U.S. Pearlescent Pigment Market Expected to Reach $353.4 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research titled, “U.S. Pearlescent Pigment Market by Application: Country Opportunity Analysis and Industry Forecast, 2022–2031” 

The U.S. pearlescent pigment market size valued for $204.6 million in 2021 and is estimated to surpass $353.4 million by 2031, exhibiting a CAGR of 5.7% from 2022 to 2031.  
 
Pearlescent pigment is used to create a 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. Furthermore, pearlescent pigments consisting of mica coated with a layer of titanium dioxide are usually added to the colorant eye-shadows and lipstick. Pearl pigments may exhibit their own color owing to light interference. The color intensity is affected by the intensity of light and the base color. These pigments are processed with black titanium dioxide for usage in cosmetics. This ensures that they exhibit a stable color on all skin colors.

The factor that drives the growth of the U.S. pearlescent pigment market is increase in demand for pearlescent pigment from cosmetics and personal care industry. Moreover, growth in cosmetics & personal care industry is expected to fuel the demand for pearlescent pigment in the near future. 

The U.S. consumers are presently aware of grooming, skincare, and physical appearance because of social and environmental concerns. Moreover, the surge in product innovations, rise in demand for chemical-free products, and advertising as well as promotion of cosmetics & personal care products drive the pearlescent pigment market. 

Moreover, consumer spending on cosmetics & personal care products has grown in recent years. The U.S. consumers purchase these cosmetics owing to rise in advertising and promotional activities. Consumers are being introduced to new types of products due to continuous product innovation on the market. According to Forbes, the U.S. currently is the largest beauty market in the world, with nearly 20% share, followed by China (13%) and Japan (8%).

Furthermore, there is increase in demand for high-quality cosmetics and personal care products. The requirement of pearlescent pigment is thus anticipated to boost the cosmetics and personal care products. This fuels the growth of the U.S. pearlescent pigment industry as these pigments are increasingly being used in cosmetics and personal care products.

As per The International Trade Administration (ITA), the U.S. cosmetics industry is vibrant and fast evolving, with numerous small and medium firms engaged in product and ingredient research and development, producing, marketing, distribution, and retail sales via traditional as well as online channels. 

Furthermore, according to the United States Department of Commerce, Bureau of the Census, Foreign Trade Division, from 2017-2019, the U.S. cosmetics products exports increased by 2% annually to reach $15.02 billion. The largest manufacturers of cosmetics & personal care products are based in California, Florida, New Jersey, and Texas. According to Groupon, which is an American global e-commerce marketplace, American women spend an average of $3,756 annually on beauty products and services. In addition, the U.S. women spend more than $10 per day on beauty products. 

Makeup, haircuts, and skincare are the major three spending categories, which adds up to $85 per month. However, rise in veganism restrains the demand for natural pearl essence, which is predicted to hamper the market expansion. On the contrary, product innovation is anticipated to offer lucrative growth opportunities for the market.

On the basis of application, the U.S. pearlescent pigments market is classified into cosmetics & personal care and others. The others segment dominated the U.S. pearlescent pigment market share in 2021. 
Major players operating in the U.S. pearlescent pigment market includes BASF SE, Eckart GmbH, Sun Chemical, IFC Solutions, Kuncai Americas, Sensient Technologies Corporation, DIC Corporation, KP Pigments, Merck KGaA, Glitter Unique, LLC, and Sandream Specialties. 

These players have been adopting various strategies to gain higher share or to retain leading positions in the market. Acquisition, business expansion, and product launch are the most adopted strategies by the players including DIC Corporation, Eckart GmbH, and Merck KGaA. For instance, in 2021, Merck KGaA expanded its business by opening a second production line for silica-based effect pigments. With this investment, Merck is expected to significantly boost manufacturing capacities for silicon dioxide flakes, a special substrate for Colorstream of Merck and Xirona product ranges for color cosmetics as well as automotive coatings.

KEY FINDINGS OF THE STUDY

• On the basis of application, the cosmetics and personal care segment is the fastest-growing segment with CAGR 6.3%.