Opacifiers Market - Forecast(2023 - 2028)

Opacifiers Market Overview

The Opacifiers Market size is forecasted to reach US$23.4 billion by 2027 after growing at a CAGR of 6.1% during 2022-2027. Opacifiers are substances that are added to make a solution opaque. A wide spectrum of opacifiers such as titanium dioxide, opaque polymers, zinc oxide, and antimony oxide are found in several high-end applications. Opacifiers are used in paints and coatings, ceramic glazes, sealants, cosmetics, plastics, and multiple other applications. The additive materials find their extensive use in the construction sector, where they are used to prepare decorative and protective paints. The construction sector is booming globally with increasing construction activities and this is expected to augment the market’s growth during the forecast period. For instance, according to the stats by India Brand Equity Foundation, FDI received in the construction development sector (townships, housing, built up infrastructure, and construction development projects) between April 2000 and June 2021 amounted to US$ 26.14 billion. Furthermore, opacifiers are used massively in the formulation of numerous personal care and cosmetic products such as hand washes, body washes, lipsticks, laundry, and dishwasher detergents. The demand for personal care and cosmetic products is increasing globally owing to the increasing awareness about appearance among consumers and this is expected to drive the market’s growth during the forecast period. For instance, according to the stats by Cosmetics Europe, the European cosmetics and personal care market stood at US$ 84.36 billion at retail price in 2020, making it the largest market for cosmetic products globally. The strict regulations regarding the adverse impact of opacifiers might hamper the market’s growth. 

COVID-19 Impact 

The opacifiers market was affected due to the COVID-19 pandemic. The market came across challenges in the form of the temporary shutdown of factories, supply chain scarcity, and raw material procurement. Market players had to come up with several measures to withstand the unprecedented circumstances amid the pandemic. Furthermore, the stagnant growth in multiple end-use sectors such as construction, personal care, and automobiles affected the market’s growth. The opacifiers market picked up pace towards the end of 2020. Going forward, the market is projected to witness robust growth owing to the expansion in the construction and personal care products sectors. 

Report Coverage 

The report “Opacifiers Market Forecast Report - (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Opacifiers industry.

Key Takeaways: 

• The construction sector is influencing the opacifiers market’s growth. According to the November 2021 report by Council on Foreign Relations, the US Congress announced its plan to invest US$1 trillion for the up-gradation of physical infrastructures such as bridges and airports. 
• The personal care sector is driving the growth of the market. As per the stats by the Cosmetics, Toiletry, and Perfumery Association, the European cosmetics market was US$ 87 billion in 2019, making it the largest cosmetics market in the world. 
• The Asia-Pacific region is expected to witness the highest demand for opacifiers owing to the booming construction industry in the region. According to the report by India Brand Equity Foundation, FDI received by India in construction (infrastructure) activities was recorded at US$ 25.38 billion between April 2000 and June 2021.

 Figure: Asia Pacific Opacifiers Market Revenue, 2021-2027 (US$ Billion)

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Opacifiers Market Segment Analysis - By Application 

The paints and coatings application segment dominated the opacifiers market in 2021, and it is expected to grow at a CAGR of 6.4% during the forecast period. A variety of opacifiers ranging from opaque polymers, titanium dioxide, and zinc oxide, among others, are used in several applications such as cosmetics, ceramic glazes, and plastics. However, opacifiers are used in large quantities for the preparation of paints and coatings which are later utilized in several other industries. Opacifiers offer gloss, opacity, light-scattering effects, and brightness to the formulations of paints and coatings. Owing to such an excellent portfolio, market players and research organizations are focused on diversifying the portfolio of opacifiers in the formulations of paints and coatings. For instance, as per the March 2022 journal by ScienceDirect, safer titanium dioxide free formulations are being developed in the market, especially for coatings of dietary supplements. Such expansion of opacifiers in the paints and coatings application is expected to propel the market’s growth during the forecast period. 

Opacifiers Market Segment Analysis - By End Use 

The construction sector dominated the opacifiers market in 2021, and it is projected to grow at a CAGR of 7.1% during the forecast period. Opacifiers are used in the construction sector for the production of a wide variety of paints and coating products. They are utilized in the preparation of decorative paints, protective coatings, and several other construction products. The construction sector is booming globally with increasing construction activity and this is expected to drive the market’s growth during the forecast period. For instance, according to the August 2021 data by Eurostat, the building construction segment in the Euro Area and European Union increased by 3.1% and 3.8% respectively in June 2021. Similarly, as per the July 2020 data by Engage Communicate Facilitate, the number of build-to-rent units completed or in development grew seven-fold to over 140000 in June 2019 in the UK. Such a massive boost in the construction sector globally is expected to stimulate the use of opacifiers in the production of construction paints and coatings, thereby driving the market’s growth during the forecast period. 

Opacifiers Market Segment Analysis - By Geography 

The Asia-Pacific region held the largest share in the opacifiers market in 2021, up to 34%. The high demand for opacifiers is attributed to the expanding construction sector in the region. A wide variety of opacifiers are utilized massively in the production of paints and coatings for the construction sector in the region. The construction sector in the region is displaying excellent growth and this is expected to bolster the demand for opacifiers during the forecast period. For instance, according to the stats by InvestIndia, the real estate sector in India is projected to touch USD 1 trillion by 2030, contributing 13% to the country’s GDP. Similarly, according to the Q4 2020 Global Construction Monitor data by the Royal Institution of Chartered Surveyors, the construction sector in Asia-Pacific had a positive momentum (+8) in 2020. Such massive growth in the region’s construction sector is expected to bolster the demand for opacifiers during the forecast period.

Opacifiers Market Drivers

Increasing demand for personal care products is influencing the market’s growth 

The personal care sector is an important market for opacifiers. A wide range of opacifiers such as aluminum silicate and titanium dioxide are used in the formulation of several personal care products like hand washes, lotions, body washes, shampoos, etc. The opacifiers impart pearlescence, opacity, and stability to personal care product formulation. The demand for personal care products is increasing globally owing to increasing awareness about hygiene and appearance among consumers and this is expected to contribute to the market’s growth during the forecast period. For instance, as per the February 2021 stats by India Brand Equity Foundation, the beauty and personal care industry in India is anticipated to become a US$ 15.17 billion market by 2024, which was US$ 12 billion in 2019. Similarly, as per the report by the Cosmetics, Toiletry and Perfumery Association (CTPA), in 2020, the highest demand for cosmetic products in the European region was recorded in Germany (US$ 15 billion), followed by France (US$ 13.35 billion). Such high demand for personal care products is expected to increase the use of opacifiers in the formulation of personal care products which in turn will influence the market’s growth during the forecast period. 

Booming construction sector is driving the market’s growth 

The construction industry accounts for the largest market for opacifiers. A wide variety of opacifiers such as titanium dioxide, and opaque polymers, among others, are used for the preparation of various types of paints and coatings for the construction sector. The paints and coatings developed are used to protect construction surfaces and for decorative purposes. The construction sector is booming globally with new project announcements and rising investments, and this is expected to drive the market’s growth during the forecast period. As per the 2021 data by India Brand Equity Foundation, India is anticipated to become the third-largest construction sector globally by 2022. Similarly, according to the stats by Federal Reserve Economic Data, total spending in the US residential construction was recorded at US$ 657,608 in September 2020 compared to US$ 642,031 in August 2020. Such massive growth in the global construction sector is expected to catapult the requirement for opacifiers in the preparation of construction sector paints and coatings, in turn, this will drive the opacifiers market’s growth during the forecast period. 

Opacifiers Market Challenges

Strict regulations regarding the adverse impact of opacifiers might hamper the market’s growth 

The opacifiers are associated with an adverse impact on human health which has been a challenge in the market and this is expected to hamper the market’s growth during the forecast period. As per the August 2021 journal by National Center for Biotechnology Information, the use of titanium dioxide opacifier in food applications is considered unsafe by European Food Safety Authority (EFSA). Such strict regulations and limitations regarding the use of opacifiers might hamper the market’s growth during the forecast period. 

Opacifiers Market Industry Outlook 

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Opacifiers Market. Global opacifiers top 10 companies include: 

1. BASF SE
2. Lonza
3. DOW
4. Arkema
5. Ashland Global Holdings Inc.
6. Omya
7. Evonik
8. Glenn Corp
9. Imerys
10. Venator 

Recent Developments 

• In May 2021, Omya Inter-national AG announced the launch of its new cost-effective opacifier, OmyaPET, for the production of white opaque PET bottles or biaxially oriented polyethylene terephthalate (BOPET) film. 
• In May 2020, BASF announced the start of its new site in South Carolina for the production of opacifiers. 
• In November 2019, Lonza announced the launch of its new semi-opaque plant-based capsule, Vcaps Plus White Opal. 

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