Global Plastic Pigments Market 2019-2023 | Innovations in Packaging Industry to Boost Demand | Technavio
The global plastic pigments market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.
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The global plastic pigments market is expected to post a CAGR of more than 4% during the period 2019-2023 (Graphic: Business Wire)
The plastic pigments market is witnessing high demand from the packaging industry for various applications including cosmetics, consumer goods, and food and beverage. Plastic pigments come in a variety of shades, which are used to enhance the appearance of packaged products. They also improve the physical properties of packaging products such as durability and opacity. In the food and beverage segment, the plastic pigments help enhance the appearance of packaged products such as plastic trays, containers, bottles, and packaged films. With the packaging industry growing significantly owing to the increasing population and the rising demand for F&B, the demand for plastic pigments will increase considerably during the forecast period.
As per Technavio, the innovations in the packaging industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global plastic pigments market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global plastic pigments market: Innovations in the packaging industry
The packaging industry has witnessed several innovations and new product developments over the past few years. Some of the critical innovations in the packaging industry include intelligent packaging, active packaging, and modified atmosphere packaging (MAP). Intelligent packaging incorporates smart material that aids in detecting the changes in the environment through the combination of sensors, indicators, and processors. Active packaging addresses food-related issues as it includes moisture absorbers, temperature control packaging, oxygen scavengers, and carbon dioxide absorbers. Finally, modified atmosphere packaging is being used to reduce contamination and increase the shelf life of packaged food products. Such innovations in the packaging industry will propel the demand for plastic pigments during the forecast period.
“Several vendors in the market are increasingly shifting their manufacturing activities to developing countries such as India, Taiwan, China, Indonesia, South Africa, and Brazil. This is mainly because of factors such as the availability of land and raw materials, inexpensive labor, low transportation costs, and less stringent regulations in these countries. The increasing population and high purchasing power in these countries is attracting significant investments in the packaging industry, which will propel the demand for plastic pigments during the forecast period,” says a senior research analyst at Technavio.
Global plastic pigments market: Segmentation analysis
This market research report segments the global plastic pigments market by type (inorganic and organic) and geographic regions (North America, APAC, Europe, South America, and MEA).
The inorganic segment held the largest plastic pigments market share in 2018. These pigments exhibit properties such as the ease of dispersion, heat stability, and lightfastness. Moreover, they are cost-effective and moisture resistant. The growth of the packaging industry will have a positive impact on the growth of this segment during the forecast period.
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. The market growth in APAC can be attributed to the growth of the end-user industries such as packaging, construction, and automotive in countries including China, India, South Korea, the Philippines, Indonesia, and Japan.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190422005197/en/
