High performance pigment have high stability, high color strength, and high insolubility along with excellent light fastening and weather properties. Special characteristics of high performance pigment include fluorescence, photo-chromatic, thermo-chromatic, and luminescence. High performance pigments incorporated many specialty pigments including carbazol violate, metal complex pigments, benzimidazolone azo condensations, phthalocyanine (green and blue), and isoindolinone.
Growing automotive coating industry is the major driver for the growth of high performance pigment market. According to coherent market insights, the coating industry is growing rapidly at a CAGR of 6.2% during the forecast period of 2017 - 2026. Moreover, growing technological innovation, such as organic nano-pigments, cooling pigments, pure color pigments, and high performance bio-based pigments are further driving the growth of high performance pigments market.
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Asia Pacific region is leading the high performance pigments market and it is expected to maintain its dominance over the forecast period with growing a CAGR of 5.1%. The growth is mainly attributed to the growth in textile and automotive industry. China is the worldâ€™s largest textile producing and exporting economy and it accounted for 36.5% of the global market share in textile export in 2016. In China, manufacturers are using high performance pigments in textiles coloring, which is driving the growth of high performance pigment market in the region. North America is the second largest market for high performance pigments, owing to the high demand for automotive coating industry.
High performance pigments are organic and inorganic. Natural organic pigments are made from plant and animal source, as they include dyes and later on they are converted into dye pigments. Plants source dye-pigments are indigo, madder, and gamdoge whereas, animal source dye-pigments are Indian yellow and sepia. Synthetic organic pigments have been formulated by carbon based molecules from petroleum, acids, and other chemicals under intense high pressure or heat. Synthetic organic pigments are quinacridones, phthalocyanines, perylenes, pyrols, and arylamides etc. Natural inorganic pigments are found as minerals or salts such as copper carbonate, azurite, and malachite that are later on washed, sifted, and calcinated (cooked) to make high quality pigments. Although synthetic inorganic pigments can be chemically similar to the natural form of the same pigment, they are made synthetically rather than naturally. For instance, marine genuine ultramarine blue pigment is derived from gemstone lapis lazuli and on the other hand, synthetic ultramarine blue pigment is made by combining silica, soda, alumina, and sulfur by modem process. Inorganic high performance pigments hold the large share in the global market compared to organic high performance pigments.
On the basis of applications, coating segment dominates the global high performance pigments market followed by inks and plastics. Automobile coating is the major application of high performance pigments. North America and China are the major economies where large production and sales of automobile is propelling the growth of high performance pigments market. For instance, lightweight vehicle production of the U.S has reached to over 12 million passenger vehicles in 2016. According to the International Trade Administration (ITA), high performance pigments are majorly used in coating of vehicles, which in turn is expected to drives the growth of high performance pigments market over the forecast period.
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Asia Pacific led the high performance pigment market in 2016, followed by North America and Europe. Asia Pacific accounted for 40.16% market shares for the same year growing at a CAGR of 5.1% and it is expected to maintain dominate position during the forecast period of 2017 - 2025.
Major Players in the High Performance Pigments Market:
Some of the major players in the high performance pigment market include Clariant AG, Solvay S.A., BASF SE, Heubach GMBH, Sun Chemical Corporation, Ferro Corporation, Gharda Chemicals Ltd., Lanxess AG, and Sudarshan Chemical Industries Ltd.