Aluminum Pigments Market to grow at over 6.5% CAGR to 2024: Global Market Insights, Inc.
OCEAN VIEW, Del., Oct. 26, 2017 /PRNewswire-iReach/ -- Aluminum Pigments Market is segmented into five end-user categories including personal care, paints & coatings, plastic, printing inks, and other end-users like construction materials. Plastic end-user category will grow with CAGR exceeding 6% and its market value is estimated to be above USD 110 million by 2024. This segment is projected to grow due to increased demand for plastic products from various sectors. Personal care end-user segment is estimated to generate a revenue exceeding USD 55 million in 2024, growing by a CAGR exceeding 6.5%. This is one of the quickest growing end-user segment owing to the booming demand for personal care products across the globe.
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Based on grade, global aluminum pigments market is segmented as non-leafing and leafing. Leafing grades are mostly used in printing inks and cosmetic products to increase the brightness and impart a lustrous effect on the surface. Non-leafing grades impart a more long-lasting effect on the coated surfaces and are resistant to abrasion and corrosion owing to which they are extensively used in automobile paints. Growing automobile industry will positively affect the demand for non-leafing grades and augment the entire aluminum pigments market.
The latest trend of aesthetically designed customized vehicles with lustrous paints is expected to stimulate aluminum pigments market valuation, which is forecast to exceed USD 580 million by 2024, with a projected CAGR of 6.5% over 2016-2024. In the automotive paints and protective coatings, aluminum pigments are primarily used to improve the appearance of the vehicle. As per statistics, overall paints & coatings is one of the prominent end-use application of aluminum pigments market and accounted for more than 40% of the overall industry share.
Other than the automotive industry, plastic is another prominent end-use segment further catalyzing the growth of aluminum pigment industry. As per the estimates, aluminum pigments market share from plastic applications is projected to record an annual growth rate of 6% over 2017-2024.
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North America share of the aluminum pigments market is estimated to be above 130 million by 2024, increasing with CAGR of almost 6%. Steady demand for cosmetic products coupled with a growing automotive and decorative coatings market will be the chief drivers in North America. Latin America is one of the quickest growing aluminum pigments market with CAGR exceeding 6.5%. This region is estimated to earn a revenue above USD 30 million by the end of 2024. Healthy growth in construction industry will increase the demand for paints & coatings which will in turn propel the aluminum pigments market in this Latin America.
Speaking of the geographical trends, Asia Pacific is one lucrative belt where the aluminum pigments market demand is notably high from automotive applications. Asia Pacific aluminum pigments industry having had a revenue of USD 120 million in 2016, is slated to collect substantial revenue with an annual growth rate of above 7% over the coming seven years. The attributing factor toward the regional growth is the surging use of the printing inks for the advertisements and magazines.
Browse key industry insights spread across 110 pages with 140 market data tables & 14 figures & charts from the report, "Aluminum Pigments Market Share & Forecast, 2017 - 2024" in detail along with the table of contents:
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