Aluminum Pigments Market To Witness Huge Growth and Revenue Acceleration, Outlook, Insights forecast 2031
Aluminum Pigments Market: Introduction
Transparency Market Research delivers key insights on the
global aluminum pigments market. In terms of revenue, the global
aluminum pigments market is estimated to expand at a CAGR of 6.25% during
the forecast period, owing to numerous factors, regarding which TMR offers
thorough insights and forecast in its report on the global aluminum pigments
market.
Aluminum Pigments Market: Key Players
Key players operating in the global aluminum pigments market are
Alba Aluminiu, Altana, Asahi Kasei Corporation, Carlfors Bruk, Carl Schlenk AG,
GEOTECH, Metaflake Ltd., MEPCO, Silberline Manufacturing Co., Toyo Aluminium K.K., BASF SE, and Sun
Chemical.
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Aluminum Pigments Market: Dynamics
The drive to introduce eco-friendly technologies in the pigment
development process is likely to provide lucrative opportunities for the
aluminum pigments market. The aluminum pigments market faces the challenge of
meeting environmental regulations. Market players strive to achieve
sustainability by implementing advanced technologies and manufacturing
processes.
They are focusing on using technologies that help lower the
emission of VOCs and maintain the esthetic performance of aluminum pigments.
Advanced inhibition technology needs to be adopted to make aluminum pigments
compatible with the waterborne application system. Aluminum reacts with water
to form hydrogen gas, which damages the hiding power, color, and orientation of
aluminum pigments.
Thus, an effective inhibitor, which would restrict gas formation,
needs to be used in the waterborne system. The recent progress in the
phosphosilicate chemistry has resolved this issue. This has led to the
development of chemically modified phosphoric acid, thus enabling the formation
of solvent-free aluminum pigments compatible with waterborne systems with
performance efficiency. Thus, generation of eco-friendly grades of aluminum
pigments through the innovative inhibition technology is expected to create new
opportunities for the aluminum pigments market during the forecast period.
Research and development activities are being undertaken to
manufacture specially designed aluminum flakes. This is opening up new avenues
to lower the emission of VOCs. Aluminum pigment flakes can be combined with
resins that are miscible in water to form water dispersible aluminum pigments
in the pellet form. The malleability of aluminum leads to deformation of
aluminum flakes with time. The emergence of new technologies has facilitated
the application of silica coating on aluminum flakes. This helps maintain the
morphological form of aluminum flakes.
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Aluminum Pigments Market: Prominent Regions
North America is a key region of the global aluminum pigments
market. The U.S. held large share of the aluminum pigments market in North
America in 2020. The growth of the market in the country can be ascribed to the
expansion of the cosmetics industry. The increase in usage of personal care and
skincare products in the U.S. is driving the cosmetics industry in North America.
According to the Forbes magazine, the U.S. was the world’s largest beauty
market in 2020. Women in the U.S. spend around US$ 3,756 on cosmetics annually.
The use of aluminum pigments in cosmetic products offers new
styling potential as well as imparts unique effects. Aluminum pigments offer
high gloss and mirror-like reflection; therefore, they are widely used in the
manufacture of nail polishes, glitter eyeliners, lipsticks, and mascara. The
rise in the demand for cosmetics products is expected to boost the consumption
of aluminum pigments in North America in the near future.
The rapid growth of the aluminum pigments market in Europe can be
attributed to the expansion of the electronic vehicles industry in the region.
The implementation of stringent regulations on reduction of carbon footprint is
boosting the purchase of electronic vehicles. Electronic vehicles use batteries
to store energy. This eliminates the need of traditional gasoline fuel, thereby
eliminating the emission of hydrocarbons.
Aluminum pigments are used for the purpose of coating of plastic
and composite parts used in e-vehicles. Aluminum pigments also impart metallic
effect. According to the Electric Vehicle World Sales Database, Europe held 43%
share of global electric vehicle sales in 2020 compared to 26% share held in
2019. Thus, rise in sales of electric vehicles in Europe is expected to fuel
the aluminum pigments market in the region.
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The increase in the demand for aluminum pigments in Asia Pacific
can be ascribed to the rise in sale of consumer electronics products in the
region. Aluminum pigments are dispersed in masterbatches. These masterbatches
are used for the purpose of coloring of plastics. People in India and China are
increasingly opting for products with improved esthetics as well as functional
abilities.
Aluminum pigments offer higher gloss as well as metallescent
effects to plastics. This is estimated to boost the demand for aluminum
pigments in the near future. According to the IBEF (Indian Brand Equity
Foundation), the appliance and consumer electronics market in India reported
sales of US$ 10.93 Bn in 2019 and is anticipated to reach US$ 21.18 Bn by the
end of 2025. Changing lifestyle, rise in disposable income, and increase in per
capita income are responsible for the growth in sales of consumer electronics
products in India.
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