As
per a brand new report by Market Research Future (MRFR), the global
colorants market is anticipated to accrue USD 68.65 billion by 2023,
exhibiting a CAGR close to 5.4% from 2016 to 2023 (forecast period).
Colorants are pigments or dyes added to paints and coatings to change
its color for aesthetic purposes. Rising demand for colorants in foods
and beverages, personal care products, and plastic products is expected
to drive the market over the forecast period.
Rise
in expendable incomes of consumers and burgeoning population are
factors expected to fuel market demand over the forecast period.
Instability in raw material prices can impede market growth. But
awareness of organic colorants and environmental regulations regarding
synthetic dyestuffs are likely to spur the production of colorants
derived via natural sources.
The Colorants Market Size is segmented by composition, source, type, end-user, and region.
By composition, organic and inorganic colorants are two major variants in the market.
By
source, the market is segmented into natural and synthetic. The natural
colorants segment is deemed to thrive in the market owing to demand for
pigments derived from organic sources. The synthetic segment can
experience a modest growth rate owing to its high usage across
industries.
Types
of colorants in the market include inks, paints, dyes, pigments,
coatings, masterbatches, and others. Paints and coatings segments are
likely to command a respectable market demand owing to demand for
pigments and dyes. Investments in technologies for reducing the
production of pigments can spur the demand in these segments. The
pigments segment can experience a remarkable growth rate owing to
extensive application in plastics, printing inks, and cosmetics.
Major
market end-users include paper & printing, foods & beverages,
building & construction, packaging, textile, personal care,
pharmaceutical, and others. The foods and beverages segment can reach a
significant valuation owing to steady demand for foods. In addition, the
use of caramel color in spirits, liquors, and consumable goods is
projected to fuel segment growth in the coming years. Rise in
consumption of carbonated and carmine beverages can provide the segment
the much-needed impetus. The textile segment can contribute to market
growth owing to high consumption rate of apparel. In addition, presence
of online stores and construction of malls to ease shopping convenience
of customers can bode well for this segment. The paper and printing
segment can command demand owing to use of colorants in construction,
textiles, and paints. The packaging segment can also contribute to
market growth owing to attractive designs coupled with consumer
inclination for eco-friendly packages.
Regionally,
the market covers latest trends in North America, Latin America,
Europe, Asia Pacific (APAC), and Middle East and Africa (MEA). The APAC
market is expected to lead in terms of demand owing to application of
colorants in various industries in the region. China, India, and Japan
are major contributors to the market.
Europe
and North America are consumers of colorants after APAC. Presence of
leading automotive, food & beverages, and packaging manufacturers
can fuel a steady demand in these markets. Regulations outlined by
Registration, Evaluation, Authorisation and Restriction of Chemicals
(REACH) and Environmental Protection Agency (EPA) can bolster demand for
natural dyestuffs and pigments. These colorants can offer durability
and corrosion resistance to these products, furthering their demand
globally. Germany and Italy are prime contributors to the market owing
to rising demand for ready-to-eat foods.
Major
players in the colorants market include Huntsman Corporation (U.S.),
PolyOne Corporation (U.S.), Sun Chemical Corporation (U.S.), Cabot
Corporation (U.S.), E. I. du Pont de Nemours & Company (U.S.), Flint
Group (Europe), BASF SE (Germany), Clariant AG (Switzerland), DIC
Corporation (Japan), LANXESS AG (Germany), and others. The market is
characterized by partnerships, mergers, and acquisitions. This is
evident by the recent acquisition of Chroma Corporation by Carolina
Color Corporation in 2018. This move can expand the reach of the latter
in the Midwest and enhance its product offerings. Companies are
investing in their supply chain to protect itself from a paucity of raw
materials.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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