New York, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global dyes and pigments market size is slated to expand at 5% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 65 billion by the end of 2033, up from a revenue of USD 40 billion in the year 2022. This is largely due to the development in the chemicals sector across the globe. For instance, the global chemical sector generated around USD 4 trillion in revenue in 2021 and this figure increased to more than USD 5 trillion in 2022. As a result, there is an increase in the production of chemicals including pigments and dyes which are employed in several end-use industries including printing, textile, and automotive industries as colorants. Particularly, in India more than 395 thousand metric tons of dyes and pigments were produced in 2022.
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Dyes and Pigments Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Dyes segment to garner the highest growth
- Market in North America to grow at a significant rate
Growth in the Construction Sector to Boost Market Growth
As the world's population grows and social demands shift toward smarter and more sustainable buildings and infrastructure, the size of the global construction sector is predicted to more than double between by 2030. Moreover, the construction sector is positioned to enhance its efficiency, environmental friendliness, and flexibility in response to evolving demands by integrating digital technologies, which is a driver for development and economic progress on a global scale. For instance, in the next 15 years, the amount of work done in construction worldwide will increase to more than USD 4 trillion. These factors play a pivotal role in increasing the demand for dyes and pigments which are used to create a variety of building materials such as timber materials, coatings, paint analysis, and cool roofing. Moreover, a lot of dyes are used in the manufacturing of paints and coatings, and building supplies whereas pigments are present in a lot of commonly used roofing materials and are used in tiles, panels, metals, and shingles.
Dyes and Pigments Industry: Regional Overview
The global dyes and pigments market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Export of Textiles to Drive the Growth in the Asia Pacific Region
The dyes and pigments market in Asia Pacific region is estimated to garner the largest revenue by the end of 2033. China is the world's biggest exporter of textiles, with exports valued at over USD 145 billion in 2021. Particularly, throughout 2022, China exported textiles, clothes, and accessories totaling around USD 324 billion. Moreover, among the top 5 exporters of clothing and textiles China is the greatest exporter with a share of more than 35%, which is characterized by growing scale and output, and the labor-intensive nature of these sectors. Additionally, one of the key factors influencing the demand for dyes and pigments in the region is the growth of the industrial sector in countries such as India. For instance, in May 2023, India's industrial production index soared to more than 5%.
Presence of Aging Infrastructure to Drive Growth in the North America Region
The North America dyes and pigments market is estimated to garner the largest revenue by the end of 2033. American infrastructure is aging which necessitates the use of paints and coatings upgrade infrastructure and aid in protection against and reduction of corrosion for facilities. For instance, the age of America's pipelines exceeds fifty years, and one in five miles of roads and over 44,000 bridges in the United States are in bad condition. Moreover, the infrastructure of the United States is rated C- because it is old and in poor condition and is significantly overextended, which will cost several trillion dollars over the next few years.
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Dyes and Pigments Segmentation by Application
- Dyes
- Printing Inks
- Textiles
- Paper
- Leather
- Others
- Pigments
- Plastics
- Paints & Coatings
- Construction
- Printing Inks
- Others
The pigments segment is anticipated to hold the largest revenue by the end of 2033. The pigment segment is further divided into plastics, paints & coatings, construction, printing inks, and others. Out of which the paint & coatings segment is anticipated to gain the largest share on account of the growing number of households driven by industrialization, factors such as changing family structures, rising population, and the tendency of more people to live in one dwelling. For instance, the United States had around 131 million households in 2023. Moreover, across the globe, one-person households are growing more prevalent due to rising living standards. Particularly, more than 37 million households in the US were headed by a single individual in 2022. the expanding need for customized finishes. As a result, customers are requesting more and more customized finishes for their homes, and are emphasizing house renovation and protecting family members from illnesses which has led to an increase in the demand for paint & coatings.
Dyes and Pigments Segmentation by Product
- Dyes
- Reactive
- Vat
- Acid
- Direct
- Disperse
- Others
- Pigments
- Organic
- Inorganic
The reactive dyes segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing production of cotton across the globe. For instance, the world produces more than 25 million tons of cotton annually. It is anticipated that more than 27 million tons of cotton will be produced by 2028. Particularly, around 24% of all cotton produced worldwide is produced in India, where it is considered one of the most significant commercial crops. This has led to an increase in consumption of cotton which may create a huge demand for reactive dyes as they are now frequently used to color cotton fabrics. These dyes come in a broad spectrum of colors and are mostly used for printing on cellulosic materials cotton as they bind covalently to the cellulosic fiber in cotton. Moreover, cotton that has been dyed directly has a low washing fastness due to the poor link whereas reactive dyes have a significant fastness.
A few of the well-known market leaders in the global dyes and pigments market that are profiled by Research Nester are Clariant International Ltd, DIC Corporation, Sudarshan Chemical Industries Limited, Atul Ltd, BASF SE, Huntsman International LLC, Cabot Corporation, Tronox Holdings plc, DuPont de Nemours, Inc., Kronos Worldwide, Inc., and other key market players.
Recent Development in the Dyes and Pigments Market
- DIC Corporation partnered with Good Chemistry Company to grow its materials development company by carrying out simulations of quantum chemistry.
- Clariant International Ltd announced the introduction of D3 PROGRAM to reduce carbon emissions and enhance safe operations by providing the oil and gas sector with sustainable solutions.
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