The market size of plastic pigments is estimated at USD 10.3 billion in 2018 and is projected to reach USD 14.8 billion by 2023, at a CAGR of 7.5% from 2018 to 2023.
Increasing demand for plastics in the automotive industry, increasing significance of aesthetics in packaging, industrialization in emerging economies, and high demand for high-performance pigments (HPPs) are expected to drive the demand in the plastic pigments market during the forecast period.
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The key players in the plastic pigments market include, Clariant (Switzerland), BASF (Germany), DIC (Japan), Huntsman (US), Cabot (US), LANXESS (Germany), Chemours (US), Heubach (Germany), Tronox (US), and Ferro (US). The plastic pigments market report analyzes the key growth strategies adopted by leading market players, between 2013 and 2018, which include investment & expansion, new product launch, agreement, partnership & joint venture, and merger & acquisition.
Clariant is among the key players in the plastic pigments market, which has adopted both organic and inorganic strategies, such as new product launch, investment & expansion, and merger & acquisition. Its plastics and coatings segment accounted for maximum sales, i.e., 42% of the overall revenue of the company in 2017, which indicates that the company is strengthening its presence in the plastic pigment market. The focus on R&D has helped the company come up with more innovative products as compared with its competitors. Over the last few years, the company has been concentrating on the emerging markets, such as APAC and the Middle East & Africa to achieve its growth targets. For instance, in April 2013, Clariant planned to invest in a new pigment plant in Indonesia to cater to customer demand in China, India, and Indonesia.
BASF leads the plastic pigments market. Dispersions & pigments, which is a part of the company’s performance products business segment, accounted for 33.0%, in 2017. Its pigments business unit is capitalizing its growth by mainly focusing on innovation and expansion. This will, in turn, improve the quality and performance of its pigment products. Excellent combination of color effect, high reliable processing capability, and high durability of plastics can be achieved by the pigments offered by the company. In June 2016, BASF launched a pigments brand, ‘Colors & Effects’, which offers various pigments to fulfill the demand from the plastic industry. The company is focusing on providing sustainable solutions as sustainability will serve as a start point for new business opportunities in the future, and it is also the key to long-term success. BASF mainly caters to Europe and is targeting the emerging markets of APAC, the Middle East & Africa, and South America to expand its business in these markets.
Plastic Pigments Market by Type (Inorganic Pigments, Organic Pigments), End-Use Industry (Packaging, Consumer Goods, Building & Construction, Automotive) Region (APAC, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2023
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