Organic Pigments Market Poised for Consistent Growth: Projected to Grow at a CAGR of 6.9% by 2027
Published | 19 October 2021
The organic pigments market is expanding at a high CAGR owing to several factors. Rising demand from end-use industries such as printing inks, paints, and coatings, coupled with rising urbanization in developed and developing countries, is one of the key factors expected to drive market growth..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the organic pigments market was worth USD 5.3 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 6.9%, earning revenue of around USD 8.4 billion by the end of 2027. The organic pigments market is gaining significant traction because of various driving factors. The primary factors driving the growth of the market are the increasing demand from end-use industries such as printing ink, paint, and coatings and the growing urban population in both developed and developing countries. Additionally. the flourishing textile and automobile industry, especially in emerging economies like India and China, is significantly driving the demand for organic pigments. Pigments of this type are used to make medium and high-energy dispersal dyes used in polyester, offering a variety of shades and physical properties. However, the adverse side effects of synthetic organic pigments on the environment may act as a major restraining factor for market growth.
Growing Demand for Organic Pigments in Electronic Manufacturing Industry Is Expected to Drive the Market during The Forecast Period
The electronic manufacturing industry is booming with the launch of a wide range of electronic products for various purposes. With this growth, the demand for organic pigments is also projected to rise in the forecast period. Organic pigments are widely used in printing on a variety of materials due to their flexibility. Researchers are also working on many types of organic pigments. A recent study conducted at Queensland University of Technology examined the use of organic pigments called Diketopyrrolopyrrole (DPP) as dyes. Such developments play a crucial role in propelling the growth of the overall market.
Flourishing Paints and Coatings Industry Is Projected to Boost the Organic Pigments Market
Organic pigments are prominently used in the paints and coatings industry and therefore it is one of the major driving factors for the overall market growth. The use of advanced manufacturing techniques enables the production of high-opacity organic pigments. These pigments are capable of providing bright color and purity as well as normally high color strength. With increasing construction activities, especially in developing countries, the demand for paints and coatings is expected to surge for architectural paints. This surge is anticipated to fuel the growth of the global organic pigments market.
Organic Pigments Market - By Application
The organic pigments market is segmented into printing inks, paints & coatings, plastics, and others based on applications. The printing inks segment accounts for the largest market share as these are prominently used in the packaging industry to make attractive packaging of the products. Printing inks are also used in other printing newspapers, advertisement banners, plastics, metals, glass, etc. Such inks are also cost-efficient as they are applied to the surface as a very thin layer depending on the printing process. Following printing inks, paints & coatings also cover a substantial share in the market as organic pigments are prominently used in giving a wide range of colors to paints to be used in the construction industry.
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Organic Pigments Market - Regional Insights
Geographically, the organic pigments market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the organic pigments market and is also projected to witness the highest CAGR during the forecast period as well. Emerging economies like Japan, India, China, etc., present lucrative growth opportunities in the manufacturing industry. Textile and automobile production is also witnessing a boom over the past few decades in the APAC countries. As a result, the demand for organic pigment for painting inks and paintings and coatings is expected to surge in the forecast period in this region, propelling the market growth.
Impact of COVID-19 on Organic Pigments Market
The organic pigments market was negatively affected by the sudden outbreak of the COVID-19 pandemic. Major end-user industries in the organic pigments market were unable to manufacture or produce their products. Due to this, the demand for organic pigments witnessed a sharp decline during this period, incurring huge losses to the manufacturers. In addition, growing awareness of sustainability during COVID-19 and the negative effects of organic pigments on the environment has also impacted the growth of the organic pigments market.
Organic Pigments Market Competitive Landscape
The leading players in the organic pigments market are BASF SE, VOXCO India, Clariant, Vipul Organics Ltd., Colorwen International Corp., VIBFAST PIGMENTS PVT LTD(Group) Co., Ltd, DIC CORPORATION, Trust Chem Co. Ltd., Hangzhou Han-Color Chemical CO. LTD, Sudarshan Chemical Industries Limited, Heubach GmbH, Origo Chemical, Indian Chemical Industries, Koel Colors Pvt Ltd., Dainichiseika Color & Chemicals Mfg. Co., FERRO CORPORATION, Synthesia, a.s., Jet-Mate Canada Inc., The Chemours Company, and other prominent players.
The market is highly concentrated, with the presence of various global and regional participants. The company offers a wide range of products to meet the requirements of various end-user industries. Furthermore, the adoption of competitive strategies like partnerships, acquisitions, mergers, joint ventures is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the organic pigments market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the organic pigments market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Organic Pigments Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Source (Natural, Synthetic), By Type (Azo Pigments, Phthalocyanine Pigments, High Performance Pigments (HPPS), Others), By Application (Printing Inks, Paints & Coatings, Plastics, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: October 2021
Several factors are driving the organic pigments market to grow at a rapid rate. Growing demand from end-use industries, such as printing inks, paints, and coatings, combined with urbanization in developed and developing countries, is one of the key factors expected to fuel market growth.
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