The ultramarine pigments market is estimated to secure a valuation of US$ 2.2 Billion in 2023 and is estimated to rise to US$ 3.3 Billion by 2033. The market is anticipated to grow at a CAGR of 4.2% during the forecast period. The factors accelerating the demand for ultramarine pigments are as follows-
The increasing application of ultramarine pigments in cosmetics, personal care, paints, leather paper, and printing is likely to drive the growth of the ultramarine pigments market during the forecast period. The increasing disposable income, increased urbanization, and industrialization is expected to boost the growth of the ultramarine pigments market.
Ultramarine pigments are available in different types such as ultramarine blue, ultramarine violet, ultramarine rose, and ultramarine green among others. Ultramarine pigments are used in various products to increase their finishing. The painting & coating industry is expected to witness prominent growth due to growing infrastructural projects globally directly influencing the demand for ultramarine pigments.
Technological advancements in the ultramarine pigments production process are expected to augment the growth of the market in the forthcoming years. These advancements may lead to the development of new & improved ultramarine pigments with better properties & functionality.
On the regional end, the ultramarine pigment market in North America accounts for the largest market share owing to the increased demand for ultramarine pigments in the USA and Canada. The blooming pharmaceutical industry is estimated to support the growing demand for ultramarine pigments in the North American market.
Europe is expected to account for a substantial share of the ultramarine pigments market owing to the increased demand for cosmetics-grade ultramarine pigments in the region.
Asia Pacific is expected to show good growth prospects for the ultramarine pigment market due to the increased disposable income & increased urbanization in the region. China accounts for the highest share of the Asian ultramarine pigment market.
The key ultramarine pigments manufacturer includes Ferrero corporation, Holliday Pigments, Abelly Chemical, DIC Corporation, Neelikon Foods Colour & Chemical, Proquimac color, Earth Pigments Company, Yipin Pigments Inc, Kremer Pigments, ASA Impex and BASF SE among others.
The players in the ultramarine pigments market are investing heavily in research & development activity to generate a larger revenue share. Also, the manufacturers are involved in mergers, acquisitions, collaboration, partnerships & joint ventures to expand their market presence.
For instance, in May 2020-Ferrero pigments Spain SL, develops the project “new overseas blue pigment synthesis process with low environmental footprint”. The main objective of this project is to reduce the amount of sulfur used in the starting formulation of the current synthesis process.
The ultramarine pigments market is expected to grow during the coming years. The growth of the market is majorly driven by increased awareness among consumers regarding the benefits of using eco-friendly & nontoxic pigments has led to the growth of the market. The start-ups are entering the ultramarine pigment market with innovative products that cater to the increased product demand.
For instance, Kama pigments are a Canada-based company, that offers a wide range of pigments including ultramarine blue pigments to use in the paint & craft industries.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | US$ 2.2 Billion |
| Projected Market Value in 2033 | US$ 3.3 Billion |
| Growth Rate (2023 to 2033) | CAGR of 4.2% |
The global sales/shipment of ultramarine pigments is predicted to grow at a rapid pace from 2021 to 2031. The plastics industry widely employs ultramarine pigments to create color concentrates and compounds for food and cosmetics packaging.
The processing and service life performance of these unique and distinctive blue and violet shades is exceptional. Plastic caps and closures, in particular, have historically been the most common application for ultramarine pigments.
The safety and simplicity offered by ultramarine pigment appeal to consumers and legislators alike who are increasingly concerned about the environment. The vibrant blues and violets have an unusual chromophore, resulting in a truly unique shade that cannot be duplicated by other pigments and is expected to be a significant market driver over the next decade.
The colour of ultramarine pigments is unique and irreplaceable enticing manufacturers to develop novel grades to fulfil the rigorous demands of the plastic industry, including mineral water bottle manufacturers, ultramarine pigments are suitable for clear polymers, where their transparency creates a beautiful crystal blue for bottles and plastic packaging, symbolising purity.
Premier BC and Premier BC-R, two new ultramarine blue pigment grades from Holliday Pigments, were recently introduced to meet new plastics processing performance criteria. Furthermore, bottle caps are well-known for being extremely sensitive applications, and the successful use of ultramarine pigments in bottle caps has led to its use in alternate sensitive food packaging.
Ultramarine pigments are low-hazard pigments that have a wide range of uses around the world. Because of its synthetic manufacturing process and ability to customise its physical, chemical, and colour characteristics, it can be made in a variety of shades, which are well-accepted by the plastic, printing ink, paint, cosmetic, and other industries due to advantages over other organic pigments and dyes.
Apart from natural pigments, ultramarine pigments are one of the environmentally friendly pigments available in the market today.
They come in a variety of clear colours and have exceptional durability properties, making them ideal for engineering plastics and nylon. It is heat resistant and luminous, making it ideal for usage in household items, toys, stationery, PVC pipes, and films, among other products. It's also used to whiten garments in the textile sector and in the printing industry.
Various industries are expected to increase demand for ultramarine pigments between 2021 and 2031 due to its numerous applications.
Because of technological improvements that make the product safer to use, the ultramarine pigments market in North America is estimated to rise. Ferro Corporation, for instance, developed a patented technique to minimise the quantity of residual elemental sulphur in standard ultramarine blue pigment, resulting in Nubiperf FCP, their novel product. Third-party testing of the reformulated Nubiperf FCP revealed minimal sulphur.
Due to the expansion strategies of market players in the region, Europe is expected to have a substantial share of the market. Furthermore, demand for cosmetic-grade ultramarine pigments is expected to rise between 2021 and 2031.
Ultramarine pigments manufacturers are expected to invest in sustainable manufacturing of safe and cosmetic-grade ultramarines to support market expansion as the region's cosmetic industry undergoes a seismic shift towards sustainable and ethical ingredients.
Some key ultramarine pigments market players include
Ultramarine Pigments Market
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