The global lithopone market is set to rise at a moderate CAGR of 4% between 2019 and 2027, according to the projections of a new study by FactMR. Leading manufacturers of lithopone are investing efforts in the commercialization of eco-friendly offerings to gain traction among end-use industries.
"Rising demand for novel solutions from plastic and rubber industries has boosted consumption of pigments and additives, which will support the overall performance of lithopone market in the long term," says the FactMR report.
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Lithopone Market Study: Key Findings
- Rubber compounding remains the primary application area for lithopone.
- Demand for lithopone in developed economies has largely stagnated, while displaying steady growth in Asia Pacific.
- A third of the global lithopone manufacturing industry is concentrated in China.
- The lithopone market is set for a major overhaul in the near future, as governments continue to push for conventional plastic alternatives.
Lithopone Market: Key Driving Factors
- Extensive consumption of plastic by all industrial verticals will continue to sustain growth of the lithopone industry.
- The paints & coatings industry is projected to emerge lucrative, with large-scale lithopone adoption.
- Role of pigments in sustaining durability of rubber compounds would bolster production of lithopone.
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Key Lithopone Market Restraints
- Strict environmental regulations prohibiting the use of plastics is a key restraint for lithopone manufacturers.
- Surge in demand for low- or no-VOC compounds continues to limit the market growth.