Booming Automotive Industry Prompts Global Metallic Pigments Market to Reach US$1,286.7 Million by 2023
The global
metallic pigments market was valued US$736.2 million in 2014. The
market is expected to reach a value of US$1,286 million by 2023, if it can
maintain an estimated CAGR of 6.4% from 2015 to 2013. According to a report
released by Transparency Market Research, titled “Metallic
Pigments - Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015 - 2023”,
the market’s primary growth driver has been growing demand for aluminum. The
report states that aluminum was the largest product segment of the global
metallic pigments market in 2014.
A majority of the market
was taken up by plastics, printing inks, coatings, and paints that were based
on aluminum pigments. Aluminum was the preferred metal due to the visual appeal
that it brought out. In comparison, 15% of the 2014 global metallic pigments
market was held by copper, which is used to apply a gold bronze finishing to
products. Copper pigments are in larger use in the application segments of
personal care and printing inks. Other major product segments include chromium
and stainless steel.
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