Summary
Major players in the synthetic pigments market are BASF SE, Archroma, DyStar, Huntsman, Clariant, Synthesia, Cromatos, Atul, Waterside colors, and DIC Corp.
The global synthetic pigments market will grow from $44.78 billion in 2022 to $48.52 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The synthetic pigments market is expected to grow from $65.49 billion in 2027 at a CAGR of 7.8%.
The synthetic pigments market consists of the sales of alizarin, azo-pigments, phthalocyanine, quinacridone, and metal compounds.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The synthetic pigment is a carbon-based molecule made from petroleum compounds, acids, and other chemicals. The synthetic pigments are used in products containing insoluble materials and minerals to endure high heat, intense light, and exposure to weather or chemical agents.
Asia Pacific was the largest region in the synthetic pigments market in 2022.Western Europe was the second-largest region in the synthetic pigments market.
The regions covered in the synthetic pigments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of synthetic pigments are inorganic pigments and organic pigments.Inorganic pigments are metal oxides and/or synthetic chemicals, which have very simple compositions but are finding wide use in paints and coatings.
The various end-use industries are paints and coatings, plastics, printing inks, textiles, cosmetics, personal care, and other end-use industries.
The demand for high-performance pigments and advanced technology engineered pigments such as cool pigments, nano pigments, and pigments made from superior dispersion technologies is expected to drive the synthetic pigment market.These new and advanced pigments have the capability to cater to the fast-growing novel end-use industries and technologies such as 3D printing, the automotive industry, and others.
For instance, DIC Corporation, a Japan-based chemical company, launched Sunbrite Yellow 74, an azo-based high-performance pigment on the market. High-performance pigments are becoming more affordable, and their market share is expected to increase rapidly.
The growing awareness about the adverse health effects of certain synthetic pigments is pushing pigment manufacturers to shift from chemical-based synthetic pigments to natural pigments, negatively impacting the market.Manufacturers are focusing on shifting from chemical pigments to natural pigments to cater to consumer preferences for new textile colors that are also environmentally friendly.
Synthetic pigments also have adverse effects on the health of people and the environment due to how emerging economies are shifting to natural pigments.Several developed and developing countries have imposed a ban on the import of synthetic pigments.
The use of azo pigments is banned in developing countries such as India owing to their environmental and health impacts.
Recently, there has been an increasing migration of manufacturing capacities from the West to low-cost countries in the Asia-Pacific region.This is mainly due to stringent environmental compliance in Europe and North America.
Gradually maturing production technologies and the presence of strong downstream customer bases within countries such as China and India have been driving the demand for pigments in these countries in recent years. Examples of companies that have moved their manufacturing facilities to the Asia region are Huntsman Corp, DyStar, and Clariant.
In June 2021, DIC Corporation, a Japanese chemical company completed the acquisition of BASF’s global pigments business, known as BASF Colors & Effects, for an undisclosed amount.The acquisition of BASF will strengthen DIC Corporation in the global pigments business.
BASF is a German-based producer of chemicals and is also well known for its portfolio in segments such as chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions.
The countries covered in the synthetic pigments market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The synthetic pigments market research report is one of a series of new reports that provides synthetic pigments market statistics, including synthetic pigments industry global market size, regional shares, competitors with a synthetic pigments market share, detailed synthetic pigments market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic pigments industry. This synthetic pigments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
