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The organic pigments market is estimated to grow at a CAGR of 5.19% between 2022 and 2027. The size of the market is forecast to increase by USD 1,619.74 million. The growth of the market depends on several factors, including population growth and demand for urbanized areas, regulations on VOC emissions driving the organic pigments market, and increased demand from the coatings sector.
This report extensively covers market segmentation by type (azo, phthalocyanine, and others), application (printing inks, paints and coatings, plastics, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa) It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the organic pigment market is population growth and demand for urbanized areas. In recent years, the migration of people from rural areas to cities has become a concern for many nations around the world. The automotive, construction, and general industrial segments benefited from this trend. All three segments rely heavily on the pigmented area to create aesthetic appeal.
The automotive industry continues to grow, especially in the Asia-Pacific region, where the region has become a center for automotive manufacturing to meet new demands and consumers. The demands of the automotive industry are gradually moving towards aesthetics instead of functionality. This factor has increased the demand for new pigments, which require the development of colors to suit individual tastes.
The advancement in organic pigments is another factor supporting the organic pigments market share growth. The health and safety concerns of informed consumers and producers are reflected in the increased use of organic pigments, regardless of the price component. Inorganic pigments often contain lead, chromium and cadmium. Although they offer extreme color retention, the environmental impact of these organic pigments is of concern.
If we expect a sustainable future, product development based on natural raw materials is the only solution. Recently, trends have moved towards bio-based raw materials, which significantly reduce the content of volatile organic compounds. Not only do these products offer a compelling value proposition, but they are also just as fast and have other similar features.
The high cost of organic pigments will be a major challenge for the organic pigment market. When end users choose organic pigments over lead-based inorganic pigments for environmental reasons, price becomes the deciding factor. The increased acceptance of these products has led to the competitive pricing of inorganic pigments that dominate the market and hybrid pigments that are slowly penetrating the pigment market.
In addition, if the demand for a certain shade is high, the price of the organic pigment will increase even more. Therefore, the high cost of organic pigments is expected to be a setback because it limits the research of their potential for other possible applications.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Organic Pigments Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BASF SE - The company offers organic pigments such as construction chemicals, adhesives, fiber bondings, plastics, and paper. Additionally, through its chemical segment, the company includes petrochemicals and intermediates divisions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the AZO segment will be significant during the forecast period. Azo pigments also called diazine derivative pigments are produced through diazotization and coupling processes. The oxidation of hydrazine results in azo pigments, which impart colors, such as red, yellow, and orange. Some of the major applications of azo pigments are in the printing and textile industry. Its wide application across industries will facilitate market growth during the forecast period.
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The azo segment was valued at USD 2,566.55 million in 2017 and continued to grow until 2021. The colorless earth and clay materials pigments, when treated using azo compounds, impart colors. The pigment carrier is an important aspect that affects the light fastness of azo pigments. The paints and coatings sector is anticipated to be the largest market for azo pigments owing to spurious demand from global construction. However, various jurisdictions, such as the EU and the US, have taken action to safeguard the adverse effects of these substances on environmental and human health. Thus, owing to these increasing regulations, azo-based pigments may face challenges during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The increase in focus on development, rapid industrialization, and the flourishing automotive industry, especially in China and India, are anticipated to drive the demand for paints and coatings. This, in turn, translates to the high demand for organic pigments in the region.
End-user industries such as automotive and construction will drive the growth of the organic pigments market in APAC during the forecast period. The infrastructure market in APAC is expected to grow at a moderate pace during the forecast period. The region has witnessed a significant increase in infrastructure investment over the last decade and is expected to increase further. Investments in both infrastructure and non-residential sectors are expected to drive the growth of the construction market in APAC, which will increase the demand for high-performance paints and coatings during the forecast period.
In 2020, the outbreak of COVID-19 affected the growth of several industries in the region, including the construction and automotive industries. However, as the number of active COVID-19 cases declined during the second half of 2021, several markets, including the market in focus, gradually resumed business operations. The large-scale COVID-19 vaccination drives and adherence to social distancing norms are expected to drive market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Organic Pigments Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.19% |
Market growth 2023-2027 |
USD 1,619.74 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.12 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
BASF SE, Changzhou Longyu Pigment Chemical Co. Ltd., Dainichiseika Color and Chemicals Mfg. Co. Ltd., DCL Corp., DIC Corp., Ferro Corp., Heubach GmbH, Jet-Mate Canada Inc., Lanxess AG, Neochem Technologies Pvt. Ltd., Organic Dyes and Pigments., Sensient Technologies Corp., Sudarshan Chemical Industries Ltd., Sun Chemical Corp., Synthesia AS, Toyo Ink Sc Holdings Co. Ltd., Trust Chem Co. Ltd., VIBFAST PIGMENTS Pvt. Ltd., Vipul Organics Ltd., and Yuhong Pigment Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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