Pune, India, May 17, 2023 (GLOBE NEWSWIRE) -- According to the report published by Fortune Business Insights™, titled "Dyes and Pigments Market Size, Growth, Trends and Report Forecast, 2022-2029" the global market size was estimated to be USD 39.09 billion in 2021 and reached USD 40.71 billion in 2022. The market is anticipated to expand further and reach USD 56.1 billion by 2029, with a CAGR of 4.9% throughout the forecast period. The market for dyes and pigments is projected to experience substantial growth in the coming years.
The rising global population, coupled with economic development, is creating a higher demand for dyes and pigments across various sectors. Additionally, the booming e-commerce industry is also driving the market's expansion by increasing the consumption of products that rely on dyes and pigments for their visual appeal.
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List of Key Players Profiled in the Dyes and Pigments Market Report:
- BASF SE (Germany)
- DIC CORPORATION (Japan)
- Clariant (Switzerland)
- Sudarshan Chemical Industries Limited (India)
- Huntsman International LLC. (U.S.)
- Atul Ltd (India)
- Cabot Corporation (U.S.)
- DuPont (U.S.)
- Kiri Industries Ltd. (India)
- KRONOS Worldwide, Inc. (U.S.)
Competitive Landscape
Major Players Engage in Acquisitions to Expand Product Line-up
The prominent companies operating in the market engage in acquisitions to expand their market presence. An example of this is Sun Chemical DIC Corporation, which successfully acquired BASF's global pigments business in June 2021. This strategic move is expected to broaden Sun Chemical DIC Corporation's portfolio, allowing them to cater to various applications such as inks, paints, coatings, cosmetics, and electronic displays.
Furthermore, companies are adopting a range of strategies to strengthen their position in the market. These include investing in research and development, forming partnerships, engaging in acquisitions and mergers, as well as expanding their operations. These initiatives are aimed at improving their market standing and staying competitive in the dynamic landscape of the industry.
Segments
By type, the market is segmented into reactive, dispersive, vat, others, and acid dyes; and inorganic and organic pigments. By end-user, it is classified into textiles, leather, paper, paints, plastics, and other dyes; and printing ink, paints & coatings, plastics, and other pigments. Geographically, it is clubbed into Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.
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Report Coverage
The report offers a comprehensive analysis of the market, focusing on top segments and the latest trends. It provides an in-depth discussion of the factors driving and restraining market growth, including the impact of COVID-19. Furthermore, the report examines regional developments and explores the strategies implemented by key players in the market.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.9 % |
| 2029 Value Projection | USD 56.91 Billion |
| Market Size in 2022 | USD 40.71 Million |
| Historical Data | 2018-2020 |
| No. of Pages | 205 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Dyes and Pigments Impact Factor | Market is poised to experience significant growth due to strong demand from the coatings and paints industry |
| The Asia Pacific region is expected to witness industry growth, potentially fueled by the rising middle-class population |
Drivers and Growth Impact Factor
Robust Demand from the Coatings & Paints Industry to Propel Market Growth
Dyes and pigments play a crucial role in imparting color to materials. The industry is poised for growth due to increasing demand from the coatings and paints sector. Furthermore, there is a growing awareness about the desirable properties of dyes and pigments, such as corrosion resistance, mechanical strength, toughness, clarity, and color, which is driving their demand. Additionally, the use of these chemicals in decorative, automotive, and architectural applications is on the rise, further contributing to their sales. The manufacturing industry's increasing demand for coatings is also expected to drive the progress of the dyes and pigments market.
However, stringent government regulations related to waste generation are expected to hinder market progress.
Regional Insights
Rising Middle-Class Population May Foster Industry Growth in Asia Pacific
Asia Pacific is anticipated to dominate the market share of dyes and pigments. The market in this region was valued at USD 15.91 billion in 2021 and is expected to exhibit positive growth in the coming years. The growth of the textile industry in Asia Pacific is a significant factor contributing to market progress in the region.
In North America, the rapid expansion of the textile industry, particularly in the United States, is expected to drive the adoption of dyes and pigments. Additionally, the increasing use of titanium dioxide as a pigment in manufacturing processes is poised to stimulate industry growth.
Europe, on the other hand, is experiencing a rise in the consumption of dyes and pigments in the leather industry. Furthermore, there is a growing demand for these products in clothing, furniture, footwear, and the automotive sector, which is expected to propel market development in the region.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Dyes and Pigments Market
- Supply Chain Challenges
- Challenges and opportunities due to COVID-19 outbreak
- Global Pigments Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Type (Volume/Value)
- Dyes
- Textiles
- Leather
- Paper
- Paints & Coatings
- Plastics
- Others
- Pigments
- Printing Inks
- Paints & Coatings
- Plastics
- Others
- Dyes
- By End-Use (Volume/Value)
- Dyes
- Textile
- Leather
- Paper
- Paints
- Plastics
- Others
- Pigments
- Printing Ink
- Paints & Coatings
- Plastics
- Others
- Dyes
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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