The global synthetic dyes and pigments market was valued nearly $52 billion in 2018. Asia-Pacific is the largest market for synthetic dyes and pigments , accounting for about 41% of the global market. China was the largest market for synthetic dyes and pigments, accounting for about 21% of the market in 2018.
The synthetic dyes and pigments market consists of the sales of synthetic dyes and pigments by entities that manufacture synthetic organic and inorganic dyes and pigments, such as lakes and toners (except electrostatic and photographic). Pigments that are obtained from natural minerals as well as synthetic pigments are included in this market. Artificial food-coloring is also included in this market.
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Synthetic dyes and pigments Market Size
The global synthetic dyes and pigments market size is expected to grow to over $63 billion in 2022 at a growth rate of about 29%. Growth in the historic period resulted from rising demand in emerging markets and technological advances. Going forward, increased demand from the packaging industry, rising demand for high performance pigments and economic growth will drive the synthetic dyes and pigments market growth. Factors that negatively affected growth in the historic period were changing regulations, increasing awareness of safety issues and decreased demand from the paper publishing industry.
Major players in the market include BASF SE, The Chemours Company, Venator Materials PLC, Kronos Worldwide, Inc., and Tronox Limited.
BASF SE was the largest company in the synthetic dyes and pigments market with around 7% share of the market in 2017. It is involved in various businesses; some of its important businesses are agriculture, automotive and transportation, chemicals, energy and resources, paints and coatings and plastics and rubber. The company was established in 1865, and headquartered in Ludwigshafen am Rhein, Germany.
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The Key drivers of the synthetic dyes and pigments market include:
During the historic period, interest rates in most developed countries were very low. This created a flow of cheap money for investment, in both developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, leading to an increase in consumer spending. The synthetic dyes and pigments market benefited from the flow of cheap money during this period. Chemicals companies, including synthetic dyes and pigments companies borrowed money for process improvements which helped the companies to consolidate and produce better products at lower prices to boost the overall market. For instance, in 2016, nearly 1,200 deals that were valued approximately at $380 billion were announced; these included deals by Bayer-Monsanto and Dow-DuPontl.
The pigments market is segmented by end user industry into
- a) Paints And Coatings
- b) Plastics
- c) Printing Inks
- d) Textiles
- e) Cosmetics And Personal Care
- f) Others
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