Increasing demand for organic pigments is in industries such as textile, plastic, paints & coatings, etc. along with Industrialization, urbanization, and increased government spending on infrastructure development are the key factors contributing to high CAGR of Organic pigments market during the forecast period.
Market Size – USD 3483.00 Million in 2018, Market Growth - CAGR of 5.1%, Market Trends – Rapid Industrialization and Infrastructure development.
According to the current analysis of Reports and Data, the global Organic pigments market was valued at USD 3.47 Million in 2018 and is expected to reach USD 5181.57 Million by the year 2026, at a CAGR of 5.1%. Organic Pigments market is expected to observe growth by virtue of its utilization in different end-use industries, including printing inks, paints, and coatings, plastics, textile, and rubber.
Recent stringent government regulations against the use of metallic content pigments are the major factor for growth in the organic pigments sector. In line with this, urbanization and rising infrastructure spending are expected to propel the market growth over the forecast years. They are also employed in several high-tech applications such as optoelectronic display, optical data storage, which is expected to create significant growth opportunities over the forecast years. However, their high cost and limited availability of raw material are the major factors that limit market growth. Although the market has reached the maximum potential in the North American and European regions, the market is anticipated to witness a small growth as major market players are aiming at designing and developing products in sync with continuously changing requirements for evolving technologies. However, constant changes in raw material prices is likely to be a major restraint for market growth. They are more expensive than inorganic pigments, which is a major factor acting as a restraint for the growth of the market. The market size of Organic Pigments is quite smaller than the market of inorganic pigments. The producers of inorganic pigment experience economies of scale for their production process, while the organic pigments are produced in quantitites that are small. Hence, the production cost is higher, which increases the price for the final product. Organic pigments are, approximately 1.5 times costlier than inorganic pigments, which acts as a limiter in market in the paints & coatings and other applications that are not subject to strict regulations.
The organic pigments market is much fragmented and includes a large number of manufacturing and chemical giants as well as emerging players. Add to it , the emerging players have a good opportunity to enter the organic pigments market, owing to developments in the market and high demand from end-use industries. The usage of HPPs is increasing as they have more lightfastness, fastness to chemical exposure, weather fastness and heat stability than conventional pigments. They also possess properties like high color fastness and insolubility. Superior properties like these make organic pigments suitable for applications in automotive and decorative coatings, which require excellent light and weather fastness.
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Further key findings from the report suggest
- Launch of new products in the market is expected to propel the market growth by 2016. For instance, Clariant two new products for inkjet application, named Ink Jet Magenta E-S VP6057 and Ink Jet Orange GR VP6102.
- Owing to the increasing demand for HPP, development of organic HPPs for specific applications is an opportunity for emerging market players.
- Azo segments are expected to drive the growth of the market owing to economical pricing and availability of different colors.
- The paints & coatings segment has grown considerably owing to the rise in infrastructure development in developing economies such as India and China.
- The North America regional segment is expected to grow significantly over the forecast years owing to the rise in demand for organic pigments from the construction industry
- Since, Organic pigments are costlier than inorganic pigments; this limits its market in industries such as paints & coatings which are not subject to government regulations.
- Key participants include BASF SE, Clariant AG, DIC Corporation, Heubach GmbH, and Sudarshan Chemical Industries Ltd., Ferro Corporation, Trust Chem, and Toyocolor, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/organic-pigments-market
For the purpose of this report, Reports and Data has segmented the Organic Pigments market on the basis of type, source, application, and region:
Type (Revenue, USD Million; 2016–2026)
- Azo Pigments (Monoazo, Diazo)
- Phthalocyanine Pigments
- High Performance Pigments
Source (Revenue, USD Million; 2016–2026)
Application (Revenue, USD Million; 2016–2026)
- Printing Inks
- Paints & Coatings
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