The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the High-performance Pigments (HPPs) Market.
It was estimated prior to this unanticipated outbreak that the High-performance Pigments (HPPs) Market was expected to grow at a CAGR of 4.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
HPPs stand for high-performance pigments. This type of pigment is better than that of traditional pigments. It possesses various properties, such as heat and light resistance, easy dispensability, weather resistance, high stability and absorption level.
HPPs are of different types, such as organic, inorganic, and hybrid, that are used in various end-use industries, such as automotive & transportation, construction & infrastructure, printing, and industrial.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the type, the market is segmented as organic HPPs, inorganic HPPs, and hybrid HPPs. The organic HPPs segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The wide use of HPPs in the next-generation vehicles and developing transport systems is driving the growth of this segment.
Based on the application type, the HPPs market is segmented as coatings, plastics, inks, cosmetics, and others. The coatings application segment dominates the market as these HPPs are used in many end-use industries, such as construction, industrial, and automotive & transportation.
Based on the end-use industry type, the market is segmented as automotive & transportation, construction & infrastructure, printing, industrial, and others. The automotive & transportation industry segment dominates the market, as HPPs are used in luxury cars, battery electric vehicles, and hybrid vehicles. Their usage in aircraft, railways, and marine is likely to drive the growth of the segment during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing HPPs market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as automotive & transportation and construction & infrastructure industries, which is generating huge demand for HPPs and the presence of a large number of HPP manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major HPP manufacturers are-