Quinacridone pigments market is foreseen to expand at a considerable pace through 2028, driven by the rising compound demand and application across the automotive and textile industries. The growth in these industries can be credited to the growing disposable incomes and rising urbanization and industrialization.
Quinacridone pigments are organic pigments that produce brilliant colors and boast exceptional fastness properties, high tinting strength, and are on par with petrochemical-based pigments considering durability. These pigments are generally used in applications like industrial, automotive, and decorative coatings, and plastics and printing applications.
The compounds are used as printing ink across various industries such as packaging, paper, and others. This can be reasoned to their small particle size. Major applications of quinacridone pigments include their use in books, newspapers, and magazines. Moreover, the demand for printing ink is also observed in offices and firms for printing documents.
In terms of the applications, quinacridone pigments market is slated to record considerable remuneration from the plastics segment. The superior heat stability of these pigments makes them highly suitable for use in vivid plastic colorant applications like ABS, polyester spin dyeing, polyolefins, and polycarbonate. According to estimates, quinacridone pigments for plastic are available in different forms. Besides, the compound is acid and alkali-resistant, making it stable for use in high voltage and high temperature applications. Moreover, the product is also added to ceramics given its high resistance.
Across the end-user segment, quinacridone pigments market would observe considerable growth from the automotive industry, mainly due to the rising demand for plastics to reduce the vehicle weight and improve the overall fuel efficiency. The segmental growth can also be credited to the growing automobile sales and production worldwide, even amidst the ongoing COVID-19 crisis.
In terms of the regional landscape, North America is estimated to emerge as a lucrative growth avenue for quinacridone pigments industry over the stipulated time period. The rise of industrialization and urbanization in American countries can be reasoned to the regional market expansion. Besides, robust expansion in plastics, paints and coatings, and textiles sectors across some of the leading countries, the United States and Canada, is as well positively influencing the demand for quinacridone pigments. Additionally, the presence of prominent automakers in the region would further support the market expansion in the coming years.
Quinacridone pigments industry is highly concentrated and boasts of the presence of leading players like BASF SE, Clariant International (Clariant AG), Heubach GmbH (Heubach Holding Gmbh), Trust Chem, Kolor Jet Chemical, and others. These solutions providers are engaging in several marketing tactics such as mergers and acquisitions, partnerships, product launches, and product expansions, that would enable them to stay ahead in the competition.
COVID-19 pandemic impact on quinacridone pigments market size
The SARS-CoV-2 infection spread still showcasing a looming impact on different businesses, with quinacridone pigments market being severely impacted. This can be reasoned to the sluggish growth of the paints and coatings sector, mainly due to the decline in sales of automobiles. Moreover, a downfall in the sales of magazines, newspapers and other products that ascend the demand for printing ink would as well negatively influence the market prospects, subject to the COVID scare.