The Global Colorants Market is expected to witness a growth of over USD 70 billion by 2025, with a CAGR of 5.4% during the forecast period
— The global colorants market is expected to exhibit a solid CAGR of 5.4% over the forecast period from 2016 to 2023, according to the latest research report from Market Research Future (MRFR). The global colorants market is expected to rise to a valuation of USD 68.65 billion by 2023, due to the growing demand for a varied range of colorants in a number of diverse end-use industries.
Mounting demand from consumers for dyestuffs in several end use industries like textiles, plastics, paints & coatings, and food is predicted to be a primary growth stimulant for the overall colorants market. Rising disposable income, ever-increasing population, and consumer spending on fashionable garments and packaged food items are likely to bolster the market growth during the assessment period. Growing awareness regarding health benefits, coupled with the surging awareness of environment-friendly nature of natural colorants are likely to accelerate the market growth in the coming years.
The soaring demand for product differentiation along with the improving product qualities are some of the major factors contributing to the market growth across the globe. The tremendous usage level of colorants in F&B, personal care products, and plastics are likely to aid the market’s growth. Moreover, the expanding operations noticed in industries like textiles, packaging, and pharmaceuticals will further add to the market’s expansion.
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Leading players in the global colorants market include-
• Flint Group
• Sun Chemical Corporation
• PolyOne Corporation
• LANXESS AG
• Cabot Corporation
• Clariant AG
• Huntsman Corporation
• DIC Corporation
• E.I. du Pont de Nemours and Company
• BASF SE
In January 2019, Ohio State University researchers developed a vegetable-based blue dye for candy products. This represents a significant step forward in the colorants market, as blue dye is notoriously hard to produce from natural ingredients. Such research and development projects could play a major role in the growth of the colorants market over the forecast period due to the growing demand for innovative production techniques to develop natural formulations of colorants.
The global colorants market is segmented on the basis of composition, source, type, end use, and region.
By Composition, the global colorants market is segmented into organic and inorganic colorants.
By Source, the market is divided into natural and synthetic colorants.
By Type, the global colorants market dyes, pigments, coatings, electrical, masterbatch, inks, paint, and others.
By End Use, the global colorants market is segmented into textiles, packaging, pharmaceuticals, personal care, building and construction, food and beverage, automotive, paper and printing, and others.
Geographically, the Colorants Market spans across Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.
Considering the global scenario, Asia Pacific is considered to acquire the lion’s share owing to the soaring demand for colorants from several end use industries including textiles, packaging, building & construction, agriculture, and food & beverage, especially in China followed by Japan, India, and South Korea. The mounting demand for the product from the F&B industry in South Korea, India, and Taiwan is further estimated to fuel the market’s growth. Moreover, agriculture colorant is a vital application, which is predicted to drive the market in the next few years. The rising perseverance towards differentiating crop quality and limited arable land are likely to influence the regional market’s growth.
Europe holds the second spot in the global market owing to the large applications of dyes and pigments across industries. Significant growth of the agricultural and automotive industries in the region has further contributed to the market’s growth in Europe. The burgeoning food & beverage industry in the region is further estimated to influence the market’s growth.
Regions like Latin America, North America, and the Middle East & Africa are likely to witness considerable growth owing to several applications of colorants across industries like packaging, textiles, personal care, pharmaceutical, foods & beverages, building & construction, paper & printing, automotive, and others.
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