The India pearlescent pigment market is expected to reach USD 110.3 million by 2024, according to a new report by Grand View Research, Inc. Pearlescent or ‘pearl’ pigments are majorly processed into paints & coatings, plastics & printing inks with an aim to provide brilliant color effects & high luster onto various substrates. Such special effect pigments are increasingly being incorporated into various consumer goods to lend strong aesthetic appeal at a relatively low cost.
Regulatory intervention is driving the utilization of materials that minimize the stress & detrimental impact on non-renewable resources such as minerals & metal ores. The Central Pollution Control Board of India has stipulated regulations related to volatile organic compound (VOC) emissions from pigments & related specialty chemicals, which has encouraged market growth as well.
The heterogeneity of customer needs has expanded tremendously, offering multinationals numerous opportunities, especially in emerging economies such as India, which are brimming with consumer disposable income.
Iron/ferric oxide mica was the dominant product segment, accounting for over 35% of the market volume in 2015. The product has a high refractive index, metallic luster, excellent hiding properties & weather resistance that makes it ideal for outdoor paints & coatings applications.
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Further key findings from the study suggest:
- Indian pearlescent pigment market demand was 10.6 kilo tons in 2015 and is expected to reach 16.6 kilo tons by 2024, growing at a CAGR of 5.1% from 2016 to 2024
- Paints & coatings were the foremost application for pearl pigments in India, owing to the high demand for non-toxic, non-reactive pigments with brilliant metallic & translucent finishing effects in the automotive, construction & industrial sectors
- Decorative coatings held the largest share with over 50% of the market volume in 2015. The segment is expected to witness rapid growth over the forecast period owing to the high demand for colorful & decorative paints during the seasonal festivities
- Additionally, transitioning consumer lifestyles and rising passenger car sales are also likely to prompt growth in automotive paints. The segment is anticipated to grow at the highest CAGR of 4.7% from 2016 to 2024
- Plastics was another major application, with the highest consumption in rigid & flexible packaging. Rising demand for individualized, smaller packages with futuristic color effects to enhance visual merchandising is driving product usage in this application
- Key companies identified in the industry include Sudarshan Chemicals, Merck Performance Materials, BASF S.A., Dev Tech India Pvt. Ltd., Vaslpar (India) Coatings Corporation Pvt. Ltd., Kolortek Industries, Fujian Kuncai Material Technology Co. Ltd., and Colourex among others