EXPANDING AT 6.4% CAGR, THE GLOBAL METALLIC PIGMENTS MARKET TO WITNESS SUBSTANTIAL GROWTH
Metallic pigments find use in safeguarding metallic surfaces against rust. Pigments of copper, zinc, aluminum, and stainless steel provide a specific shade. This shade can be utilized for coating frames, doors, masts, gates, and various other construction parts or equipment so that it can be effectively protected from corrosion. This factor is expected to boost the global metallic pigments market in years to come.
Some of the well-known companies in the global metallic pigments market are Asahi Kasei Corporation, Carl Schlenk AG, Sun Chemical Corporation, Zhangqiu Metallic Pigment Co. Ltd., Geotech International B.V., and BASF SE.
Utilizing extensive methods of research, a report on the global metallic pigments market has been added to the repository of Transparency Market Research (TMR). Analysts at TMR estimate that the global metallic pigments market is estimated to grow at a rate of 6.4% CAGR, from 2015 to 2023.
North America to Remain Dominant Region over the Tenure of Assessment
Considering regional segmentation of the global metallic pigments market, North America is likely to exert dominance over the market throughout the tenure of forecast. Driven by the growth of the market in the US and Canada, the metallic pigments market in North America is expected to witness stellar growth. Increased research and development activities leading to innovative products are likely to work in favor of the North America metallic pigments market over the tenure of forecast, from 2015 to 2023.
Led by China, Japan, and India, Asia Pacific is likely to rise ot prominence registering substantial gains throughout the period of assessment. Rise in the demand from various end use segments such as packaging, plastics and printing, and paints and coating are estimated to offer copious opportunity of growth for the metallic pigments market in Asia Pacific. Furthermore, increased sale of commercial and passenger vehicles is another important growth factor for the market in the region. Rise in the number of residential construction projects is also likely to propel growth of the market in the Asia Pacific.
Increased Adoption of the Material by the Automotive Sector to Accentuate Market Growth
The flourishing businesses of construction and automotive industries are likely to trigger growth of the global metallic pigments market over the assessment tenure. The automotive and construction industries are the leading end user segments for the global metallic pigments market. Expansion of these two sectors is likely to affect the growth of the market directly in the years to come.
In addition to that, low impact on the environment is expected to contribute toward the growth of the aluminum pigment market. Metallic pigments are available in a wide range of colors and they display high reflectivity of light. As such, they improve physical appearance and resistance to corrosion and rust of surfaces thereby bolstering its demand in the market in foreseeable future. The automotive sector is increasingly adopting aluminum pigment for coating and painting applications of vehicles.