Organic Pigments Market worth $6.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 30, 2021 /PRNewswire/ -- According to the new market research report "Organic Pigments Market by Source (Synthetic and Natural), Type (Azo, Phthalocyanine, HPPs), Application (Printing inks, Paints & Coatings, Plastics), and Region (North America, Europe, APAC, MEA, and South America) - Global Forecast to 2026", published by MarketsandMarkets™, the Organic Pigments Market is projected to grow from USD 5.5 billion in 2021 to USD 6.7 billion by 2026. The printing inks segment accounted for a share of 36.4% in terms of value in the organic pigments market in 2021 and is projected to reach USD 2.4 billion by 2026 at a CAGR of 3.9%. The paints & coating sector is projected to witness the highest CAGR of 4.5%, growing from USD 1.7 billion in 2021 to USD 2.4 billion by 2026.
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Synthetic based organic pigments comprises a major share of the organic pigments market in terms of value.
Synthetic organic pigments dominate the market in terms of value, with a share of 93.6% in 2020. The high growth and market share of synthetic organic pigments are attributed to its key advantages over other natural organic pigments. Synthetic pigments manufactured using petroleum compounds, acids, and other chemicals usually under high heat or pressure for manufacturing. They are generally synthesized using ring-based aromatic compounds. These chemicals produce almost infinite variations in the molecular structure. These have added advantage of higher durability, high lighfastness and better gloss.
The Azo Organic pigments accounts for the largest market share in the global organic pigments market during the forecasted period in terms of value and volume
Azo pigments account for nearly 42.6% of all organic pigments by value in 2020. Azo pigments are among the organic compounds with a functional azo group (-N=N-). They are further classified based on their chemistry into monoazo and diazo pigments. These pigments are derived from water-soluble dyes and are the largest, as well as the most diverse group of synthetic organic pigments. Azo pigments are available in the shades of yellow, orange, red, and brown. Due to their stable nature these pigments are widely used in the printing inks and coating industry.
The printing ink application accounted for the largest market share in the global organic pigments market during the forecast period in terms of value and volume.
The printing inks application accounted for the largest share by value of the organic pigments market. This is because of increasing demand from the packaging industry, especially food packaging. Increasing regulations and restrictions on the use of inorganic pigments has further aided in the acceptance of organic pigments in the market. Organic pigments-based printing inks are also gaining wide acceptance in marketing tools publication such as brochures, magazines, and other printed tools. This is due to the high vividness and sharpness of colors based on organic pigments
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APAC is expected to account for the largest share in the organic pigments market during the forecast period.
APAC is the most lucrative organic pigments market. The growing population, rising urbanization, and increasing purchasing power are the key factors for the growth of the packaging, construction, electronics, and automotive industries in the region. Additionally, the growing demand for organic pigments and regulations on the use of environment- friendly products have led to market growth. Organic pigment manufacturers are targeting this region, as it is the strongest regional market for industries such as textiles, plastics, and construction. The manufacturers are also shifting their production base to APAC because of the low cost of production and ability to serve the local emerging markets.
The countries, including China, Japan, India, and South Korea, are the major organic pigments markets in the region. China is the leading producer and consumer of organic pigments in APAC. The market in this region has many small and domestic manufacturers, providing customized products and services to clients that demand organic pigments in small quantities. All these factors have made APAC the largest and the fastest-growing organic pigments market.
The major players active in the Organic Pigments Market are BASF (Germany), Clariant (Switzerland), DIC Corporation (Japan), Heubach GmbH (Germany), Sudarshan Chemical Industries Ltd. (India), Ferro Corporation (US), Trust Chem Co. Ltd (China), Dainichiseika Color & Chemicals Mfg. Co. Ltd. (Japan), DCL Corporation (Canada), and Toyocolor Co. Ltd. (Japan).
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