Laser Sensitive Pigments Market is predicted to reach USD 2.08 billion at a CAGR of 5.1% during the forecast period

Pune, India, March 2023, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Laser Sensitive Pigments Market.

Laser Sensitive Pigments Market Highlights

Market Synopsis

The Laser Sensitive Pigments market share is likely to attain a global CAGR of 5.1% during the ongoing forecast period of 2022-2030. The global Laser Sensitive Pigments market was valued at USD 1.33 billion in 2021 and is projected to reach USD 2.08 billion by the end of 2030.

Pigments are substances that selectively absorb light wavelengths, emitting a particular color or spectrum of colors in the process. The laser sensitive pigments are presented in two forms which includes pigment granules which turn dark and pigment powders for changing colors inside of polymers. They give a material color and are termed colorants often used in, plastics, automotive, packaging, and many other end-use industries.

The major factors driving the global market growth are augmented usage in end-use industry and growing trend of lean manufacturing operation and strategic investment in R&D by major manufacturers.

Competitive Landscape

The presence of several regional and local suppliers characterises the worldwide laser sensitive pigments market. The regional market is extremely competitive, with all competitors vying for a greater market share. Vendors compete on price, product quality, dependability, and aftermarket services. To live and flourish in a competitive market, suppliers must produce cost-effective and efficient products.

Datalase Ltd., Merck KGaA, Bodo Möller Chemie GmbH, Eckart NAFTA, Shenzhen Liying Plastic Chemical Co., Ltd, Gabriel-Chemie, Sun Chemical, Flint Group, Siegwerk, Peter Huber Kältemaschinenbau AG, Uvitec Ltd., ACTEGA are the market's major players, competing in terms of the variety of applications and components, as well as efficiency, reliability, affordability, and advanced technology. The players' key objective is to deliver sophisticated items to aid in growing acceptance, which might help boost a country's growth with advanced products. Although global firms dominate the industry, a few regional and smaller local businesses with a small market share are also active.

The major players would look to strengthen their global presence through mergers & acquisitions of local and regional players; they are expected to expand their presence and solutions in these countries during the forecast period. Therefore, vendors must develop new technologies to stay at par with emerging technology trends that could affect the competitiveness of their product lines in the market.

Segmentation

By End-use Industry

• Packaging: Packaging is the largest and fastest-growing end-use industry in the global laser sensitive pigments market. In addition, packaging companies have partnered with science and technology companies to make plastic bottle caps with laser sensitive pigments. Furthermore, due to digitization, the proliferating retail industry across the globe and e-commerce portals are likely to positively influence the demand for packaging.


• Automotive: In the automotive industry, laser sensitive pigments are used for coatings applied to both the exterior and interior of vehicles. The laser-sensitive pigment provides a differentiated appearance. The increasing production of vehicles in the global market is expected to increase the demand for laser-sensitive pigments during the forecast period. On the other hand, the automotive sector is set to capture a significant market share due to its use in electric and hybrid vehicles. A rise in government funding and incentives provided by governments for deploying passenger and commercial EVs could drive the segment's growth.


• Consumer Goods: In the consumer goods end-use industry, laser sensitive pigments are used for manufacturing sensitive articles including food contact materials, children’s toys, and others owing to the properties that include brilliant colorations, and heat resistance and fastness properties. In addition, laser sensitive pigments are also used for manufacturing sports products, toys, electronics, textiles, and others.


• Others: Laser sensitive pigments are used in several other end-user areas as well. The segment includes the construction, paints & coatings, plastic, and cosmetic industries.

By Region

• North America:  North America is noted for quickly embracing new technology, because of its fast rising Economy and high employment rate,. Laser sensitive pigments are in high demand in North America. Throughout the projected period, the region's demand for laser sensitive pigments is expected to rise due to the growing plastic packaging sector, increased plastic output, and the digital printing trend. Throughout the projection period, the rapidly developing textile sector in the United States will drive industry expansion and promote demand for laser sensitive pigment.


• Europe: In Europe, the constantly expanding leather sector is offering several new prospects for the laser sensitive pigments market as well as rising product consumption in leather, which includes automobile, clothing, footwear, and other leather items. Furthermore, the European real estate market is in action. Additionally, the increase in demand from the European paint and coating industries is a prominent driver driving the growth of the laser sensitive pigments market throughout the forecast period.


• Asia Pacific: Asia-Pacific is the largest automobile market and comprises emerging economies such as China and India and developed nations such as Japan and South Korea. The growing packaging industry and rapid industrialization in this region are key factors driving the laser sensitive pigments market. Furthermore, a rise in the middle-class population is expected to boost global consumer spending and will contribute to the growth of the textile and plastic industries, as a result fueling the growth of the laser sensitive pigments market over the forecast period.


• Rest of the World: The rest of the world comprises the Middle East & Africa, and South America. The government introduced an infrastructure concessions program to develop the country's infrastructure and construction activity in the region. The commercial and residential sectors are expected to accelerate the construction industry. As a result, it directly fuels the laser sensitive pigment market over the forecast period.