Noida, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The global organic pigments market is growing at a high CAGR owing to several factors. Growing construction and manufacturing activities, coupled with increasing adoption rates for sustainable and organic pigments, are driving the growth prospects for the global organic pigments market….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the organic pigments market was worth USD 5.3 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 6.9%, earning revenue of around USD 8.4 billion by the end of 2027. The global organic pigments market is gaining significant traction because of various driving factors. The primary factors driving the growth of the market are the increasing demand from end-use industries, such as printing ink, paint, and coatings, and the growing urbanization rates in both developed and developing countries. Additionally, the flourishing textile and automobile industry, especially in emerging economies like India and China, is significantly driving the growth of global organic pigments market.
Organic pigments are used to make medium and high-energy dispersal dyes used in polyester. Such pigments offer a variety of shades and physical properties. However, the adverse side effects of synthetic organic pigments on the environment may be a major restraining factor for the growth of the global organic pigments market.
Growing demand for organic pigments in electronic manufacturing industry is expected to drive the market
Electronic manufacturers have ramped up their operations in response to the ongoing pandemic. According to the U.S. Census Bureau Economic Indicators, manufacturing output increased by about 1.2% in August 2021 from July 2021, indicating a steady increase in manufacturing activity across the United States. The thriving manufacturing is positively impacting the growth of the electronics segment. As a result, such growth is fuelling the demand for organic pigments. Coatings and paintings on electronic components could also be achieved using organic pigments. The use of organic pigment coatings is advantageous since organic pigments are more insulating than inorganic materials. End users are offered a seamless experience without having to worry about frequent electric shocks. The market for organic pigments is positively affected by these factors.
Flourishing paints and coatings industry favoring the global organic pigments market
Organic pigments are prominently used in the paints and coatings industry; therefore it is one of the major factors driving the overall market growth. The use of advanced manufacturing techniques enables the production of high-opacity organic pigments. In addition to their bright colors and purity, these pigments usually provide high color strength. With increasing construction activities, especially in developing countries, the demand for paints and coatings is expected to surge for architectural paints. This surge is anticipated to fuel the growth of the global organic pigments market.
According to the National Investment Promotion and Facilitation Agency, the Indian construction industry is all set to witness substantial growth in the coming years. The construction industry is anticipated to register a growth rate of 7.1% per year. According to the same estimates, cement production grew by 21.8% in over a year from July 2020 to July 2021, indicating potential growth for the coating industries as the growth of the cement industry indicates a positive demand for construction activities. Since organic pigments happen to be less harmful than synthetic pigments in developing coatings for construction activities, the thriving coating industry bolsters the growth of the global organic pigments market.
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Global Organic Pigments Market - By Application
The global organic pigments market is segmented into printing inks, paints & coatings, plastics, and others, based on applications. The printing ink segment accounts for the largest share of the market since printing ink is prominently used to create attractive packaging for products. Printing inks are also used on other materials, such as newspapers, advertisement banners, plastics, metals, and glass. The inks are also cost-effective because they are applied as a very thin layer to the surface. On the other hand, the paints & coatings segment also covers a substantial share in the market as organic pigments are widely used to add hues to paints used in the construction industry.
Global Organic Pigments Market - Regional Insights
Geographically, the global organic pigments market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle-East & Africa. The Asia-Pacific region dominates the organic pigments market and is also projected to witness the highest CAGR during the forecast period. Emerging economies like Japan, India, China, etc., present lucrative growth opportunities in the manufacturing industry. Textile and automobile production is also witnessing a boom over the past few decades in the APAC countries. As a result, the demand for organic pigment for painting inks, and paintings & coatings is expected to surge during the forecast period in this region, propelling the growth of the global organic pigments market.
Impact of COVID-19 on Global Organic Pigments Market
After the WHO declared the COVID-19 as a pandemic in March 2020, government authorities across the world took immediate actions to curb the spread of the highly contagious virus. To mitigate the spread of the virus, the government ordered the immediate shutdown of the factories, manufactures, and other human contact-based activities. It caused a significant negative impact on the growth of the organic pigment market, with a negative growth rate in 2020.
A halt in the production of raw materials and synthetic organic pigments, including natural gas, petroleum, and other carbon-containing components, adversely affected the market. Many major end-user industries using organic pigments went out of business, resulting in a sharp decline in demand for these products, negatively impacting the market's growth. However, the growing number of vaccination rollouts are providing some rejuvenation to the market, which may enhance the growth of the global organic pigments market in the coming years.
Global Organic Pigments Market - Competitive Landscape
The leading players in the global organic pigments market are BASF SE, VOXCO Pigments and Chemicals Pvt. Ltd., Clariant AG, Vipul Organics Ltd., Colorwen International Corporation, Vibfast Pigments Pvt Ltd., DIC Corporation, Trust Chem Co. Ltd., Hangzhou Han-Color Chemical Co. Ltd., Sudarshan Chemical Industries Limited, Heubach GmbH, Brenntag SE, Indian Chemical Industries, Koel Colours Pvt Ltd., Dainichiseika Color & Chemicals Mfg. Co., Ferro Corporation, Synthesia, a.s., Jet-Mate Canada Inc., Neelikon Food Colors & Chemicals Ltd., The Chemours Company, and other prominent players. Various global and regional players dominate the organic pigments market. The companies offer a wide variety of products to meet the demand arising from various end-user industries. Additionally, the growing emphasis on the development of sustainable products has positively impacted the company’s allocation of investments toward the research and development of organic pigments, which has resulted in some players receiving a higher market share in the global organic pigments market.
In June 2021, the DIC Corporation acquired BASF's global pigment operations, BASF Colors & Effects (BCE). The company plans to reexamine its business forecasts soon. The acquisition was first announced on August 29, 2019, when the DIC Corporation declared an agreement with BASF to acquire its BCE business involving assets, technologies, and others. Since then, DIC Group and BASF were working on establishing a mutual ground to close this transaction.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global organic pigments market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global organic pigments market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the global organic pigments market.
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