The Global High-Performance Pigments (HPPs) Market- Growth, COVID-19 impact and Forecast (2021-2025)
The High-Performance Pigments (HPPs) market is segmented by Product type (Inorganic and Organic); Application (Coatings, Plastics, Inks, Cosmetics and Others); End-user (Automotive and Transportation, Construction, Industrial, Printing and Others); Geography (North America, Europe, APAC and ROW).
Introduction
High performance pigments (HPPs) are both inorganic and organic pigments with high insolubility, color strength, heat stability, weather and light fastness properties, bleeding and solvent fastness, and low migration.
Increasing applications of automotive coatings, growing demand from infrastructure and aerospace industries, on-goings developments related to pigments are some of the factors that will accelerate the growth of the high performance pigments market
Provision of low quality product along with price pressure is likely to hamper the growth of the high performance pigments market
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global high- performance pigments (HPPs) market is expected to grow to $7,327.80 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 4.43% CAGR.
Factors such as the Increasing applications of automotive coatings, growing demand from infrastructure and aerospace industries are contributing to the growth of the HPPs market.
Asia Pacific region is the fastest-growing market of HPPs due to high demand from various industries.
Key Trends
Rising demand for innovative bio-based HPPs product
Various research and development activities for development of new HPPs technologies such as nano-pigment technology is also propelling growth of the market.
Key Market Players
Some of the key players in the market are BASF, Clariant, Ferro Corporation, DIC Corporation, Lanxess, Venator Materials.
The key players are dominating the market by adopting modern and innovative technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting certain strategic initiatives, M&A activities to increase their production capacity and to enhance their product portfolio to cater to the growing demand, particularly in the developing regions.
Growth Drivers and Challenges
The rising investment in various construction and infrastructure projects across the globe is driving the market. Global construction industry is growing at a faster pace with a major contribution from emerging countries. The revenue is expected to reach approximately $14.98 trillion by 2025.
Increasing demand for automobile coatings is believed to play a critical role in shaping growth positively.
The superior properties of high-performance pigments in driving demand for the market.
High costs of HPPs is a major restraining factor for growth of the market.
Volatile costs of raw materials are also projected to present a challenge to productivity in the sector
Brexit to negatively impact the automotive and construction industries in Europe