Impact of COVID 19 on Plastic Pigments- Global Industry Analysis
Plastic Pigments: Introduction
· Significant rise in plastic packaging has fueled the demand for plastics pigments across the globe. Growth in application of plastics in consumer goods, building & construction, automotive, and other industries is further driving the market.
· Rise in demand for high performing pigments is also projected to boost the demand for plastic pigments. Increase in application of plastic pigments in various industries, including building & construction, consumer goods packaging, automotive, and consumer goods, is further augmenting the demand for plastic pigments.
· Plastic pigments are insoluble particles that are used to color plastic. Pigments are ideally suited to color polyolefin and are preferred over dyes. Pigments used for plastics may be organic or inorganic depending upon the performance and application requirement.
Key Drivers and Restraints of Plastic Pigments Market
· Increase in significance of esthetics in packaging is a key factor driving the global plastic pigments market. Technological advancements in pigments is also expected to fuel the market.
· Higher resistance to various chemicals, heat stability, and excellent light fastness are booting the usage of organic pigments. This factor is expected to boost the plastic pigments market. However, fluctuation in raw material prices and increase in environmental concerns are expected to hamper the global plastic pigments market. Furthermore, regulations related to plastics recycling are estimated to adversely impact the global plastic pigments market during the forecast period.
Plastic Pigment: Type Segment
· In terms of type, the plastic pigments market can be segmented into inorganic pigments and organic pigments
· The inorganic pigments segment can be further segmented into chromium oxide pigments and iron oxide pigments. The organic pigments segment can be further segmented into high-performance pigments, phthalocyanine pigments, and others.
· Organic pigments includes a wide spectrum of properties. They are largely used for applications such as high tinting strength and brilliant shade, while inorganic pigments are beneficial where high opacity is needed.
· Organic pigments contain carbon and metallic compounds. Inorganic pigments are generally composed of metal salts. The size of inorganic pigments is comparatively bigger.
· Colors of inorganic pigments comprise chromium and lead and are exceptional for application in colorfast pigments. However, their negative impact on the environment may adversely impact the segment in the near future.
· Plastic pigments also facilitate paints as well as coats to protect different surfaces against adverse weather and corrosion
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COVID-19 Impact on Plastic Pigments Market
· On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
· Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
· Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the plastic pigments market.
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Asia Pacific to Dominate Plastic Pigments Market
· In terms of region, the plastic pigments market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
· Asia Pacific dominated the global plastic pigments market in 2020. This trend is anticipated to continue during the forecast period. Its dominance can be ascribed to the growth of end-user industries in the region.
· China is considered the largest country of the market in Asia Pacific. Significant growth of the plastic packaging industry is a major factor driving the market in China. Rapid industrialization and growth in preference for plastic goods over heavy metal products are estimated to boost the demand for plastic pigments in China in the near future.
· Plastic products are cost effective and are lightweight. This is fueling the global plastic pigments market.
· Plastic pigments are utilized significantly in Middle East & Africa owing to the rise in demand for these pigments in various end-use industries such as automotive, construction, and packaging
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Key Manufacturers Operating in Plastic Pigments Market
The global plastic pigments market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global plastic pigments market include:
· BASF
· Tronox
· DIC
· Cabot
· LANXESS
· Chemours
· Huntsman
· Heubach
· Ferro
· Clariant
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