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    Market Research

    High-Performance Pigment Market to Reach $7.58 Billion in 2025: Smithers

    Global demand for high-performance and special effect pigments in 2020 will be 217,100 tons, with a value of $6.22 billion, according to Smithers.

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    Smithers10.16.20

    Global demand for high-performance and special effect pigments in 2020 will be 217,100 tons, with a value of $6.22 billion, as the industry reacts to a severe short-term fall in demand caused by the global coronavirus outbreak, according to Smithers. 

     

    New research contained in the Smithers market report – The Future of High-performance Pigments to 2025 – shows that the 2020 figures represent a 12% drop in value compared to 2019. 

     

    This has been caused by restrictions on economic activity and industry closures across the world caused by the COVID-19 pandemic, which has impacted nearly all end-users. 

     

    Smithers forecasts a gradual recovery for the industry across the first half of the new decade. There is a forecast 5% recovery in the market in 2021, but demand will not return to 2019 levels until 2023 or 2024. 

     

    Having negotiated this short-term shock and adjusted to the industry imperatives of a post-COVID world, consumption is forecast to reach 255,770 tons, with a value of $7.58 billion, in 2025.

     

    Smithers’ study shows that the largest market shares remain for pearlescent, and aluminum and bronze metallic products; which combined in 2019 were 59% of the market by weight. 

     

    The 2019-2020 decline will affect all pigment classes but be most pronounced in the special-effects sector.

     

    The short-term fall in demand and future recovery will be linked to the fortunes of major end-use industries. 

     

    The leading uses for high-performance and special effect pigments are in plastics and coatings; with smaller shares going to inks, cosmetics, and textiles.

     

    The impact of COVID-19 is not uniform across or within these, however.

     

    For example, decorative paints have performed well in H1 2020, as locked down consumers spend time on home improvement; while in contrast demand for automotive coatings has fallen by around 25% worldwide.

     

    As they navigate this new commercial landscape, high-performance pigment suppliers will need to react to multiple business and evolving technology requirements. The principal ones are: 

    • The impact of major M&A activity reshaping the industry; with DIC buying BASF’s pigment division, and Clariant selling its masterbatch business to PolyOne to create the new company Avient. Further consolidation in the industry is a distinct possibility in the future;
    • Responding to the increasing sophistication of performance pigment suppliers based in China;
    • Ongoing demand for pigments with higher chroma that enable superior color options;
    • Improvements in pigment grades to speed the transition from traditional milling to high-speed stirring;
    • Pursuing greater portfolio diversification through integrating cutting-edge nano-pigment and smart pigment innovations; 
    • Introducing renewable or bio-based performance pigments to meet end-user demands for more sustainable solutions that cut their carbon footprint. 

     

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