LONDON--(BUSINESS WIRE)--The global aluminum pigment market is expected to grow by USD 177.59 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Consumer preference for high sparkle finish and intensely chromatic colors on automobile bodies have spurred the demand for aluminum pigments in the automotive industry. In addition, the latest car models and designs are often targeted at younger consumers (age 24 to 35 years), which in turn, pushes the demand for colored aluminum pigments. The recent trend of thinner coatings in the automotive industry is also driving the demand for new low-aspect-ratio effect pigment particles like colored and thin-silver aluminum pigments. These aluminum pigments deliver detailed metallic luster in high chroma-hues with better opacity and gloss. OEMs are expanding these chromatic color series in economy cars as well. Hence, the growing demand for aluminum pigments in the automotive industry will be a key volume driver for the market.
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As per Technavio, the emergence of aluminum pigments with low VOC will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Aluminum Pigment Market: Emergence Of Aluminum Pigments with Low VOC
Aluminum pigments with low VOC is one of the major trends being witnessed in the global aluminum pigment market. To reduce air pollution, several governments have implemented stringent regulations, in the global paints and coatings market. Manufacturers of paints and coatings mostly use solvent-based aluminum pigments for colors. These are prone to the release of VOC in the atmosphere. As solvent-based pigments are used more often in paints and coatings, paints and coating manufacturers are facing a huge challenge. The recent innovation of water-based aluminum pigment proves to be a potential solution for the VOC emission rate issue.
“Factors such as the high demand for aluminum powder in the construction industry, and the wide range of end user applications will have a significant impact on the growth of the aluminum pigments market value during the forecast period,” says a senior analyst at Technavio.
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Aluminum Pigment Market: Segmentation Analysis
This market research report segments the aluminum pigment market by application (paints and coatings, plastics, printing inks, personal care products, and others) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the aluminum pigment market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing demand for paints and coatings, printing inks, and plastics in various end-user industries.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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