Plastic pigments market is projected to grow from USD 10.3 billion in 2018 to USD 14.8 billion by 2023, at a CAGR of 7.5% from 2018 to 2023. The increasing demand for plastics in automotive, increasing significance of aesthetics in packaging, industrialization in emerging economies and high demand for high-performance pigments. Volatility in raw material prices and environmental regulations restrain the growth of plastic pigments market.
Leading End-use Industry: The Packaging Segment
Packaging is the largest end-use industry of plastic pigments. This industry is growing across various sectors, such as food & beverage, healthcare, cosmetics, and other consumer goods due to the increasing use of plastics in these industries. Packaging is the largest and the fastest-growing end-use industry of plastic pigments due to increased use of a variety of color shades to enhance the attractiveness of packaging of goods. High degree of aesthetic appeal of products helps in product differentiation and influences the preferences of customers.
Inorganic Pigments Serves as the Largest Segment
Inorganic pigments lead the plastic pigments market where titanium dioxide pigments have a major share. These are generally metallic oxides or synthetics. The inorganic pigments provide dull colors and have a good lightfastness. They are preferred due to their low costs and better lightfastness properties. The properties of the inorganic pigments and their low cost make inorganic pigments the largest type segment in the plastic pigments market.
Largest Market of Plastic Pigments: APAC
APAC is the largest market of plastic pigments owing to high consumption of pigments in plastics. The global plastic consumption has increased 3 times in the last 20 years. Growing population, increasing disposable incomes, urbanization, and changing lifestyles are driving the plastics market. China, India, Japan, and South Korea are some of the key plastic pigment markets in the region.
Source: MarketsandMarkets