Global Plastic Pigments Market Research Report: Forecast (2023-2028)

Market Insights & Analysis: Global Plastic Pigments Market (2023-28)

The Global Plastic Pigments Market is projected to grow at a CAGR of around 6.9% during the forecast period, i.e., 2023-28, due to the expanding automotive industry. These pigments are the colorants that are used to provide colors to the plastics and come in both liquid & powder formats. In automotive, lightweight & durable materials are high in demand as they can help in improving fuel efficiency & enables better performance. Plastic-based automotive parts such as the bumper & dashboard require these pigments to make the overall look of the vehicle different & attractive. There is a growing inclination towards electric vehicles among consumers, as a result, the demand for e-vehicles is gradually growing, further propelling the need for these pigments in the coming years.

Apart from it, packaging is another major sector that has a high demand for plastic-based packing material in the form of sheets, boxes, and several others. There is different packing material for different categories of an article, such as food packaging, order packaging, etc. These plastic-based packaging materials come in various sizes & colors to offer a different & attractive look. Further, the construction sector is also another major domain, with a high demand for plastics to manufacture doors, window panels, roofs, etc.  Thus, the expansion within the automotive sector, packaging industry, and construction sector would propel the growth of the market during the coming years.

Global Plastic Pigments Market Driver:

 Expansion of Automotive Industry to Augment the Market Growth - There is an increasing demand for lightweight materials in the automotive industry, as they can help reduce the weight of vehicles & improve fuel efficiency. Plastic pigments are used to produce lightweight plastic components that are utilized in automobiles for bumpers, dashboards, and door panels. The automotive industry is increasingly focusing on the customization of automotive components to differentiate its products from competitors. These pigments offer a wide range of color options, which can help manufacturers create customized parts attracting customers.

Moreover, many countries, like China, the US, Japan, Germany, etc., are experiencing a surge in automobile production due to ascending demand & expanding government support. Hence, this surge in automobile production across the globe is significantly contributing to the requirement for plastic pigments. Furthermore, the demand for electric vehicles is advancing rapidly, which can boost the need for these pigments. Hence, plastic components are used extensively in the production of electric vehicles, therefore their demand is expected to supplement in the coming years.

Global Plastic Pigments Market Possible Restraint:

Surging Environmental Regulations Across the Globe to Hamper the Market Growth - Plastics are synthetic products having several hazardous impacts on human health as well as on the environment. As a result, governments have set up stringent regulations to regulate the production & usage of plastics among several end-user groups.

In addition to it, there has been growing prominence for using biodegradable or eco-friendly materials to replace plastic products. The packaging industry is increasingly adopting wood-based or paper-based cutlery instead of traditional plastic packaging to reduce the environmental degradation caused by the usage of plastics. Further, there is a growing consumer preference for edible packaging materials or cutlery, which are initially used to pack food and may afterward be consumed. As a result, severe laws & the availability of substitutes in some industries are restricting demand for plastics. This, in turn, is hampering the growth of the Plastic Pigments market globally.

Global Plastic Pigments Market Growth Opportunity:

 Rising Construction Sector to Positively Augment the Demand - The construction industry has been a significant contributor to the growth of the Plastic Pigments market, as plastic materials such as PVC, polyethylene, and polypropylene are widely used in the construction of various products like pipes, windows, and doors. They are used to provide color & UV resistance to these products.

Furthermore, many countries, such as the UAE, Qatar, Saudi Arabia, Singapore, India, etc., are investing in tourism infrastructure, including hotels, resorts, theme parks, etc., to support economic growth & development. This has led to an upsurge in construction activity in many countries & would contribute to the market growth during the forecast period. Further, the rising construction of residential buildings is positively impacting the market. Moreover, the new buildings require the fittings of PVC pipes, window panels, roofing, and other plastic-based structures. Hence, this, in turn, requires such pigments to provide color & aesthetic looks to the plastic. For instance:

• In 2022, Aldar Properties, Dubai, announced its new residential project with a capacity of nearly 2000 apartments. The project is expected to be open in 2023. 

The new housing buildings also generate the demand for durable furnishing articles made of plastic, such as chairs, tables, and shelves. This, again, would result in increased use of plastic pigments to give a decorative look to these articles, thus positively impacting the market during the forecast period.

Global Plastic Pigments Market Key Trend:

Surging Investments in the R&D of Advanced Plastics for 3D Printing - With the constant technological advancements & upgradation in technology, advanced painting solutions are being developed to be utilized in 3D printing. These paints are specially designed with UV-resistant characters so that the structure produced using 3D printing can sustain for a longer time with improved versatility. This category of plastic material is used as ink in 3D printing & uses specialized plastic pigments, which make the plastic & the color safe for use. The growing use of 3D printing in various domains, such as real estate, healthcare, automobile, and many others, would enhance the demand for plastic-based inks, thus, influencing market growth in the coming years.

Global Plastic Pigments Market (2023-28): Segmentation Analysis

The Global Plastic Pigments Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on the Type:

• Organic
• Inorganic

Organic plastic pigments are made from carbon-based molecules & offer a broader range of color options, improved durability, and better lightfastness compared to inorganic pigments. They are widely used in various applications, including automotive coatings, packaging, and textiles. The growing demand for high-performance pigments with superior color strength & stability has been a key driver for growth in the Organic Pigments market. The requirement for organic plastic pigments is also growing in the textile industry, as they are used in the production of colored fibers, fabrics, and textiles & are becoming increasingly popular due to their environmental friendliness & safety.

Additionally, organic pigments are used in the production of synthetic fibers such as polyester & nylon, which are widely used in the textile industry. By using organic pigments in the production of synthetic fibers, manufacturers can create more sustainable & eco-friendly products.

Based on End User:

• Packaging
• Building & Construction
• Consumer Goods
• Automotive
• Others (Healthcare, Textile, Electronics, etc.)

Here, the Packaging Industry has played a significant role in supporting the growth of the market globally. Plastic pigments are widely used in the production of packaging materials such as films, bags, bottles, and containers. The expansion of food & beverage production units has played a significant role in supporting the adoption of these pigments for packaging. The food & beverage industry is one of the largest consumers of packaging materials, and these pigments are widely used in the production of packaging to provide color & enhance their visual appeal.

Moreover, the growth of the industry has augmented the demand for high-performance packaging materials that can preserve the freshness & quality of food products during transportation, storage, and handling. These pigments provide superior color performance, stability, and durability to packaging materials, ensuring that the packaging maintains its appearance & protective properties.

Global Plastic Pigments Market Regional Projection

 Geographically, the Global Plastic Pigments Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Among all the regions, North America holds the leading share of the Plastic Pigments Market, mainly due to the extensive presence of end-user groups such as automobiles, construction, and healthcare, among many others. As a result of which, there is a higher demand for plastics, which, in turn, requires this pigment to make the plastic usable. Further, the growth within the packaging industry & construction within North America would generate increased demand for plastic products, hence upscaling revenue growth of the market in the following years.

Global Plastic Pigments Industry Recent Developments 

• 2022: Green Dot Bioplastic expanded its Terratek BD line with 9 types of compostable resins, to be used in plastic material.  The expanded offering is in line with the company's intent to achieve quicker biodegradability rates in ambient conditions while meeting the growing sustainability demands of brand owners & consumers.

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