The global high Performance Pigments (HPPS) Market size was USD 4.56 billion in 2015 and is projected to reach USD 5.71 billion by 2021, registering a CAGR of 3.81% between 2016 and 2021. Key strategies such as expansions and new product launches are adopted by the major players to meet the demand of end users. The major HPPs manufacturers are also focusing on merger & acquisition activities to strengthen their market position by increasing their share in the HPPs market.
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“High Performance Pigments Market, by Type (Organic - Benzimidazolones, Quinacridones, Perylenes, DPP and Inorganic/Metallic - Bismuth Vanadate, Cadmium), Application (Coatings, Plastics, Inks, Cosmetic Products)—Global Trends & Forecasts to 2021”.
The coatings application segment accounted for the leading share of HPPs market in 2015. Other applications such as plastics, inks, and others also account for a significant share of the overall market. The use of HPPs in cosmetic products and in the textile, industry is in their initial phase and are expected to grow significantly.
Cosmetic products are the fastest growing application of HPPs. The demand for these pigments is increasing in cosmetic products, as the consumers seek products that have less or no harmful effects. Cosmetics made from conventional pigments are toxic and can cause health hazards, this encourages consumers to pay more for these better-quality products, thereby, propelling the growth of the HPPs market in the segment.
Organic HPPs are the most-widely used HPPs and are expected to continue dominating the market during the forecast period. It is also projected to witness the highest growth rate during the forecast period on account of their environmentally-friendly features and increasing demand from applications such as cosmetic products and plastics. Increasing the production of environmentally-friendly HPPs, is a major opportunity for the HPPs manufacturers.
Asia-Pacific held the largest share of the global HPPs market, in terms of value, in 2015. Asia-Pacific is closely followed by North America. It is also the fastest-growing market for HPPs in the world. Growing urbanization and industrialization, increasing demand for HPPs in plastics, cosmetic products, and coatings applications is driving the demand for HPPs in the Asia-Pacific region.
Some of the major players operating in the global HPPs market are BASF SE (Germany), Clariant AG (U.S.), Huntsman Corporation (Japan), Lanxess AG (Germany), Solvay SA (Belgium), Atul Ltd. (India), Sudarshan Chemical Industries Ltd (India), Heubach GMBH (Germany), Sun Chemical Corporation (U.S.), Synthesia A.S. (Czech Republic), Ferro Corporation (U.S.), and Gharda Chemicals Ltd. (India). Most of the companies have adopted expansions and new product launches as their development strategies to sustain in the global HPPs market.
The raw material suppliers for the HPPs market identified in the study are the suppliers of natural gas and its derivatives, cadmium, cobalt, copper, titanium, and other metal oxides. HPPs occur naturally during coal combustion process. The major value addition in the HPPs industry is in the manufacturing process where agreat amount of efforts and expertise is necessary to manufacture a pigment totally suitable to the specific end-use application. These HPPs are either sold directly to the end users or to the distributors.
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