Colorants Market Statistics – 2030
The colorants market was valued at $31.2 billion in 2020, and is projected to reach $86.9 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030.
Colorants can be either dyes or pigments. Dyes are water-soluble colored organic chemicals and are made to form a strong bind with the polymer molecules that make up the fiber. Paints, printing inks, ceramics, and polymers all contain pigments, which are insoluble chemicals. They are used by dispersing them in a suitable media. Organic chemicals make up the majority of the colors utilized.
Growth in population, increase in disposable income, and rise in consumer expenditure on packaged goods and clothes drive the growth of the colorants market. Increase in awareness of natural colorants' environmental benefits and health benefits as well as favorable government legislation supporting eco-friendly activities are expected to drive the growth of the colorants market during the forecast period.
There is increase in demand for pigment from the textile and automotive industries, owing to increased population and increased consumer spending. In addition, increase in demand for colorant for coloring plastics for packaging materials drives the growth of the colorants market. However, volatility in prices of raw materials and concerns regarding its environmental hazards restrain the growth of the colorants market.
The colorants market is segmented on the basis of type, end-use industry, and region. On the basis of product type, it is divided into dyes and pigments. By end-use industry, the colorants market is fragmented into packaging, building & construction, automotive, textile, paper & printing and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The colorants market share is analyzed across all significant regions and countries.
The increased demand for colorants from the packaging industry is the main driver of the market in North America. Colorants enhance the product's visual appeal, consequently attracting more customers. Because of the increased demand for automotive applications, the European colorants market is expanding. The presence of major automotive firms in this region has resulted in an increase in colorant use. High demand for colorants from sectors such as packaging, textile, automotive and food & beverage, particularly in China and India is driving the expansion of the Asia Pacific colorants market.
The key players profiled in the colorants report include BASF SE, Sun Chemical Corporation, Clariant AG, Avent, E. I. Du Pont De Nemours and Company, Lanxess, Huntsman Corporation, Dystar, DIC Corporation, and Cabot Corporation.
The other key players in the value chain (not profiled in this report) in the colorants market include Sudarshan Chemical Industries Limited, The DOW Chemical Company, The Chemours Company, Flint Group, and Archroma.
Global Colorants Market, by Type
Pigments is projected as the most lucrative segment.
By type, the pigment segment held the largest share in the colorants market in 2020 and is expected to grow at a CAGR of 6.4% during 2021-2030. The pigments segment is driven by its increase in consumption from the clothes, paints, prints, plastics, photographs, and ceramics industry across the globe.
Global Colorants Market, by End-use Industry
By End-use Industry
Packaging industry is projected as the most lucrative segment and holds a dominant position in 2020.
By end-use industry, textile segment is projected as the most lucrative segment and is anticipated to grow at a CAGR of 5.8% during the forecast period 2021-2030. This is due to the increase in consumer spending on clothing and garments. Moreover, increase in demand for eco-friendly products is enhance the use of dyes in the textile industry, and this has led to an increase in the overall sales of coloring agents.
Colorants Market, by Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Asia-Pacific held the largest share with over 54.1% in the colorants market in 2020, owing to increased building & construction, textile and automotive production in the region, which accelerates the demand for colorants in the region. The production of automobiles has increased in Asia-Pacific countries such as Malaysia, Japan, Taiwan, and India. It is a key region for the production of dyes and pigments. India and China are expected to significantly contribute toward the growth of the colorants market in Asia-Pacific. India has developed as a global supplier of pigments, intermediates, and dyes since the last few years. In terms of demand for colorants, India is one of the largest markets for dyes and pigments and contributes nearly 4.9% share of the global colorants market in terms of volume and 5.5% in terms of revenue.
COVID-19 Impact on the Market
- The COVID-19 negatively impacted the colorants market. The market witnessed a sharp decline in demand for colorants from end-use industries, such as automobile and textile.
- The COVID-19 pandemic negatively impacted the market demand, owing to lockdown and shutdown of production factories. According to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle manufacturing declined by roughly 16% in 2020, primarily due to COVID-19.
- A new type of fabric dye that could support the fight against COVID-19 is being developed by an Innovate UK-funded project, this will increase the demand for colorant.
KEY BENEFITS FOR STAKEHOLDERS
- The report includes in-depth analysis of different segments and provides colorants market estimations between 2021 and 2030.
- The colorants market size is provided in terms of kilotons and $million.
- A comprehensive analysis of the factors that drive and restrict the colorants market growth is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the colorants market growth.
- Key colorants market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current colorants market trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.
Colorants Market Report Highlights
By End-Use Industry
Increase in demand for colorants in developing economies such as Asia-Pacific, growth in automobile industry, rise in demand for colorant from packaging industry, and rise in number of end users drive the growth of colorants market. In 2020, Asia-Pacific dominated the market, and is expected to be the fastest growing region in terms of revenue during the forecast period. However, the COVID-19 pandemic halted the market growth, due to the lockdown imposed by various governments, however soon the colorants market is anticipated to recover, owing to the government incentives and various steps taken by manufacturers to tackle the pandemic situation. However, high price of colorants hinders the market growth.