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.
Request InsightsPurchasing 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
IN THE NEWS|
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.
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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.
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.
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.
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.
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.
The global plastic pigments market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global plastic pigments market includes the following segments:
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By Type |
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By End-use Industry |
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FREQUENTLY ASKED QUESTIONS
The increasing demand of plastic and plastic products is expected to fuel the market growth in the forecast period.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.
The rising awareness of plastic waste along with the possibility of adverse effect on health and environment and stringent rules by government to protect the environment is expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Clariant International Ltd, Ferro Corporation, Heubach GmbH, Huntsman International LLC, The Chemours Company LLC, LANXESS, Cabot Corporation, DIC Corporation, Tronox Holding plc, BASF, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-use industry, and by region.
The automotive is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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