Dyes & Pigments Market is Booming globally with Marginal Growth

Posted by Mrudula Anil Karmarkar on March 9th, 2022

The global dyes and pigments market size is expected to reach USD 51.7 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% from 2021 to 2028. The market is projected to witness substantial growth in product consumption on account of high application scope coupled with increasing demand from the textile and paints & coatings application segments. The product demand in the Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The growing construction industry, rapid industrialization & urbanization, and increasing consumer disposable income levels in the emerging economies are the primary factors driving the regional market. Moreover, strong support, various initiatives, and increasing investments by the government are propelling the growth of the construction industry in the region, which, in turn, is anticipated to fuel the product demand.

Increasing utilization of plastics in consumer goods is anticipated to provide a positive scope for market growth over the forecast period. Pigments are added to polymers to obtain the specific colors in plastic products. Its use in plastics depends upon its weatherability and aging, light fastness, warping and nucleation, and transparency. The demand for inorganic pigments is higher than organic in plastics. The organic pigments tend to form clumps owing to their poor dispersion, which further results in spots and specks in the final product. As a result, inorganic pigments are a preferable option as they are easily dispersed. Titanium dioxide is the most commonly used inorganic pigment in the plastics application segment.

Based on product type, reactive and disperse dyes are expected to witness major demand during the projected period. Dyes cover a broad range of applications from textiles to organic LEDs and Liquid Crystal Displays (LCD). Properties, such as enhanced dyeing efficiency, photophysical/photochemical properties, and improved quality to reduce toxicity, are anticipated to propel the growth of reactive and disperse dyes in the next eight years.

Increasing demand from various application industries, such as textiles, paints & coatings, construction, and plastics, is expected to drive the market growth. Major producers are actively venturing into enhancing their products by utilizing advanced technologies for the efficient removal of hazardous pollutants during the manufacturing process. Manufacturers are likely to experience varied production costs due to volatility in the prices of raw materials, such as benzene. A wide distribution network in the market is achieved through both physical retail stores and online retailing.

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Dyes & Pigments Market Report Highlights

• In terms of revenue, Asia Pacific led the global market in 2020 and is estimated to expand at the fastest CAGR of 5.8% from 2021 to 2028
• Increasing product demand from the end-use industries, such as textiles, paper, paints & coatings, construction, and printing inks, is likely to drive the APAC regional market in the coming years
• Dyes are expected to be the largest as well as the fastest-growing product segment over the forecast period
• The paints & coatings application segment accounted for the largest revenue share of the pigments market in 2020 and is estimated to maintain its dominance over the forecast period
• Rising product demand in various applications, such as automotive and marine, is estimated to support the growth of the paints & coatings segment
• Textiles application segment dominated the dyes market in 2020 with more than 62% revenue share and is expected to continue its dominance throughout the forecast period

List of Key Players of Dyes & Pigments Market

• BASF SE
• Clariant AG
• DIC Corp.
• Sudarshan Chemical Industries Ltd.
• Atul Ltd.
• Huntsman Corp.
• Kronos Worldwide Inc.
• Lanxess AG
• Kiri Industries Ltd.