The Scope for Growth of the Global Metallic Pigments Market
The global metallic pigments market is predicted to cross US$1.2 bn before the end of 2023. It was already recorded at US$736.20 mn in 2014, which puts it at a CAGR of 6.40% between 2015 and 2023. This sturdy growth rate has been possible due to the recent boom in the global automotive industry. As car sales around the world increase, so does the demand for metallic pigments. In fact, in terms of end users, the automotive industry was the largest segment of the global metallic pigments market in 2014.
The key players that have moved ahead with this market are ALTANA AG, BASF AG, Carl Schlenk AG, Silberline Manufacturing Co., Asahi Kasei Corporation, Sun Chemical Corporation, Umicore N.V., Coprabel, Metaflake Ltd., and Geotech International B.V.
Automobile Paints are Serious Business
Paints and the other visual characteristics of a car mean the world when it comes of the kind of consumer a car company is trying to attract. From the consumer’s side, the right paint job can become the difference between a good-looking car and a great car that he or she is compelled to buy. Therefore, the amount of research and development that goes into studying and innovating car paint pigments, especially metallic pigments, is exceptionally high. The engineers behind high-quality metallic pigments use several characteristics to define various qualities of the paint, such as fluctuations in lightness, the level of noise, flake orientation, and the scaling properties of the paint. These properties help them define and innovate the next big color or paint texture.
Metallic Pigments in Architecture
Apart from the visual appeal, metallic pigments also impart other major utility-based qualities to the product. These include resistance to corrosion, which is a key reason why metallic pigments also finds major usage in architecture and marine coatings.
One of the key players in the global metallic pigments market, Axalta Coatings Systems, is trying to step into the anodized paint applications with its AR400 Anodic Natura Powder Coating, meant for both architecture and automotive industries. The company’s idea was to create a pigment that would not only make a surface look like anodized aluminum, but actually outperform it. Similar innovations are keeping the global metallic pigments market in tune with the current demand patterns, thus creating a more sustainable market for the coming years.