The current market value of plastic pigment is estimated at $10.3 billion. It is expected to reach $14.8 billion by 2023, which will be at a CAGR of 7.5% between 2018 and 2023. The increased use of plastic pigments can be attributed to the growth of industries such as packaging and automobile, where the demand for high-performing pigments is high.
Fastest-growing Segment Type:
Based on the type, plastic pigments are categorized into organic and inorganic segments. According to the plastic pigments market forecast, organic pigments are projected to be the faster-growing type segment of the plastic pigments market. However, inorganic pigments are the larger type owing to its low cost. They have better resistance to chemicals and sunlight. Also, they provide high opacity and durability. Inorganic pigments do not bleach out of the plastics as well.
According to the end-use industry, the plastic pigments market is divided into consumer goods, packaging, building and construction, automotive and other similar categories. Among these, packaging is the fastest-growing and largest end-use industry of plastic pigments. There is also a high demand for plastic pigments across healthcare, food and beverages, and cosmetics, among other consumer goods industries.
The global plastic consumption has increased 3 times in the last 20 years. Growing population, increasing disposable incomes, urbanization, and changing lifestyles are driving the plastics market. China, India, Japan, and South Korea are some of the key plastic pigment markets in the region.
Countries Contributing to the Market Growth:
The plastic pigments market is majorly dominated by Germany, Switzerland, US, Japan and more. These countries have set up a strong foothold in market by adopting a number of strategies. This has lead to the growing demand for plastic pigments in the market.