According to the report published by Allied Market Research, the global lithopone market was estimated at $169.8 million in 2019 and is expected to hit at $218.6 million by 2027, registering a CAGR of 3.3% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in use in the plastics processing industry, surge in end-uses of rubber products, and use of lithopone in the paints & coatings industry fuel the growth of the global lithopone market. On the other hand, availability of alternative inorganic white pigments impedes the growth to some extent. However, new product development would create new opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic led to delays in road construction projects across the world. This, in declined the demand for lithopone which is used in road marking paints.
- However, the global situation is being ameliorated on a gradual note, and the market is anticipated to recoup soon.
The global lithopone market is analyzed across application and region. On the basis of application, the paints and coatings segment held the major share in 2019, contributing to around one-third of the global lithopone market. The same segment would also cite the fastest CAGR of 4.2% throughout the forecast period.
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On the basis of region, the market across Asia-Pacific would exhibit the fastest CAGR of 4.1% by 2027. The same region would also dominate in terms of revenue in 2019, garnering nearly half of the global market. The other provinces discussed in the report include Europe, North America, and LAMEA.
The key market players analyzed in the global lithopone market report include Fengchen Group Co. Ltd., Henan Premtec Enterprise Corporation, Langfang Pairs Horses Chemical Co. Ltd., Natural Pigments Inc., ZhengZhou Sino Chemical Products Co. Ltd., Titanos Group, Anhui Union Titanium Enterprise Co. Ltd., Noah Technologies Corporation, VB Technochemicals SA, and Venator Materials PLC. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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