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According to Fortune Business Insights, The global dyes and pigments market was valued at USD 42.64 billion in 2023 and is expected to expand from USD 44.68 billion in 2024 to USD 56.91 billion by 2032, reflecting a CAGR of 5.1% over the forecast period. In 2023, Asia Pacific led the market, accounting for 41.3% of the global share. Meanwhile, the U.S. dyes and pigments market is anticipated to experience notable growth, projected to reach USD 11.12 billion by 2032, largely fueled by the strong expansion of the country’s textile industry.
The rising population, economic development, and the growing e-commerce industry are expected to propel the industry's growth. Fortune Business Insights™ presents this information in its report titled “Dyes and Pigments Market, 2024-2032.”
Segments
By type, the market is segmented into reactive, dispersive, vat, others, and acid dyes; and inorganic and organic pigments. By end-user, it is classified into textiles, leather, paper, paints, plastics, and other dyes; and printing ink, paints & coatings, plastics, and other pigments. Geographically, it is clubbed into Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa.
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List of Key Players Profiled in the Report
BASF SE (Germany)
DIC CORPORATION (Japan)
Clariant (Switzerland)
Sudarshan Chemical Industries Limited (India)
Huntsman International LLC. (U.S.)
Atul Ltd (India)
Cabot Corporation (U.S.)
DuPont (U.S.)
Kiri Industries Ltd. (India)
KRONOS Worldwide, Inc. (U.S.)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Robust Demand from the Coatings & Paints Industry to Propel Market Growth
Dyes and pigments are substances used to provide a material with color. The rising demand for the product from the coatings & paints industry is likely to foster industry growth. Further, rising awareness regarding the corrosion resistance, mechanical strength, toughness, clarity, and color of the solids will likely propel their demand. Moreover, the rising applications of the chemical from the decorative, automotive, and architectural industries are expected to bolster its sales. Also, the rising demand for coatings in the manufacturing industry is expected to propel the industry’s progress. These factors may drive the dyes and pigments market growth.
However, the strict government regulations regarding waste generation are expected to hinder the market progress.
Regional Insights
Rising Middle-Class Population May Foster Industry Growth in Asia Pacific
Asia Pacific is expected to dominate the dyes and pigments market share due to the rising middle-class population. The market in Asia Pacific stood at USD 15.91 billion in 2021 and is expected to grow positively during the upcoming years. Further, the development of the textile industry in the region may foster market progress.
In North America, the rapidly growing textile industry in the U.S. is expected to propel dyes and pigments’ adoption. Further, the rising adoption of titanium dioxide as a pigment in manufacturing is expected to boost industry growth.
In Europe, the rising product consumption in leather is expected to boost dyes and pigments adoption. Further, its increasing demand in clothes, furniture, footwear, and the automotive industry is expected to propel market development.
Information Source: https://www.fortunebusinessinsights.com/dyes-pigments-market-102333
Competitive Landscape
Major Players Engage in Acquisitions to Expand Product Line-up
The prominent companies operating in the market engage in acquisitions to expand their market presence. For example, Sun Chemical DIC Corporation completed the acquisition of BASF’s global pigments business in June 2021. This development may enable the company to extend its DIC portfolio in several applications such as inks, paints, coatings, cosmetics, and electronic displays. Further, companies adopt research and development, partnerships, acquisitions, mergers, and expansions to enhance their market stance.
Key Industry Development
June 2021 - Sun Chemical and DIC Corporation acquired BASF’s global pigments business. This acquisition will extend DIC's portfolio as a global manufacturer of pigments for various applications such as electronic displays, cosmetics, coatings, paints, and inks.
December 2020 - Asahi Songwon Colors started the commercial operations at the Dahej plant of Asahi Tennants Color, its 51:49 joint venture with Tennants Textile Colours Limited (TTC) of the U.K. This acquisition will widen Asahi’s presence as a global pigments supplier.
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