New York, NY 30 March 2020: The Global colorants market size estimated to be worth of USD 52.74 billion by 2026 and is projected to grow at a CAGR of 5.3% over the forecast period.
Colorants are products that have the ability of value addition and are used in various applications such as paper, food & beverages, textiles, plastics, paints, cosmetics, leather, inks, photos, and medical applications among others. They are used to transform products into aesthetically superior ones, thus benefitting the product’s demand. The global growth in key end use industries such as textiles and plastics among others, is expected to benefit the global colorants market over the forecast period.
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Colorants can be classified into two broad types, these include dyes and pigments. Pigments can be defined as powdered or granular substances that are insoluble and impart color by reflecting certain rays of light. Industries such as ink, paints are the major end uses of pigment paints.
Dyes are soluble substances that are employed to pass color to the substrates. Mainly, the major end – users of dyes include leather and the textile industries. Due to rising population and increasing disposable income, the textile industry has witnessed a rapid growth in the past few years. This has benefitted the dyes demand in the recent past.
The market is characterized by a shifting interest towards naturally derived colorants. There is uncertainty prevalent in the consumers regarding the safety of synthetic colors. The image of natural colorants that is perceived by consumers is good and healthy.
Synthetic colors are being perceived as those responsible for allergenic reactions and other disorders. This has paved way for opening up of new avenues and market opportunities for natural food color manufacturers. Such trends are expected to benefit the colorants market demand over the forecast period.
Therefore, due to rising demand for natural food colors across the globe, manufacturers are evaluating novel routes to produce these colors. Biotechnological processes such as fermentation, algae cultures as well as plant cell routes are being evaluated.
The compulsory tests that have to be carried out, prior commercialization of the product, is expected to hinder market growth. Toxicology test is one of such tests. The huge investment required for Research and Development as well as for testing of the product is a huge impediment for market participants. In addition, the dislike of customers for novel products is also expected to restrain market growth. One of the other factors restraining market growth is the prevalence of stringent regulations governing the launch of new products.
The main focus of these manufacturers is to develop a biotechnological route that can produce colors ranging from yellow to blue among others. To achieve this, researchers are focusing on the development of organisms that can produce phycobiliproteins, carotenoids and other types that possess the aforementioned colors.
Major industry participants include BASF SE, Clariant, E. I. Du Pont De Nemours and Company, Huntsman Corporation, DIC Corporation, Cabot Corporation, Dystar, Lanxess, Polyone Corporation, Sun Chemical Corporation, Ampacet Corporation, Chromatech Incorporated, Sudarshan Chemical Industries Limited, Chromatech Incorporated, Heubach Color, Holland Colours, Greenville Colorants, LLC, Solvay among others.
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