According to the new market research report “HPPs Market by Type (Organic, Inorganic, and Hybrid), Application (Coatings, Plastics, Inks, Cosmetics), End-use Industry (Automotive & Transportation, Construction & Infrastructure, Printing, Industrial), and Region – Global Forecast to 2024″, The HPPs market size is expected to grow from USD 5.2 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 4.3% during the forecast period. The HPPs market industry is growing due to the increase in the number of cars, trains, airplanes, ships, and increasing construction & infrastructure activities globally.
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The HPPs market size is estimated to be USD 5.2 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 4.3% during the forecast period. The automotive & transportation industry represents the largest consumption group for HPPs. HPPs are used in cars, trains, airplanes, and ships. Though the automotive industry in several regions is currently posed with challenges, there is wide scope for automotive manufacturers in high-end luxury cars, electric vehicles, battery electric vehicles, plug-in electric vehicles, and others. Also, the improvisation in the rail network, growth in the number of aircraft and ship deliveries would drive the penetration of HPPs in the automotive & transportation industry.
HPPs are used mainly in coatings applications primarily for end-use industries such as automotive & transportation, construction, and industrial. Among these end-use industries, the automotive & transportation end-use industry OEMs are by far the largest consumers of HPPs. The use of HPPs in coatings application imparts high insolubility, color strength, heat stability, weather, and light fastness properties. These properties are of crucial importance in various end-use industries, and hence they demand HPP coatings, which have made coatings the largest application for HPPs.
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The HPPs market size is growing due to the rising demand for coatings with enhanced durability features. Factors such as high insolubility, color strength, heat stability, weather stability and light fastness properties compared to conventional pigments have driven the market for HPPs globally. The HPPs industry is expected to grow from USD 5.2 billion in 2019 to USD 6.4 billion by 2024, at a CAGR of 4.3% during the forecast period.
Over the past years, companies have strengthened their position in the global HPPs market by adopting strategies such as New product launch, agreement, expansion, acquisition, and partnership. From 2015 to 2019, new product launch and development were the key strategies adopted by the market players to maintain growth in the global HPPs industry. For instance, in March 2019, DIC Corporation (Japan) has increased the production capacity of its Perrindo pigment at its Bushy Park facility in South Carolina. The expansion has helped the company to serve its customers around the globe.
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BASF SE (Germany), Clariant (Switzerland), DIC Corporation (Japan), Ferro Corporation(US), Lanxess (Germany), Sudarshan Chemical Industries Limited (India) are the major players in the HPPs industry. BASF SE (Germany) and Clariant (Switzerland), are one of the leading companies and the largest contributor to the growth of the global HPPs market. These companies are specialized in manufacturing HPPs having sustainable properties. BASF SE (Germany) specializes in offering a wide range of HPPs. It provides both inorganic and organic pigments. The company has a vast global presence. In April 2017, BASF announced its partnership with Landa Labs (Israel). The Landa Labs has helped BASF to produce ultra-high transparency pigments for automotive coatings.
Clariant (Switzerland), is the second-largest player in the HPPs market. The company is engaged in the business of developing, manufacturing, distributing, and selling a wide range of specialty chemicals including HPPs. The company operates in various regions including Europe, APAC, North America, Latin America, and MEA. In April 2019, Clariant launched the first bio-based version of pigment-Red 254. The pigment will be used mostly for automotive coatings
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