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CHEMICALS AND ADVANCED MATERIALS

Plastic Pigments Market Analysis by Type (Organic, and Inorganic); and by End-use Industry (Packaging, Consumer Goods, Building & Construction, Automotive, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Clariant International Ltd has entered into a partnership with Lintech International, LLC to solely distribute its pigments for the plastics, coating and printing ink markets across the entire United States of America.
  • BASF has planned to increase production capacities for isoindoline yellow pigments by around 70% by 2020, as the demand for high-performance pigments grows.

Global Plastic Pigments Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~8%

Base Year Market Size (2022)

~ USD 12 Billion

Forecast Year Market Size (2033)

~ USD 15 Billion

The global plastic pigments market is estimated to garner a revenue of ~USD 15 billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 12 billion in the year 2022. The primary growth factor of the plastic pigments market is the expansion of plastic industry. The recent reports suggest that the total value of the United States plastic shipments was around USD 400 billion in 2020.

Plastic-Pigments-Market-Insight-Growth

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The increasing demand for plastic for varied purposes in countries is expected to expand the utilization of plastic pigments. Additionally, the expansion of end-use industries is forecasted to raise the demand of plastics and high-performance pigments. As of 2019, it was estimated that in the United States, almost 40 million tons of plastic are used every year.

Market Definition

Pigments are insoluble particles that are added to the polymer base to give a specific color to the plastic. Pigments can be found in organic and inorganic nature. Organic plastic pigments are hard to disperse and tend to form agglomerates which can cause spots and specks in the final product. Whereas, on the other hand, inorganic pigments such as metal oxides and sulphides, and carbon black get more easily dispersed in the resin.

Global Plastic Pigments Market: Growth Drivers and Challenges

Growth Drivers

  • Increased Plastic Production – The rapid industrialization and owing to its great advantages, plastic is being highly utilized in every sector of manufacturing processes. The versatility of the plastic has propelled the population to produce more plastics which is further projected to fuel the drive market growth. As per latest reports by Organisation for Economic Co-operation and Development, it was estimated that the global plastic production rose from 2000 to 2019 and stood up at approximately 460 million tons. 
  • Growth Demand of Plastic Products – The recent data disclosed in 2022, around one million plastic bottles are purchased every minute and around five trillion plastic bags are used every year across the world.
  • Boom in Automotive Industry - As per recent statistics, the revenue generation by the global automotive industry by 2030 is projected to reach at USD 9 trillion.
  • Expansion in Packaging Industry - The latest reports, revealed that the packaging industry in the United States was valued at USD 190 Billion in 2021 and is forecasted to reach USD 220 Billion by 2027.
  • Swelling of Chemical Industry – Latest reports stated that the revenue garnered by the global chemical industry in the year 2021 was approximately 4 trillion dollars, a considerable increment from the previous year with 3 trillion dollars.

Challenges

  • Adverse Effect on Humans and Environment
  • Rising Awareness About Plastic Waste
  • Stringent Rules by Government for Environmental Protection

The plastic pigments market is segmented and analyzed for demand and supply by end-user industry into packaging, consumer goods, building & construction, automotive, and others. Out of these the automotive segment is expected to garner the highest market share by 2033, owing to the high demand and production of vehicles by the burgeoning population. Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80,145,988 units in 2021. This is a rise from 77,711,725 units in 2020.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Plastic Pigments Market Regional Synopsis

Regionally, the global plastic pigments market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to huge facilities producing automobiles. Also, the increased demand and production of automobiles in the region As per International Organization of Motor Vehicles, the total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020.  Also, the high consumption of chemicals is an another growth driver of the plastic pigments market in the forecast period. As of 2020, the chemical industry of Asia Pacific region contributed to at least 60% of the revenues generated by global chemical industry.

Plastic-Pigments-Market-Size

The global plastic pigments market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global plastic pigments market includes the following segments:

By Type

  • Organic
  • Inorganic

By End-use Industry

  • Packaging
  • Consumer Goods
  • Building & Construction
  • Automotive
  • Others

Top Featured Companies Dominating the Global Plastic Pigments Market

  • Clariant International Ltd

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Ferro Corporation
  • Heubach GmbH
  • Huntsman International LLC
  • The Chemours Company LLC
  • LANXESS
  • Cabot Corporation
  • DIC Corporation
  • Tronox Holding plc
  • BASF

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