Currently, benefiting from the rise of Generation Z consumers and the trend of consumption upgrades, the cosmetics industry is evolving towards high-end development. Consumers now have higher requirements for the effectiveness, quality, and safety of cosmetic products. Comparing to traditional dyes or organic pigments, pearlescent pigments demonstrate superior resilience, and their unique pearlescent effect adds a competitive edge, gradually replacing traditional pigments as the choice for cosmetic brands.
Pearlescent pigments are high-end pigments formed by coating substrates such as mica with an oxide film (coating layer). They subvert traditional pigments by using interference of light to produce colors, exhibiting characteristics of being environmentally friendly, non-fading, and belonging to a strategic emerging industry. Currently, the upstream and downstream industry chains of pearlescent pigments face two major trends: firstly, midstream manufacturers are gradually expanding upstream, producing synthetic mica and metal oxide precursors such as titanium dioxide, achieving cost reduction and efficiency enhancement while ensuring quality control and exploring new markets; secondly, downstream demand is gradually diversifying, covering popular areas such as automobiles and cosmetics, giving the industry strong sales attributes and high growth potential, with a considerable market space in the future.
According to data, pearlescent pigments are now applied in products such as pressed powder, eyeshadow, nail polish, lipstick, lip gloss, etc., and have gained recognition from high-end brands with their penetration in the cosmetics industry steadily increasing. According to Frost & Sullivan's estimation, the global market size of pearlescent pigments used in cosmetics is expected to reach 8.7 billion RMB by 2025, with a compound annual growth rate of 32.8%. The domestic market is expected to reach 2.282 billion RMB, with a growth rate of 34%.
Taking eyeshadow as an example, due to the higher coloring power of synthetic pigments and better coverage of pigments compared to dyes, organic or inorganic pigments are usually chosen for the production of eyeshadows and other concealing cosmetics. Common pearlescent pigments in cosmetics include natural fish scales, bismuth oxychloride, titanium dioxide, mica, shell powder, etc. Insiders revealed that the proportion of pearlescent pigments in eyeshadows is roughly between 5% and 10%, with significant application potential.
With the continuous improvement in the application of pearlescent pigments across various industries, the Matthew effect in the pearl industry will gradually manifest, and domestic leading enterprises are expected to benefit.
