Dyes and Pigments Market: Current Analysis and Forecast (2021-2027)
Global Dyes and Pigments Market is expected to register a CAGR of around 5% over the period of 2021-2027. Dyes and pigments are the colorants that are used to impart color to a material. Both are powerful colorants and are used in textile, pharmaceuticals, food, cosmetics, plastics, paint, ink, photographic, and paper industries. Dyes are finer than pigments and unstable under UV rays, while pigments show great stability even under UV rays. Since dyes get absorbed onto the applied surface, the better application is observed in fields like paints, coatings, surface protection, and corrosion prevention. Due to the broad-spectrum usage, the dyes and pigments market is expected to showcase significant growth over the forecast period. Moreover, during the pandemic, the packaging industry started booming, which led to a substantial increase in the printing ink industry, required for packages. This expanded the dye and pigment market share by a great margin. Moreover, according to recent reports, the government of India allocated funds worth Rs. 17,822 crores (US$ 2.38 billion) between FY16 and FY22 for the 'Amended Technology Up-gradation Fund Scheme' (A-TUFS), to boost the Indian textile industry and enable ease of doing business. This will promote the growth of not just the textile, but the dyes and pigments industry as well.
Furthermore, according to a World Bank report, lack of clean water limits economic growth by One-third. Additionally, factors like water pollution, high metal content in pigments, and excess water usage during the production of dyes and pigments pose serious environmental threats and may hamper the market growth in certain regions.
BASF SE, DIC Corporation, Clariant, Sudarshan Chemical Industries Ltd., Huntsman International LLC., Atul Ltd., Cabot Corporation, DuPont, Kiri Industries, and KRONOS Worldwide are some of the major players in this market. These major corporations are heavily investing in research & development divisions for superior-quality dyes and pigments.
Insights Presented in the Report
"Amongst Type, Dyes category accounted for the majority share in the market in 2020”
Based on Type, the market is separate for both dyes and pigments. Dyes are classified into reactive dyes, disperse dyes, VAT dyes, direct dyes, and acid dyes. While pigments are allocated into inorganic and organic. Reactive dyes grabbed a considerable market share, due to their inherent properties like anti-fading and availability in a range of bright shades. In pigments, Inorganic ones are preferred due to better wettability, darker colors, and leanness.
"Amongst Application, printing ink market is expected to witness highest CAGR during the forecast period”
Based on Application, the market is segmented into textile, paints & coatings, plastics, leather, paper, printing ink, and others. The textile segment took a significant market share in 2020. However, the printing ink segment is anticipated to grow with a lucrative CAGR during the projected timeframe owing to the rapidly growing digital printing sector.
"APAC to witness significant growth during the forecast period”
Based on Region, the market is divided into North America (US, Canada, Rest of North America); Europe (Germany, France, UK, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific); and Rest of World. Asia-Pacific is the population hub and shows the highest market share. This is mainly due to lenient environmental laws, cheap labor costs, and the easy availability of low-cost raw materials.
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