Aluminum Pigments Market size is projected to surpass USD 909 Million by the end of 2033, witnessing around 6% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of aluminum pigments was USD 488 Million. The growth of the market can be attributed to the massive growth of the cosmetics industry worldwide. For instance, based on a study, the revenue of the cosmetic industry in the U.S. was worth about USD 48 billion in 2022. There are a variety of cosmetics products that require special effect pigments, such as lipsticks, eye shadows, nail lacquers, makeup, mascaras, blushers, and so on. To obtain lustrous, glossy effects, aluminum pigments are used extensively in these products. Further, the growing demand for consumer electronics, and automobiles is also expected to add to the market growth. Since aluminum pigments are also highly used for coating several electronics, and automobile products, this as a result is predicted to increase the market growth further in the years to come.
In addition to these, factors that are believed to fuel the market growth of aluminum pigments include the surge in the food and beverage industry, coupled with the surging demand for attractive labels in these sectors throughout the world. For instance, the worldwide non-alcoholic beverage industry is poised to be one of the fastest growing of all the label segments of the beverage industry with a growth of nearly USD 400 billion in the year 2021 up from about USD 370 billion in the prior year. Additionally, the increasing utilization of aluminum pigments in coatings in several end-use industries, along with the surging advancements in the printing industry is also predicted to present the potential for market expansion over the projected period.
Growth Drivers
Increasing Consumption of Plastic Along with Widespread Use of Aluminum Pigments in the Plastic Industry – The use of aluminum pigments enhances the functional properties of plastics in both commodity products and high-end automotive parts. Plastic components are given a glossy finish and metallic effect with aluminum pigments. In the consumer electronics industry, they are widely used for coating. Thus, the extensive application of the product in the plastic industry is expected to enlarge the global aluminum pigments market size during the forecast period. It was observed that the rise of emerging markets has driven a triple-digit growth in plastic consumption over the last 25 years. For instance, approximately 450 million tons of plastics were produced worldwide in 2019 up from a significant million tons in 2000.
Increase in the Sale of Personal Premium-End Products - For instance, by the end of 2021, the worldwide sales of luxury items for personal use accounted for around USD 320 billion. It represented an increase from the recorded sales of nearly 310 billion in 2019.
Rising Level of Personal Disposable Income - There was an increase of around USD 45 billion in the personal income of Americans in July 2020, as well as an increase of approximately USD 35 billion in disposable personal income as reported by the Bureau of Economic Analysis.
A Surge in Exports of Metallic Pigments Worldwide - According to the statistics by the International Trade Center (Trademap), the value of exports of metallic pigments in Germany in the year 2021 was recorded to be USD 342,141 thousand, which was an increase from USD 286,537 thousand in the previous year.
Increasing Production of Innovative Aluminum Pigments by Manufacturers - AQUAVEX Plus, an aluminum pigment in granule form, was launched by Silberline Manufacturing Co. in June 2020. Specially designed for water-based inks. With excellent adhesion and a wide range of effects, the product can achieve extremely bright metallic effects as well as very high opacity.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 488 Million |
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Forecast Year Market Size (2033) |
~ USD 909 Million |
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Regional Scope |
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Application (Paints, Coatings, Printing Inks, Plastics)
The global aluminum pigments market is segmented and analyzed for demand and supply by application into paints and coatings, printing inks, plastics, and others. Out of these four types of segments, the paints and coatings segment is estimated to gain the largest market share of around 45% over the projected time frame. The growth of the segment can be attributed to the radical increase in the construction industry and a rise in the disposable personal income of the population. For instance, the construction sector in the U.S. is estimated to generate about 1.5 trillion worth of structures every year. Besides this, the rising sales of cars, aircraft, and business jets are also expected to drive the paints and coatings segment growth over the forecast period. For instance, new business jet sales accounted for more than 700 jets sold worldwide in the year 2021, up by nearly 9% from the 630 jets sold in the year 2020.
Type (Leafing, Non-Leafing)
The global aluminum pigments market is also segmented and analyzed for demand and supply by type into leafing, and non-leafing segments. Amongst these two segments, the non-leafing segment is expected to garner a significant share. The growth of the segment is can be attributed to its long-lasting properties as compared to the leafing segment. In addition to this, non-leafing metal is more resistant to oxidation and corrosion. They are commonly used in a variety of metallic paint applications. Furthermore, automotive manufacturers employ stable and lasting paints to provide clients with better visual attributes. On the other hand, the aluminum pigments market is further segmented and analyzed for demand and supply by form into paste, pellet, powder, and flakes. Out of these four segments, the paste segment is projected to witness a massive CAGR during the forecast period, owing to the surging production and export of aluminum paste throughout the world. For instance, nearly 26 Japanese exporters shipped around 2.5K of aluminum paste to 34 different countries by the end of 2022. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Form |
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By Application |
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APAC Market Statistics
The Asia Pacific aluminum pigments market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising sales and demand for passenger and luxury cars in developing countries such as India, China, and Japan, coupled with the high utilization of aluminum pigments in the manufacturing of automobiles are expected to drive the regional market growth during the forecast period. For instance, it was observed that nearly 16,500 luxury vehicles were sold in India from January to May 2022, an increase of 50% from the prior year. Further, the rising demand for personal care products, along with the significantly spiking color cosmetics industry is also anticipated to contribute to the market growth in the region. In addition, the region's favorable regulatory policies and surge in urbanization are stimulating construction activities in the region, which is further estimated to fuel the demand for paints and coatings. Moreover, another factor that is estimated to boost the growth of the APAC aluminum pigments market is the widespread use of paint and coatings in the architecture sector for both interior and exterior applications. In addition to this, the rising use of several types of dyes and pigments in various end-use industries such as textile, printing, and so on is another major factor that is estimated to propel the market growth further in the region throughout the projected time frame.
North American Market Forecast
Furthermore, the North American aluminum pigments market is anticipated to display lucrative market growth by the end of 2033. The growth of the market can be attributed to the surging capacity of production of aluminum pigments, followed by the growing demand for these pigments from the automotive sector in the region. In addition to this, the escalating demand for aluminum pigments from the food and beverage sector is also estimated to provide lucrative growth in the coming years. Since aluminum pigments are being used in the production of several kinds of labels which are used by several food and beverage businesses in the region. This as result is estimated to drive the growth of the market further throughout the projected time frame in the region.
Sun Chemical Corporation in a joint venture with DIC Corporation, has completed the acquisition of BASF's global pigments business, BASF Colors, and Effects (BCE). The main purpose of the acquisition is to fully harness the benefits of the supply chain, technologies, products, and manufacturing assets so the global customer can be served without any trouble.
Carl Schlenk AG, a leading manufacturer of effect pigments, announced the launch of Zenexo GoldenShine WB 21 YY, a new pigment designed for automotive and waterborne Applications.
Author Credits: Smruti Ranjan, Rajrani Baghel
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