The global aluminum pigment market is expected to witness significant growth over the forecast period. Aluminum pigments are used in a variety of applications, ranging from automotive coatings & paints, protective coatings, and cosmetics. The product is available in three major forms, namely, powder, pellets, and paste. Aluminum pigments are being extensively used in paints & coatings owing to favorable properties, such as the ability to resist chemical attacks, constant weather changes, high temperatures, and discoloration.
The global aluminum pigments market is segmented on the basis of form, application, and region. On the basis of form, the market is segmented into powder, pellets, paste, and others, including flakes. On the basis of application, the market is segmented into paints & coatings, plastics, personal care, and printing. Increasing demand for attractive and decorative labels in the food & beverage is expected to increase the demand for aluminum pigments in the printing industry. In addition, the booming automotive industry is expected to further propel the demand for aluminum pigment-based paints & coatings. With various countries witnessing rapid economic growth, there has been a constant rise in disposable income, thus resulting in a growth in the purchase of cars. In addition, with the introduction of small and compact family cars, the automotive coatings segment is expected to witness significant growth, thus positively impacting the demand for the product over the forecast period.
Paints & coatings is expected to be the largest application segment over the forecast period. With increasing preference given to water-based coatings over solvent-based coatings, the demand for aluminum pigments used in these coatings is expected to grow over the forecast period. In addition, waterborne coatings have a quick dry time, excellent durability, and emit less odor, thus making them a popular option among consumers. The plastic application segment is expected to account for a significant share of the market over the forecast period. With various innovations underway, for the development of recyclable plastic products, the demand for plastics is expected to grow, thus impacting the demand for aluminum pigments.
The aluminum pigments market covers key regions of the world, namely, North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa, as part of the geographic analysis. North America is expected to hold a significant share of the market over the forecast period. The growth of the aerospace and automotive industries in the region is expected to propel aluminum pigment demand in the region. In addition, with the increasing production capacities by various manufacturers, coupled with high consumption potential and rising economic growth rates, the demand for the product is expected to grow. Asia Pacific is expected to be the fastest-growing market over the forecast years since countries such as India and China are in the process of developing crude oil processing methods and expanding their petroleum refineries. This is expected to impact the demand for aluminum pigment used in industrial paints & coatings.
Major players operating in the aluminum pigment industry include Hefei Sunrise Aluminium Pigments Co., Ltd., BASF SE, Asahi Kasei Chemicals Corporation, Metaflake Ltd., Kolortek Co., Ltd, Carl Schlenk AG, GEOTECH, AMETEK. Inc., Toyal America, Inc., and Silberline Manufacturing Co., Inc. The presence of major players in the market, such as BASF SE and Asahi Kasei Chemicals Corporation, is expected to intensify the competition since these companies have a strong consumer base and wide distribution networks.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.