Global Dyes & Pigments Market - Segmented by Type, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global dyes & pigments market is estimated to grow at a CAGR of 5.22% during the forecast period 2018-2023. The paints & coatings is estimated to be the major end-user of dyes & pigments market driven by several factors, such as growing demand from Asia-Pacific infrastructure industry, automotive industry.
Rising Demand for Paints & Coatings from Automotive Industry in Europe and Asia
Pigments play a key role in the formulation of paints & coatings. They help in providing key characteristics to paints & coatings, such as color, strength, durability, coverage, chemical inertness, and surface protection. Vehicle manufacturers highly use industrial coatings in automotive OEM coatings during the production. The automotive industry is at a growing phase in many regions, like Europe and China. China is one of the major automobile manufacturers in Asia-Pacific region. The increasing automotive production in China & Europe is driving the dyes & pigments market on a considerable extent.
Paints & Coatings to be the Major End-user Industry
The paints & coatings industry uses a wide array of pigments, some of which are used to manufacture paints for a variety of applications, such as automobiles, buildings, and hardware. Pigments, which are used in the paints coatings application, are classified into 2 types - industrial and architectural or decorative. Besides pigments, dyes also play a vital role in paints & coatings industry. Solvent soluble dyes for paint industry is processed by using finest grade components. With the growing demand from the paints & coatings industry, the demand for dyes & pigments is estimated to be propelled during the forecast period.
Asia-Pacific to Lead among Other Regions
Asia-Pacific is estimated to lead the global dyes & pigments market. The region is likely to witness an increase in its spending on urbanization to meet the growing needs. The new construction & building projects in the region are a to boost the market growth. China and India are known as major producers of dyes across the Asia-Pacific. Almost all the ASEAN countries are expected to raise their budgets for infrastructure, in the next five years. Increased urbanization, investment, consumer and government spending are set to increase the market for dyes and pigments in the region.
Notable Developments in the Market
January 2018: BASF increased prices for pigments, dyes and preparations worldwide
April 2017: Clariant completed color range of “super-transparent” pigment preparations
Major Players: BASF SE, Clariant AG, Huntsman Corporation, LANXESS AG, DIC CORPORATION amongst others.
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