Aluminum Pigments Market To Reach Valuation Of US$ 891.9 Mn By 2031

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Aluminum Pigments Market To Reach Valuation Of US$ 891.9 Mn By 2031

Aluminum Pigments Market To Reach Valuation Of US$ 891.9 Mn By 2031
Poor market sentiments have slowed down the global economic pace during the coronavirus outbreak. Companies in the aluminum pigments market are focusing on mission-critical projects in paints, printing inks, and plastics to keep economies running amid the ongoing pandemic.

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: 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.

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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