The Global Plastic Pigment Market is projected to grow at a CAGR of around 6.9% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market is mainly expanding due to the rising automotive industry globally. Consumers' preference for higher-performance & more fuel-efficient vehicles necessitates lightweight & very durable plastic-based components such as dashboards, bumpers, and many others. Along with this, customers also demand customized & different looks for the cars, which also augments the sale of plastic pigments. Moreover, there is a growing consumer inclination towards e-vehicles, which, in turn, is gradually surging the ownership of e-vehicles, thus generating an augmented need for plastic pigments.
Apart from it, the packaging is another crucial domain that requires plastic-based products in large quantities. The packaging industry requires plastic in different shapes & colors to make it look attractive & to be used in several industries, including food, healthcare, consumer goods, and many others. The upsurge in demand for packing the products from these end-user groups, results in propelling the market demand for plastic pigments, thereby positively impacting the market growth. However, the gradual shift towards biodegradable & environment-friendly packaging options such as wood-based or paper-based cutlery is reducing the use of plastic-based packaging. It, in turn, is reducing the requirement for plastic pigment, primarily in food & beverage packaging.
Despite these restraints, the demand graph of the market would constantly rise in the packaging industry, majorly due to the growth of the e-commerce & logistics sector. Hence, as the automotive or packing industry is presumed to foresee a potential growth, the need for plastic pigments would also upsurge, further states the research report, “Global Plastic Pigment Market Analysis, 2023.”
Organic-based Plastic Pigments to Witness Increasing Demand Mainly from the Textile Sector
Based on type, the market is divided into Organic & Inorganic plastic pigments. Due to the availability of Organic-based plastic pigments in a wide range of colors & better lightfastness, their adoption in industries including packaging, healthcare, and many others has increased dramatically. Its adoption has been highest in the textile sector due to superior color strength & stability. Along with it, as the trend for sustainable & environment-friendly clothing is surging, the market demand for organic plastic pigment is also enhancing.
Organic plastic pigments are used to produce synthetic textiles such as polyester & nylon. These synthetic fibers offer greater durability & resistance in comparison to cotton textiles, as a result, the demand for such artificial fabrics is expanding. This, in turn, is augmenting the demand for organic plastic pigments, therefore increasing the adoption of synthetic fibers, which would propel the demand for plastic pigments in the coming years.
North America to Dominate the Market
North America has the highest demand for plastic pigments, owing to the presence of a well-developed automotive & construction industry, which uses plastic-based products on a wide scale. In the future years, the North American region is anticipated to lead the market growth of plastic pigments due to the growing ownership of e-vehicles in the automotive sector and the rising construction activities. Further, the use of advanced technology, such as 3D painting in real estate, healthcare, etc., is also expected to push the growth of plastic pigment in the regional market during the forecast period.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Venator Materials PLC., BASF, DIC Corporation, Lanxess, Ferro Corporation, Cabot Corporation, Clariant, Chemours, Kronos Worldwide Inc., Heubach GmBH, Tronox, and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report