The pigment industry is facing many challenges, as prices of raw materials are expected to rise in the near future. Organic and inorganic pigments differ significantly in performance and cost. Organic pigments have a wide range of properties such as strength in chroma as well as strength in tint. The primary disadvantage of organic pigments is that they are weaker in weather fastness and opacity. The pigments manufacturers are investing in manufacturing effective pigments. Hybrid pigments are one of the growing inorganic pigments in the worldwide market. Hybrid pigments provide an effective alternative for organic pigments. Hybrid pigments help bridge the gap between performance and cost without ignoring the environmental concerns.
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In the pigment industry, organic pigments are divided into four types: azo pigments, polycyclic pigments, lakes pigments, and others. Polycyclic pigments are also known as high-performance pigments. High performance pigments can also include certain inorganic pigments with low environmental impact. Polycyclic pigment are of the highest quality as compared to other pigments. Polycyclic pigment has the best durability and have been specialized and commoditized in terms of applications. This organic pigment is quite expensive. However, due to its improved and unique properties, demand for polycyclic pigments is increasing across the globe. The pigment industry is facing tough competition; however, demand for polycyclic pigments has been rising due to their excellent resistance properties. Polycyclic pigments include phthalocyanine pigments, quinacridone pigments, perylene pigments, and isoindolinone pigments.
Based on application, the polycyclic pigment market can be classified into automotive coatings, industrial coatings, decorative coatings, plastics, inks, and cosmetic products. Polycyclic pigments are primarily used in the coatings industry. Approximately 50% of these pigments are used in the automotive sector. Demand for polycyclic pigments has been rising in the printing industry. Plastic application is expected to witness strong growth during the forecast period. However, applications such as inks are anticipated to witness sluggish growth owing to factors such as rapid digitization in developed as well as developing regions. Implementation of stringent regulations related to food contact applications is expected to hamper market growth.
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Based on geography, the global polycyclic market can be classified into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. North America and Europe are the major regions of the polycyclic pigment market. Europe is an active market in terms of strategic initiatives. Factors driving the market in the region include growth of end-use industries, amplified local manufacturing, and increase in number of domestic players in various vertical market segments. Major restraints include high price of polycyclic pigments and lack of quality control across developing countries. New product launch is the most preferred strategy adopted by key market players to sustain in the highly competitive market. There are opportunities for polycyclic manufacturers to increase the production of environmentally-friendly polycyclic pigments. Asia Pacific region is also expected to provide ample growth opportunities over the coming few years.
Major players operating in the global polycyclic market are Sun Chemical, Clariant, BASF, Ferro, Vijay Chemical Industries, Meghmani Pigments, Sudarshan Chemical Industries Ltd., Voxco Pigments and Chemicals Pvt. Ltd., Horsta Chemicals Zhuhai Co. Ltd., Heubach, DIC Corporation, Trust Chem and Eckart GmbH, Merck Performance Materials and Lansco Colors. These companies hold significant share of the market. Thus, the polycyclic pigment market experiences intense competition.
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