigments in APEJ was valued at US$ 447.8 Mn in 2014 and is anticipated to increase 1.8X over the forecast period. APEJ is anticipated to be the most lucrative market for pearlescent pigments, with sales revenue in China and India expected to witness CAGRs of 6.6% and 6.0% respectively, during the forecast period.
Manufacturing have an eye on enhancing their production capacity, by commencing operations in new production facilities
BASF SE focuses on increasing production capacity of its effect pigments plants in order to cater to growing demand for high-performance pigments globally. In 2015, it announced investment of over US$ 275 Mn for increasing pigments production capacity and on R&D over the next four years. It also invested over US$ 12 Mn to expand the production capacity of its plant at Ludwigshafen. The company also focuses on increasing its footprint in the Asia Pacific high-performance pigments market
Merck KGaA has enhanced its pearlescent pigments production capacity through new facilities, one in Onahama, Japan, and the other in Gernsheim, Germany. These two sites have complete line of production of Xirallic pigments, based on aluminum oxide.
Fujian Kuncai Material Technology Co., Ltd entered into a joint venture agreement with Netherlands-based QolorTech B.V. in June 2015 in order to cater to growing demand for pearlescent pigments in Europe and Turkey.
Detailed profiles of companies are also included in the report to evaluate their strategies, key product offerings and recent developments. Some of the key players profiled in this study include BASF SE, Merck KgaA, DIC Corporation, ALTANA AG, Fujian Kuncai Material Technology Co., Ltd, Oxen Special Chemicals Co., Ltd, CRISTAL, Spectra Colours Ltd. Major players based in China and Japan are well known for production of high quality of synthetic pearl pigments. Demand for pearlescent pigments in these countries is expected to mainly be driven by the rising demand for premium and luxury vehicles. North America and Western Europe has a relatively consolidated market, unlike APEJ which seems to be very much fragmented with large number of China based suppliers.
This report provides forecast and analysis of the pearlescent pigment market at the global level. It provides analysis on the basis of historical data and forecast from 2015 to 2025 in terms of revenue (US$ Mn) and volume (Tonnes). The report reveals market dynamics in seven geographic segments along with market analysis for the current and future scenario. In addition, it includes drivers, restraints and recent trends of the pearlescent pigment market. The report also comprises opportunities for pearlescent pigment manufacturers and highlights value chain analysis in detail. The study demonstrates market dynamics and trends across regions that are expected to influence the current status and future prospects of the pearlescent pigment market.
The report studies the global pearlescent pigment market for the period 2015–2025. The prime objective of this report is to offer quantitative and qualitative insights and study key market trends pertaining to the global pearlescent pigment market that gradually helps transform global businesses.
The market numbers have been assessed by carefully scrutinizing the pearlescent pigment production, export and import scenario of countries in all the seven key regions, for the current year, as well as the historical performance of the market. Market size and forecast for each segment in the pearlescent pigment market has been provided in the context of regional markets. All the segmentation for pearlescent pigment market has been considered after appropriate secondary research and revalidation of the data obtained through interviews with key thought leaders and industry experts. The market has been forecast based on constant currency rates. The report includes volumetric consumption of pearlescent pigment and the revenue generated from sales of pearlescent pigment across all regional economies.
The report begins with an executive summary intended to give a clear perspective about the market to the reader. It is then followed by market overview and provides market definition and analysis about drivers, restraints, opportunities and key trends in the market. The sections that follows includes global market analysis, analysis by product type, structure type, application and regional/country level analysis.
On the basis of product type, the global pearlescent pigment market is segmented into natural pearlescent pigment, glass flake pearlescent pigment and synthetic pearlescent pigment . By structure type, the global pearlescent pigment market is segmented as substrate-free pearlescent pigment, monolayer pearlescent pigment, and multilayer pearlescent pigment. By application type, the global pearlescent pigment market is segmented into automotive paints, paints & coatings, personal care, plastics, printing and others.
All the above sections evaluate the market on the basis of various factors affecting the market, covering present scenario and future prospects. For market data analysis, the report considers 2014 as the base year, with market numbers estimated for 2015 and 2016 and forecast made for 2017–2025. All the segmentation for pearlescent pigment has been considered after appropriate secondary research and revalidation of the data obtained through interviews with key thought leaders in the industry. The market has been forecast based on constant currency rates.
The next section of the report highlights the market by region and provides the market outlook for 2015–2025. The study investigates the regional year-on-year (Y-o-Y) growth of the pearlescent pigment market. Key regions assessed in this report include North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, the Middle East & Africa (MEA) region, and Japan. The report evaluates the present scenario and growth prospects of the regional market for 2015–2025.
The pearlescent pigment market numbers have been assessed based on sales and weighted average pricing of pearlescent pigment by product and structure and then aggregate revenue is derived through weighted average country pricing trends. Pearlescent pigment market size and forecast for each segment have been provided in the context of regional markets. The pearlescent pigment market has been analyzed based on the expected demand and current production scenario. Pricing considered for the calculation of revenue are average country prices obtained through primary quotes from numerous regional pearlescent pigment manufacturers, suppliers, and distributors. All key end users have been considered on the basis of secondary sources and feedback from primary respondents. Country wise demand patterns have been considered while estimating the pearlescent pigment market for various end uses of pearlescent pigment in different regions across the globe. Pearlescent pigment market numbers for all the regions by product, by structure and by application have been derived using the bottom-up approach, which is cumulative of each country’s demand. Company-level pearlescent pigment market share has been derived on the basis of revenues reported by key manufacturers. The pearlescent pigment market has been forecast based on constant currency rates. Given the characteristics of the market, we have triangulated the outcome on the basis of three different types of analysis: based on supply side, demand side analysis for pearlescent pigment and the impact of macro-economic factors on the pearlescent pigment market. In addition, it is imperative to note that in a fluctuating global economy, we not only conduct market forecasts in terms of Compound Annual Growth Rate (CAGR), but also analyses the market based on key parameters, such as Y-o-Y growth rates, to understand the predictability of the pearlescent pigment market and identify the right opportunities for players.
The market segments for the global pearlescent pigment market have been analyzed in terms of Basis Point Share (BPS) to understand the relative contributions of each segment to market growth. This detailed level of information is important for identifying various key trends in the pearlescent market. Another key feature of this report is to analyze the market in terms of absolute dollar opportunity represented by the pearlescent pigment sales. Absolute dollar opportunity is critical for evaluating the scope of opportunity that a provider can look to achieve as well as to identify lucrative segments. The overall absolute dollar opportunity represented by the pearlescent market is mentioned in the report. To understand key growth segments in terms of growth and adoption for pearlescent pigment globally, FMI developed the market ‘Attractiveness Index.’ The resulting index is expected to help providers identify real market opportunities. A number of primary and secondary sources were referred during the course of the study. Few of the secondary sources include IMF, World Bank, Hoover’s, Factiva, company’s annual reports, government associations and publications.
In the final section of the report on pearlescent pigment market, a ‘dashboard view’ of the companies is provided to compare the current industrial scenario and their contribution in the total pearlescent pigment market. Moreover, it is primarily designed to provide clients an objective and detailed comparative assessment of key providers specific to a segment in the pearlescent pigment market. Report audiences can gain segment-specific manufacturer insights to identify and evaluate key competitors in the pearlescent market. Detailed profiles of companies are also included in the report to evaluate their strategies, key product offerings and recent developments. The key players of the global pearlescent pigment market include BASF SE, Sudarshan Chemicals Industries Ltd, Merck KgaADIC Corporation, ALTANA AG, Fujian Kuncai Material Technology Co. Ltd, CRISTAL, Shanghai Zhuerna High-Tech Powder Material Co. Ltd, Oxen Special Chemicals Co. Ltd, Huaian Concord Industrial Product Co. Ltd, Spectra Colours, Lansco Colours, Aal Chemicals, Zhejiang Ruicheng Effect Pigments Co. Ltd, and Sinpearl Pearlescent Pigment Co. Ltd