According to a new report published by Allied Market Research, titled," Lithopone Market by Application: Opportunity Analysis and Industry Forecast, 2020-2027," the global Lithopone market was valued at $169.8 million in 2019, and is projected to reach $218.6 million by 2027, growing at a CAGR of 3.3% from 2020 to 2027.
Lithopone is a white crystalline powder formed by the mixture of zinc sulfide and barium sulfate. More the zinc sulfide, the stronger the hiding power and the higher is the quality of Lithopone. It is a white pigment with functional properties suitable for several applications, ranging from paint formulations to use as a cosmetic ingredient. It is chemically inert and insoluble in acids, alkalis, and solvents. Compared to other white pigments, Lithopone has low resin requirement and excellent rheological behavior. Moreover, Lithopone offers high brightness to the substrate and offers economic advantages.
Presently, the use of inorganic white pigments in the plastic processing industry and paint industry is driving the demand for Lithopone. In the plastic processing industry, Lithopone is used to improve the product quality by partially replacing TiO2. In addition, the addition of Lithopone in the plastic processing decreases processing costs by increasing extruder yields. In water and oil-based paints, Lithopone is used to provide thixotropy, thus, improve gloss and flow.
The presence of alternative white pigments poses a huge challenge for the growth of the global Lithopone market during the forecast period. It includes Zinc White, Titanium Dioxide, Calcium Carbonate, Blanc Fixe, and Barytes. Among these alternatives, the use of TiO2 has replaced Lithopone in almost all applications.
The global Lithopone market is segmented into application and region. Based on the application, the global Lithopone market is segmented into paints and coatings, plastics, printing inks, paper and pulps, rubber, leather, and others. The paints & coatings segment contributed the largest in the global Lithopone market share. Lithopone is added to paint as a white pigment to enhance its surface properties such as UV resistance and resistance to fungicidal and algae growth. It is added to wall putties, primers, and road-marking paints. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include Anhui Union Titanium Enterprise Co. Ltd., Fengchen Group Co. Ltd., Henan Premtec Enterprise Corporation, Langfang Pairs Horses Chemical Co. Ltd., Natural Pigments Inc., Noah Technologies Corporation, Titanos Group, VB Technochemicals SA, Venator Materials PLC, and ZhengZhou Sino Chemical Products Co. Ltd.
Development of new Lithopone products is expected to offer fresh opportunities for the global Lithopone market growth during the forecast period. Non-toxic Lithopone, reinforced Lithopone, and Nano-scale Lithopone are some of the various types of Lithopone that are being developed. Commercial product launch of such products will provide a boost to the global Lithopone market during the forecast period.
Key findings of the study
- The Asia-Pacific Lithopone market is projected to grow at the highest CAGR of nearly 4.10%, in terms of revenue, during the forecast period.
- By application, the paints & coatings segment accounted for the largest market share in 2019.
Impact of COVID-19 on the global lithopone market
- The COVID-19 pandemic led to a global economic slowdown that resulted in a decline for pigments.
- The pandemic led to delays in numerous construction projects globally. Lithopone is used in road-marking paints, hence delays in road construction hit the demand for white pigments such as Lithopone.
- Closure of automotive plants reduced the demand for industrial paints and coatings.
- A similar decline in demand was observed in other applications of Lithopone such as leather, paper & pulp, and rubber.
- However, the demand for plastics increased during the pandemic, and is expected to grow during the forecast period.