The synthetic dye market is expected to be valued at US$ 7.2 billion in 2024. The market is expected to show promising growth from 2024 to 2034, registering a CAGR of 6.9%. By 2034, the market value is forecasted to hit US$ 14.1 billion.
Textile remains a strong source of application for the synthetic dyes industry. Despite some setbacks, the textile sector's use of synthetic dyes is increasing, especially in developing economies. Trends in the textile and apparel industry, such as digital printing and on-demand printing, are also contributing to the market's growth.
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Apart from the textile industry, the food and beverage sector remains a prominent end-user industry for the market. The coloring of food, while frowned upon in certain quarters, is thriving with the help of synthetic dyes. Coloring paper and plastic are other applications of synthetic dyes, keeping the demand diverse while the construction and cosmetics industries sustain the demand.
Many Western companies are leveraging manufacturing units in the developing world for faster production processes. The availability of cheap labor and raw materials is incentivizing this strategy for companies in the Western sphere.
“Synthetic dyes' chemical nature results in mounting regulatory pressure on manufacturers. Synthetic dye producers are addressing these pressures by producing organic and eco-friendly synthetic dyes. Thus, sustainable production is recognized as the way forward for suppliers in the market,” says an analyst at FMI.
Key Takeaways from the Synthetic Dye Market
· The synthetic dye market is projected to be valued at US$ 7.2 billion in 2024.
· Acid dyes are the predominant type of dye in the market. They are expected to progress at a CAGR of 6.7% from 2024 to 2034.
· Textile and apparel are the predominant end-use industries in the market. During the forecast period, textile and apparel are predicted to progress at a CAGR of 6.5%.
· South Korea is one of the most promising countries for the market. During the forecast period, the CAGR for South Korea is estimated to be 9.0%.
· Japan is another Asian country with a bright future for the market. The CAGR for Japan over the forecast period is predicted to be 8.5%.
· The market is expected to register a CAGR of 7.2% in the United States during the forecast period.
Competition Analysis of the Synthetic Dye Market
Eastern and Western companies are reaching agreements with the aim of simplifying the manufacturing process. The market is highly competitive, with players of all sizes having the opportunity to thrive in the synthetic dye landscape. Some of the prominent companies in the market include Kronos Worldwide, Inc., Venator Materials PLC, The Chemours Company, and Organic Dyes and Pigments.
Recent Developments in the Synthetic Dye Market
· In March 2022, Archroma launched two new acid dyes that are metal and halogen-free.
· In May 2019, Lanxess AG expanded its production facility in Germany, focusing on the production of Macrolex dyes.
Key Segments
By Type:
Acid Dyes
Basic Dyes
Direct Dyes
Disperse Dyes
Pigment Dyes
Reactive Dyes
Others
By End-use Industry:
Textile and apparel
Pharmaceutical
Packaging and Printing
Cosmetics and Personal care
Paint and Coatings
Food and Beverage
Others
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)