Rapid Urbanization Worldwide to Fuel the Market
The dyes & pigments market growth is premised on the fact that there is a rising demand for these ingredients in the paints and coatings industry. The growth of this industry is based on the escalating demand for these materials from the residential and commercial spaces across the globe. One of the major factors causing the proliferation of such spaces is rapid urbanization around the world. According to the UN Department of Economic and Social Affairs (DESA), roughly two-third of the global population will be living in urban areas by 2050, jumping by 13% from the current levels. More importantly, around 90% of this jump will be witnessed in the developing nations of Africa and Asia, where the process of urbanization is getting further intensified by steady economic growth. As a result, expansion of residential and commercial areas in these countries will stoke the demand for dyes & pigments during the forecast period.
The global dyes & pigments market size is projected to reach USD 54,644.6 million by 2026, exhibiting a CAGR of 4.9% during the forecast period. Inks are essentially liquids that are made from dyes and pigments and serve a variety of purposes such as writing, printing, and tattooing. They are also used to prevent anti-counterfeiting activities. For instance, special inks are manufactured for printing currency notes, which react with the cellulose in the paper and produce inimitable colors and textures, making it almost impossible to replicate. Furthermore, advanced ink-based liquids are being extensively employed in 3D printing operations. Many companies are using these liquids on small- and medium-scale to manufacture customized spare parts for machines, gourmet food products, and prosthetics. Thus, widening applicability of inks and ink-based liquids and pastes will lead the dyes & pigments market trends in the forthcoming years.
Asia-Pacific to Offer Promising Growth Prospects for the Market
With a market size of USD 15,050.26 million in 2018, Asia-Pacific is set to dominate the dyes & pigments market share in the coming years. The main factor propelling the market in this region is the expanding middle-class in India and China, which is increasingly demanding higher value textiles, plastics, and other products, thereby augmenting the uptake of dyes and pigments. Furthermore, countries in Asia-Pacific, mainly China, India, Bangladesh, and Vietnam, lead the world production of textiles and with greater investments in the textile industry, their production capacity has risen substantially in the past few years. With the majority of these products being exported to Europe and North America, the demand for dyes and pigments is surging in the developed countries.
Major Players to Employ Position Strengthening Mechanisms
According to the dyes & pigments market analysis, key players are singularly focusing on solidifying their position in this market through widening of product portfolio and investment in R&D activities. Another strategy that is being favored by companies is mergers and acquisitions in an attempt to broaden their business horizons.
- September 2019: DIC Corporation, the Japanese chemical company, completed its successful takeover of the Germany-based BASF’s pigments business division, BASF Colors & Effects (BCE). DIC’s aim behind this acquisition to widen its pigment portfolio for cosmetics, plastics, inks, and electronic displays, among others, and lead the global pigment industry.
- May 2018: The Swiss specialty chemicals major Clariant unveiled Ink Jet Orange GR VP6102 and Ink Jet Magenta E-S VP6057, its two innovative inkjet ink pigments, at the FESPA 2018 in Berlin. These products can be used in solvent-, UV-, and water-based inks and can be applied in outdoor and indoor settings with equal efficacy.
List of Players Covered in the Dyes & Pigments Market Report:
- KRONOS Worldwide, Inc.
- Atul Ltd
- Sudarshan Chemical Industries Limited
- DIC CORPORATION
- Kiri Industries Ltd.
- Cabot Corporation
- Huntsman International LLC.
- BASF SE