The latest market report published by Credence Research, Inc. is “Global Optical Variable Pigments Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Optical Variable Pigments Market generated revenue of around USD 2.1 billion in 2021 and is anticipated to grow a CAGR of over 9.1% during the forecast period from 2022 to 2028 to reach around USD 3.54 billion in 2028.
Optical variable pigments are a form of pigment that is more commonly found in the industrial sector. They absorb color and reflect light differently based on their thickness or degree of dilution, resulting in different colors under different lighting conditions. These pigments can be blended with other substances like gels, liquids, waxes, or resins to alter their optical properties. A multilayer thin film interference stack is a major component of optically variable pigments with substantially parallel first and second planar surfaces. An opaque reflecting layer is part of a multilayer stack. Finished products with optically variable pigments display various colors in daylight when viewed from various angles. Optical variable pigments give finished products pronounced optical variable properties and clear chromatism. The growing interest in eco-friendly packaging applications with high color intensity and the ability to create multiple colors from a single base pigment is driving the demand for these products. Ink formulations for gravure, flexo, screen printing, and digital printing increasingly use these pigments, accelerating demand for these products globally. However, the cost of optically variable pigments is significantly higher, limiting global market expansion.
The global optical variable pigments market is segmented by Type, Application, and Geography. Based on the type, the global market is divided into red/green, golden/silver, yellow/blue, red/golden, and others. Based on the application, the global market is segmented into coatings, plastic, and others. The market is categorized geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
North America dominated the global optical variable pigments market in 2021, owing to rising demand from multiple industries, such as printing ink and surface coating, due to its properties as a low-volatile chemical that does not require solvents for implementation in these sectors. This pigment’s color intensity has an advantage over other colors, which are either less intense or fade more quickly with time. A large number of players, higher end-user purchasing power parity, and end-user awareness of the benefits of optically variable pigments further drive regional demand.
There are several major players in the optical variable pigment market. Some of these companies include BASF SE, Eastman Kodak Company, and Tokyo Chemical Industry Co., Ltd. These companies produce a variety of optical variable pigments, which can be used for a variety of applications.
The optical variable pigment market is growing rapidly and is expected to reach USD 7.2 billion by 2021, according to a report by MarketsandMarkets. The report analysts believe that this growth is attributable to increasing demand for products that improve performance and image quality, as well as the expanding application areas of these products. Some of the key applications for optical variable pigments include printing inks, displays, and reflective materials.
Why to Buy This Report –
- The report examines the global optical variable pigments market by segment, drivers, restraints, opportunities, latest developments, insights, challenges, and market dynamics from 2016 to 2020, with 2021 serving as the base year and 2022-2028 as the forecast period.
- The market’s competitive landscape is discussed in the report, along with the strategies used by the market’s leading players on a local, regional, and global scale.
- In-depth analysis of the global optical variable pigments market segmentation by type and application.
- The report provides comprehensive and reliable information on every aspect, including CAGR, consumer spending patterns, supply and demand, and import/export statistics for the principal regional nations.
- The market report for optical variable pigments includes industry analysis at the global, regional, and national levels and information on important market trends, competitive landscapes, and expansion plans.
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