The global HPPs market was valued at US$ 5.06 billion in 2016 and is expected to reach US$ 7.22 billion by 2025, registering a CAGR of 4.0% over the forecast period (2017-2025) according to a High Performance Pigments Market, by Product Type (Organic and Inorganic), by End-use industry (Coatings, Cosmetic Products, Inks, Plastics And Others).
High performance pigments are pigments that offer excellent performance and have properties such as enhanced light fastness, weather-fastness, fastness to chemical exposure, high heat stability, and low solubility for system and migration application. They are primarily used in applications that require excellent weather and light fastness such as outdoor signs, automotive coatings, and exterior house paints. Growing demand for highly durable coatings such as coil coatings, marine coatings, exterior masonry coatings, and others is propelling growth of the HPPs market. Increasing usage of HPPs in cosmetics, ink jet printing, and plastic industry is further driving growth of HPPs market. However, relative high cost per unit weight is the major restraint to this industry growth.
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Key Trends and Analysis of the HPPs Market:
Inorganic HPPs segment accounted for the highest market share in product type segment in 2016, owing to increase in demand for metallic HPPs in the automobile industry. For instance, according to the International Organization of Motor Vehicle Manufacturer (OICA), the total global registration or sales of passenger cars was 66,314,155 in 2015 and increased to 69,464,432 in 2016.
Organic HPPs is expected to be the fastest growing segment, owing to increasing demand for environment friendly pigments. Organic HPPs are widely used in various industries such as plastics, cosmetics, and others. For instances, Pigment Violet 23 offers various shades, high tinting strength, excellent light fastness, and heat stability and is widely used in manufacturing various plastics. Furthermore, significant increase in use of plastic is driving growth of the segment. For instance, domestic consumption of plastic is estimated to reach 20 million MT by 2020 — as per the India Brand Equity Foundation — a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India.
Among end-use industries, coatings was the dominant segment in 2016 and is expected to maintain its dominance over the forecast period. HPPs are widely used in exterior coatings as they are exposed to high temperatures in presence of humidity, oxygen, and UV radiation. Furthermore, the significant demand for HPPs coatings in the automotive OEM industry is a key factor contributing in growth of the segment. For instance, according to the Automotive Mission Plan 2016–26 of India that is prepared by Government of India and Society of Indian Automobile Manufacturers (SIAM), the Indian automotive OEM market is expected to reach around US$ 16.5 billion by 2021 from US$ 7 billion in 2016 and generate around US$ 300 billion by 2026.
Key Takeaways of the Market:
Key players operating in the global HPPs market include BASF SE, Clariant AG, Huntsman Corporation, Lanxess AG, Solvay SA, Heubach GmbH, Sun Chemical Corporation, Ferro Corporation, Merck KGaA, and Synthesia A.S.