Metallic Pigments Market to Expand at a Robust CAGR of 6.4% Between 2015 and 2023
Encouraged by steady growth witnessed in the global metallic pigments market, the leading companies are increasingly investing in research and development activities. The companies intend acquiring a competitive position through these initiatives, which is likely to boost the overall market in the coming years. As per recent study by Transparency Market Research (TMR), Silberline Manufacturing Co., Inc., Asahi Kasei Corporation, BASF SE, Carl Schlenk AG, ALTANA AG., among others hold strong position in the global metallic pigments market. Strategies these companies adopt will therefore have a considerable influence on the prevailing dynamics. As per studies, several companies are also likely to focus on product development, which is expected give impetus to the global metallic pigments market in the coming years.
TMR pegs the global market to reach US$1,286 mn by the end of 2023 as against US$736.2 mn in 2014. If these market figures hold true, the global metallic pigment will rise at a CAGR of 6.4% between 2015 and 2023. The report has identified aluminum, zinc, stainless steel, copper, and others such as nickel as key products available in the market. Of these, the market witnessed significantly high demand for aluminum pigments in 2014. Besides this, the copper pigments segment is expanding at a swift pace.
It is expected to hold nearly 15% of the overall market by 2023. Regionally, holding nearly 30% of the global metallic pigments market, Asia Pacific emerged dominant in 2014.
The information Presented in this Review is Based on Press-Release by TMR
Rising Demand from Automotive OEMs to Boost Market
In the coming years, the global metallic pigments market is likely to witness increasing demand from automotive OEMs. The increasing use of metallic pigments in architectural projects is also expected to enable the market pick pace in the near future. Metallic coatings offer corrosion resistance, which is why their use in marine coating has significantly increased. Spurred by increasing applications across diverse segments, the global metallic pigments market will exhibit growth at a positive pace over the course of the forecast period.
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