Noida, November 19, 2021 (GLOBE NEWSWIRE) – The global organic pigments market is growing at a high CAGR due to several factors. Growing construction and manufacturing activities coupled with increasing adoption rates of sustainable and organic pigments are driving growth prospects in the global organic pigments marketâ¦.
A recent study carried out by the strategic consulting and market research firm BlueWeave Consulting revealed that the organic pigments market is worth 5.3 billion USD in 2020. According to the study, the market is expected to grow at a CAGR of 6.9%, generating revenue of approximately 8.4 billion USD by the end of 2027. The organic pigments market is gaining ground due to various determining factors. The main factors driving the growth of the market are the increasing demand from end-use industries, such as printing ink, paint and coatings, and increasing urbanization rates in developed countries and in development. Moreover, the thriving textile and automotive industry, especially in emerging economies like India and China, is significantly boosting the growth of the global organic pigments market.
Organic pigments are used to make medium and high energy dispersion 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 electronics manufacturing industry is expected to drive the market
Electronics manufacturers have stepped up operations in response to the ongoing pandemic. According to economic indicators from the US Census Bureau, manufacturing output increased by about 1.2% in August 2021 compared to July 2021, indicating a steady increase in manufacturing activity in the United States. The flourishing production has a positive impact on the growth of the electronics segment. As a result, such growth is fueling the demand for organic pigments. Coatings and paints on electronic components could also be carried out using organic pigments. The use of organic pigment coatings is advantageous because organic pigments are more insulating than inorganic materials. End users are offered a seamless experience without having to worry about frequent electric shocks. The organic pigments market is positively affected by these factors.
Thriving paints and coatings industry promoting the global organic pigment market
Organic pigments are widely used in the paint and coating industry; it is therefore one of the main factors for the overall growth of the market. The use of advanced manufacturing techniques allows the production of organic pigments with high opacity. In addition to their vivid colors and purity, these pigments generally offer high color strength. With the increase in construction activity, especially in developing countries, the demand for paints and coatings is expected to increase for architectural paints. This increase is expected to fuel the growth of the global organic pigments market.
According to the National Investment Promotion and Facilitation Agency, the Indian construction industry is expected to experience substantial growth in the coming years. The construction industry is expected to register a growth rate of 7.1% per year. According to the same estimates, cement production increased by 21.8% over more than one 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 are less harmful than synthetic pigments in the development of coatings for construction business, the flourishing coatings industry is boosting the growth of the global organic pigment market.
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Global Organic Pigments Market – By Application
The global organic pigments market is segmented into printing inks, paints and coatings, plastics and others based on the applications. The printing ink segment accounts for the largest share of the market, as printing ink is widely used to create attractive packaging for products. Printing inks are also used on other materials, such as newspapers, banner ads, plastics, metals and glass. Inks are also economical because they are applied in a very thin layer on the surface. On the other hand, the paints and coatings segment also covers a substantial share of the market, as organic pigments are widely used to add tints to paints used in the construction industry.
Global Organic Pigments Market – Regional Outlook
Geographically, the global organic pigments market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The Asia-Pacific region dominates the organic pigments market and is also expected to experience the highest CAGR during the forecast period. Emerging economies like Japan, India, China etc. present lucrative growth opportunities in the manufacturing industry. Textile and automotive production has also grown in recent decades in the APAC countries. As a result, the demand for organic pigments for painting inks and paints and coatings is expected to increase during the forecast period in this region, propelling the growth of the global organic pigments market.
Impact of COVID-19 on the Global Organic Pigments Market
After the WHO declared COVID-19 a pandemic in March 2020, government authorities around the world took immediate action to curb the spread of the highly contagious virus. To mitigate the spread of the virus, the government ordered the immediate shutdown of factories, factories and other activities based on human contact. This has had a significant negative impact on the growth of the organic pigments market, with a negative growth rate in 2020.
Stopping the production of raw materials and synthetic organic pigments, including natural gas, petroleum and other carbon-containing components, hurt the market. Many large industries using organic pigments have closed their doors, resulting in a sharp decline in demand for these products, which has negatively impacted the growth of the market. However, the increasing number of vaccine deployments brings a certain 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 main 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 Colors Pvt Ltd., Dainichiseika Color & Chemicals Mfg. Co., Ferro Corporation, Synthesia, as, Jet-Mate Canada Inc., Neelikon Food Colors & Chemicals Ltd., The Chemours Company and others. Various global and regional players dominate the organic pigments market. Companies offer a wide variety of products to meet the demand from various end user industries. In addition, the growing focus on sustainable product development has positively impacted the allocation of the company’s investments to research and development of organic pigments, which has enabled some players to gain a share of higher market in the global organic pigment market.
In June 2021, the DIC Corporation acquired BASF’s global pigment operations, BASF Colors & Effects (BCE). The company plans to review its activity forecasts soon. The acquisition was first announced on August 29, 2019, when DIC Corporation entered into an agreement with BASF to acquire its BCE business involving assets, technology and others. Since then, DIC Group and BASF have been working to establish common ground to complete this transaction.
The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Organic Pigments market. It also highlights the factors that determine the forecast of the total market size. The report promises to provide recent technology trends in the global organic pigments market and industry insights to help policymakers make sound strategic decisions. In addition, the report also analyzes the growth drivers, challenges, and competitive dynamics of the global Organic Pigments market.
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