In the last few years, the global metallic pigment market has depicted an exponential growth graph, pertaining to the increasing investments in the automotive, cosmetic, and F&B industries. In most of the end-use sectors, metallic pigments have been preferred prominently for generating an appealing, aesthetic look, coloration, and for improving the surface strength of metallic products. Moreover, in most of the commercial buildings as well, metallic pigments are used for floor coatings, owing to their excellent adhesive characteristic and insensitivity toward moisture.
U.S. Metallic Pigments Market Size, By Product, 2017 & 2024, (Kilo Tons)
The stand taken by policymakers to curb increasing VOC (volatile organic compound) content in the environment will favorably encourage the end-use domains to use metallic pigment for various applications, driving metallic pigment industry trends. As of now, metallic pigments are well known for their functional performance and excellent metallic effects in myriad fields comprising personal care, industrial coatings, powder coatings, and can coatings.
In the personal care products manufacturing industry, considering the restrictions on the use of hazardous cosmetic colorants, metallic pigments are extensively used in various cosmetic formulations. The use of metallic pigment reflects a unique metallic effect and light scattering capability in the final product that cannot allow light to pass through. In this regard, metallic pigments are preferred in most of the skin care products such as lotions and emulsions. In the U.S., the FDA has permitted to use some metallic pigments such as copper, bronze, and aluminum, which has encouraged giants in metallic pigment industry to manufacture these eco-friendly and non-VOC content products on a large scale.
Speaking along the same lines, the presence of already established companies in the cosmetic industry sector across most of the European countries will further push metallic pigment industry trends. The rise in spending capability and increasing use of cosmetic and personal care products such as soaps, shampoos, antiperspirants, sunscreens, fragrances has augmented the demand for metallic pigment across Europe. Reportedly, in 2017, European cosmetics and personal care industry accounted for the world’s largest share with the revenue collection of €77.6 billion from retail sales of the products. In addition, the growing foreign investments in Europe cosmetic industry, and surging involvement of personal care product manufacturers in R&D activities will further propel metallic pigment market size.
In addition to increasing popularity of personal care products, the growing demand for eco-friendly water-based paints will have a positive influence on metallic pigment industry outlook. These paints can be used to prevent the chemical reaction in contact with water. In this regard, in marine, automotive, and food & beverage can coatings, metallic pigment especially aluminum grades can be used prominently. Their capability to provide high durability and an impressive aesthetic look have become a huge driving force pertaining to which, in 2017, aluminum metallic pigment industry collected USD 650 million.
In automotive and other industrial applications, coatings are used to increase the anticorrosive nature, scratch resistance, durability, and environmental etch. Coated automotive products are capable of fulfilling the customers’ expectations of appearance, which could enhance the sales of automobiles considerably. Another advantage of the use of metallic automotive coatings is meeting the environmental regulatory policies that could lead to minimizing ownership and manufacturing costs. The favorable cost-effective output received with the use of coatings will generate a supportive business scenario for the players in the metallic pigment market.
The significant changes in technologies related to the coating as well as colorization process will encourage giants in the metallic pigment industry to carry out in-depth research for enhancing their existing product ranges. The development of innovative and environment friendly product portfolios will eventually increase the pigments’ applicability in end-use sectors. Underlining the rise in future product demand, metallic pigment market will surpass revenue collection of USD 2.3 billion by the end of 2024.