Pearlescent Pigment Market Expected to Reach $2.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pearlescent Pigment Market," The pearlescent pigment market was valued at $1.2 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

Pearlescent pigment is used to create shiny and pearly appearance, which is made up of a substrate that is covered with an interference film. The ultimate color and brightness of the pearlescent pigment is determined by the thickness and refractive index of the interference film. These are commonly used to generate a wide spectrum of colors in ornamental paints and varnishes. Popular hues made with these pigments include white, silver, blue, green, pink, and red.

Pearlescent pigment is also be used to create a range of interesting effects in clear coats. It offers printing inks an iridescent appearance, making colors brighter and more sparkly. It may be used in printing inks to provide a wide spectrum of metallic-shaded coolers. It can be used to provide unique effects such as pearlescent or shimmering finishes and increase the opacity and concealment of printing inks. Pearlescent pigment is widely utilized in the plastics sector which may be used to make plastic bags, food packaging, disposable cups and plates, toys, and electrical components, among other things.

The growth of the global pearlescent pigment market is majorly attributable to its wide applications in various industries such as paints & coatings, plastics, printing ink, cosmetics & personal care, and others. Moreover, increase in demand for pearlescent pigment from cosmetics and personal care industry is expected to boost pearlescent pigment market growth during the forecast period. Further, changes in lifestyle patterns in the emerging economies along with an increase in disposable income fuels the growth of the market in the near future.

As disposable income increases, it encourages consumers to shift toward premium skin care products. Growth in disposable income raises the purchasing power of the customers. Consequently, the demand for high-quality cosmetics and personal care products is expected to surge in the coming years. Thus, the requirement of pearlescent pigment is anticipated to increase in cosmetics and personal care products.

Further, in recent years, various developing countries have registered growth in disposable income, which in turn increases the demand for skin care products. For instance, as per Ministry of Statistics and Programme Implementation (MOSPI), disposable personal income in India increased to $2,865,987 Million in 2021 from $2,398,873 Million in 2020. In addition, the purchasing power of consumers is anticipated to increase significantly. This fuels the growth of the global pearlescent pigment industry as these pigments are increasingly being used in cosmetics and personal care products.

Currently, cosmetics and skin care products have become an indispensable feature of the modern lifestyle of individuals. Rise in awareness about external appearance is the major key factor driving the growth of the cosmetic and skin care products, which is further anticipated to boost the growth of the pearlescent pigment market during the forecast period.

However, rising veganism is hindering the demand for natural pearl essence, which is projected to hamper the expansion of the market. On the contrary, product innovation is expected to offer ample growth opportunities for the pearlescent pigment market.

The pearlescent pigment market is segmented into type, application, and region. On the basis of type, the market is classified into natural pearl essence, titanium dioxide, mica ferric, oxide mica, and others. Ferric oxide mica is the fastest-growing segment. Ferric oxide mica is also known as micaceous iron oxide (Fe2O3) which is a naturally occurring iron oxide with a lamellar structure comparable to mica, a black color, and a high barrier property in diverse conditions. Ferric oxide (Fe2O3) mica is used as a pearlescent pigment and UV-blocking agent in paints & coatings, inks, plastics, rubber goods, and glass. It is also used to polish glass, diamonds, and precious metals. This chemical is also used in magnets, as a dental abrasive, and as a process regulator or catalyst in the manufacture of other products.

On the basis of application, the market is categorized into paints & coatings, plastics, printing ink, cosmetics & personal care, and others. Region-wise, the pearlescent pigment market share is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global pearlescent pigment market include BASF SE, Eckart GmbH, Geotech International B.V., Sun Chemical, RIKA Technology Co., Ltd., Kromachem Ltd, IFC Solutions, Zhejiang Ruicheng New Material Co., Ltd., Chemical Technologies SIA, and Kuncai Americas, LLC. 

Key findings of the study:

• By type, the titanium dioxide mica segment was the highest revenue contributor to the market in 2021.
• On the basis of application, the paints and coatings segment was the highest revenue contributor to the market, growing with a CAGR of 6.3%.
• Region-wise, Asia-Pacific dominated the global pearlescent pigments market in 2021.