In addition, various end user industry such as textiles, foods & beverages, automotive, and packaging are the major driving industry for colorants. The Global Colorants Market is anticipated to witness a significant growth of USD ~ 68.65 billion by 2023 with CAGR of ~5.4% between 2016 and 2023 due to increasing consumption of Colorants in various industries such as textiles, packaging, pharmaceutical, personal care, building & construction, foods & beverages, automotive, paper & printing, and others. On the other hand, environmental regulations and instability in raw material prices can be hamper the growth of the Global Colorants Market.
In APAC region’s growth consumption is mainly due to its fast growing economies countries such as China, India, Japan, and Thailand. In addition to this, growing population is the other key factor which is influencing the consumption of colorants in this region. Among all countries of APAC region, it is analyzed that China is the dominant country due to huge consumption of colorants by growing population.
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The Asia Pacific region colorants market also provides an extensive range of manufacture including India, Japan, and China based key players such as Kiri Industries Limited (India), Tata Pigments Ltd. (India), Zhejiang Longsheng Group (China), DIC Corporation (Japan), and Others.
In addition, on Nov. 16, 2016, DIC Corporation announces major expansion of production capacity for Linablue®─ The #1 Natural Blue Food Coloring, this expansion will cover colorants market particularly in Americas and Europe region.
On the other hand, colorants market in food & beverage industry also covers large share. In this region food colorant market is driven by easily available raw materials, the increasing disposable incomes, and changing lifestyles in emerging countries. Furthermore, the major restrain of the food & beverages colorant market is growing awareness on the health issues from synthetic colorants. Asia-Pacific region projected to see a high growth as compared to other region due to increasing economies and growing consumption of processed foods. The Asia Pacific food & beverages colorants market is dominated by New Zealand, Japan, Australia, and China countries.
Furthermore, the textile industry arisen as the leading end user industry owing to the increase in growing population in this region and increasing consumption of apparels. Moreover, the growing demand for eco-friendly products is enhancing the use of dyes in the textile industry, and this has led to an increase in the overall consumption of colorants. The Asia Pacific region is estimated to observe a huge consumption for dyes owning to change in consumer preference toward trendy, fashionable, and innovative textile shades.
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In addition, the growth of the packaging industry in the colorants market is due to the increased demand for colorants for coloring plastics which is used for lightweight packaging industry. Moreover, increasing use of colorants to color packaging materials such as plastics, paper, metal, fabric, and so on has also propelled growth in this industry. In addition, the packaging industry is another growing industry of the colorants market.
On the other hand Europe hold second position for global colorant market followed by North America region. Moreover, Middle East, Latin America and South Africa is an emerging region for colorant market. This regions will play a major role in the development of overall colorant market development. Hence the global colorants markets is anticipated to witness a significant growth of USD 68.65 billion for the forecasted period and is expected to grow at CAGR of 5.4% from 2017 to 2023.
The global colorants market is majorly segmented on the basis of composition, source, types, and end users and region. Firstly, on the basis of composition of colorants the market is segmented into organic colorants and inorganic colorants. Secondly, on the basis of source of colorants the market is segmented into natural and synthetic source. Thirdly, based on types of colorants the market is segmented into dyes, pigments, coatings, masterbatches, inks, paint, and others. Finally, based on end user industry of colorants the market is segmented into additives, flavor enhancers, acidity regulators, preservatives, and others. Based on end user the market segmented into textiles, packaging, pharmaceutical, personal care, building & construction, foods & beverages, automotive, paper & printing, and others, and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.
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