High Performance Pigments (HPPs) Market - Global Trends and Forecast up to 2027

The Global HPPs market was valued at US$ 5.06 billion in 2016 and is expected to reach US$ 7.22 billion by 2025, registering a CAGR of 4.0% over the forecast period (2017-2025) according to a High Performance Pigments Market, by Product Type (Organic and Inorganic), by End-use industry (Coatings, Cosmetic Products, Inks, Plastics And Others). High performance pigments are pigments that offer excellent performance and have properties such as enhanced light fastness, weather-fastness, and fastness to chemical exposure, high heat stability, and low solubility for system and migration application. They are primarily used in applications that require excellent weather and light fastness such as outdoor signs, automotive coatings, and exterior house paints. Growing demand for highly durable coatings such as coil coatings, marine coatings, exterior masonry coatings, and others is propelling growth of the HPPs market. Increasing usage of HPPs in cosmetics, ink jet printing, and plastic industry is further driving growth of HPPs market. However, relative high cost per unit weight is the major restraint to this industry growth.
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Key Trends and Analysis of the HPPs Market:
• Inorganic HPPs segment accounted for the highest market share in product type segment of the market in 2016. This is attributed to growing demand for metallic HPPs for application in the automobile industry. For instance, according to the International Organization of Motor Vehicle Manufacturer (OICA), the total global registration or sales of passenger cars was 66,314,155 in 2015 and increased to 69,464,432 in 2016.
• Organic HPPs is expected to be the fastest growing segment, owing to increasing demand for environment friendly pigments. These find application in various industries such as plastics, cosmetics, and others. For instances, Pigment Violet 23 offers various shades, high tinting strength, excellent light fastness, and heat stability and is widely used in various plastics. Growth in the plastic industry is driving growth of the segment. For instance, domestic consumption of plastic is estimated to reach 20 million MT by 2020 — as per the India Brand Equity Foundation — a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India.
• Among end-use industries, coatings was the dominant segment in 2016 and is expected to retain its dominance over the forecast period. HPPs are widely used in exterior coatings as they are exposed to high temperatures in presence of humidity, oxygen, and UV radiation. There is a significant demand for HPPs coatings in the automotive OEM industry, which in turn is expected to aid in growth of the segment. For instance, according to the Automotive Mission Plan 2016-26 of India, which is prepared by Government of India and Society of Indian Automobile Manufacturers (SIAM), the Indian automotive OEM market is expected to reach US$ 16.5 billion by 2021 from US$ 7 billion in 2016 and generate approximately US$ 300 billion by 2026.
Key Takeaways of the Market:
• According to Coherent Market Insights study, Asia Pacific accounted for the highest market share of 40.16% in terms of revenue in the global HPPs market in 2016. This is due to increasing demand for HPPs in various industries such as cosmetics, plastics, and automobiles in emerging economies of India and China. According to PlasticsEurope, which is an association of plastic manufacturers, China manufactured 27.8% of the total plastic manufactured globally in 2015. According to India Brand Equity Foundation, luxury SUV and luxury sedans segments are growing at approximately 50% and 25-30%, respectively, during 2012-2020 in India.
• North America is expected to be the second largest region in the HPPs market due to high demand for eco-friendly pigments due to regulations by regulatory bodies such as US Environment Protection Agency and demand for pigments with high color quality from automotive, plastics, cosmetics, and other industries. According to PlasticsEurope, which is an association of plastic manufacturers, North America manufactured 18.5% of the total plastic manufactured, globally in 2015. According to Canada Industry Statistics, Government of Canada, the net revenue from paints and coatings manufacturing in 2015 was approximately US$ 332.06 million. Thus, there is significant demand for HPPs for coatings.
Key players operating in the global HPPs market include BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Heubach GmbH, Sun Chemical Corporation, Ferro Corporation, Merck KGaA, and Synthesia A.S.