Global colorant market anticipated boosting due to the rise in demand for paints & coatings and extensive usage of colorants by textile and food & beverage manufacturers
colorant market anticipated boosting
The global colorant market size value was USD 58.73 billion in 2019 and likely to reach USD 85.54 billion by 2027 at a CAGR of 4.69% over the forecast period, 2020-2027. The key factors for the growth of the market are growing consumer awareness towards attractive product packaging and increasing fashionable clothing trends. Further, the surge in demand for colorant from the end-user industry such as plastic, paints & coatings, automotive, and packaging are fueling the growth of the global colorant industry in the future periods. Additionally, the increasing population and growing disposable income in emerging nations are estimated to propel the market's robust growth in the upcoming periods. The expeditious industrialization in emerging economies such as Asia-Pacific and South America is expected to witness remarkable growth of the colorant market.
Moreover, the growth in paints & coatings applications will trigger pigments' consumption, thereby the market expansion of colorant in the forecast span. Also, the availability of low labor costs, skilled workforce, availability of raw materials, and growing urbanization in emerging nations will boost the market's growth. Further, the growing consumer awareness of natural ingredients is positively impacting the demand. Additionally, the upsurge in demand for various range of colors in cosmetic and plastic industries for textures, formats, applicators, and packages amongst different consumer age groups is projected to drive the growth of the market.
Type Overview in the Global Colorants Market
Based on type, the global colorants market classified into Dyes, Pigments, Masterbatches, and color concentrates. The Pigments accounted for a significant share in the global colorants market in 2019. It is attributable to the growing use of pigments in printing textiles on account of the fashion industry trends and the consumption of pigments in the packaging application for coloring packaging materials such as metal, paper, plastics, and fabric.
Dyes will grow at a lucrative rate during the forecast period owing to the growing demand for dyes in paints, printing inks, ceramics, and plastics for its soluble colored organic compounds.
Product Overview in the Global Colorants market
Based on the product, the global colorants market bifurcates into natural color and synthetic color. The natural color is expected to appear as the fastest growing product segment as it is obtained from renewable sources. Their preparation involves the minimal potential for chemical reactions; thereby they can sometimes even have a curative effect and are not hazardous to health.
End-User Industry Overview in the Global Colorants Market
Based on the end-user industry, the global colorants market segregated into packaging, food & beverage, building & construction, automotive, textiles, paper & printing, and others. The food & beverage segment accounted for a larger market share in 2019 and projected to lead the market by 2027. Due to the rising number of application areas for food colors, rising preference of customers for natural products over artificial coloring agents, growing demand from application industries, such as beverages, bakery and confectionery, and dairy products.
The Paper & printing segment will grow with a momentous CAGR due to the high utilization of ink and printing colors in different applications such as plastics, paper, fabrics, wall coverings, and ceramics.
Regional Overview in the Global Colorants Market
By geography, the global colorants market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific accounted for the major revenue share in 2019. It is due to the growing per capita utilization of color additives in emerging economies and the rising demand for pigments from various end-user industries such as paper, textile, plastic, and coating. China and India are the dominant markets contributing to the growth of the Asia Pacific colorants industry.
Global Colorants Market: Competitive Landscape
Companies such as Chr. Hansen Holding, Sethness Products Company, Sensient Technologies Corporation, Jagson Colorchem Limited, PolyOne, Penn Color, Clariant International, Lanxess AG, GNT Group, Symrise AG, San-Ei Gen F.F.I., Inc., DD Williamson, T.H. Glennon, Pylam Products, Teknor Apex Company, and ROHA JTT Group are the key players in the global colorants market.
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