Increasing industrialization, growing packaging industry and rising demand for high-performance pigments to boost global plastic pigments market through 2024.
According to TechSci Research report, “Global Plastic Pigments Market By Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global plastic pigments market is forecast to reach $ 15.09 billion by 2024, on account of growing significance of aesthetics in packaging, huge demand for high-performance pigments and industrialization in emerging economies. However, volatility in raw material prices as well as environmental regulations hinder the growth of plastic pigments market. A pigment is a material that changes the color of reflected or transmitted light as a result of wavelength-selective absorption. Pigments are used for coloring paints, inks, plastics, fabrics, cosmetics, food and other materials. On the back of growing packaging industry and rapid industrialization in Asia-Pacific, the region’s plastic pigments market is expected to register highest growth during the forecast period.
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Based on type, the inorganic pigments segment is anticipated to lead the plastic pigments market during the forecast period. Inorganic pigments lead the plastic pigments market where titanium dioxide pigments hold a major share. Notably, these are generally metallic oxides or synthetics, provide dull colors and have possess a good lightfastness. Notably, these properties of the inorganic pigments and their low cost make inorganic pigments the largest type segment in the plastic pigments market. Further, packaging is the largest end-use industry of plastic pigments. This industry is expanding across various sectors, like food & beverage, cosmetics, healthcare and other consumer goods owing to the increasing use of plastics in these industries. The packaging industry is also growing due to increased use of a variety of color shades to enhance the attractiveness of packaging of goods.
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“Considering the regional distribution, China is the largest market of plastic pigments in Asia-Pacific, owing to huge demand for plastic pigments in the plastics industry. Moreover, India is expected to generate huge demand for plastic pigments, backed by strong presence of small players in the plastic pigments market and economic development. Lastly, the global plastic consumption has increased three times in the last 15 years and are anticipated to grow further.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Plastic Pigments Market By Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global plastic pigments market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global plastic pigments market.
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