The plastic pigments market is projected to grow at a CAGR of 7.5%, in terms of value, from 2018 to 2023

The market size of plastic pigments is estimated at USD 10.3 billion in 2018 and is projected to reach USD 14.8 billion by 2023, at a CAGR of 7.5% from 2018 to 2023. The growth of this market is attributed to the increasing significance of aesthetics in packaging, industrialization in emerging economies. Another factor driving the plastic pigments market is high demand for packaging in emerging countries and high demand for high-performance pigments. However, factors, such as the volatility of raw material prices and environmental regulations are restraining the growth of the market. Most of the raw materials used in the production of plastic pigments are synthetic rutile, iron ore, and natural gas. The prices of these raw materials have been highly volatile in recent times, touching a five-year low, which has affected the growth of the market.