The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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The primary players from the several end-use industries are experiencing lucrative opportunities for growth, which are anticipated to enhance their market share and business revenue manifold. Prospective opportunities for prominent players depend on their understanding in getting familiar with the implemented regional schemes and the marketing strategies. Additionally, the operational workforce is expected to enhance the client relationships with the vendors and along the line strong distribution channels can aid key players obtain a competitive edge over their peers in the regional as well as the global Azo Pigments Market.
In order to maintain this, the leading players are also adopting enhanced strategies and are focusing on product innovation. The leading players in the market are focusing on adopting alternative distribution channels such as online sales channels or e-commerce, to further strengthen their presence in regional as well as in global markets. Majority of the primary players are focusing on acquisition of small players, whereas small-scale companies need to make significant investments in research and development to introduce new products and enhance their presence across the globe. Emphasis on product innovation along with focus on sales through direct distribution are the two foremost differentiating factors that enable organized players to hold significant market shares in the global Azo Pigments Market.
“According to the report published by Persistence Market Research (PMR), the global Azo Pigments Market is expected to foresee a CAGR of 4.0% from 2018 to 2026. In 2017, the market crossed US$ 1,285 Mn and is expected to be valued around US$ 1,827 Mn by the end of 2026”.
Burgeoning Demand from Paints and Varnish Industry to Augur Well for Market
There has been a stellar growth in the colorants market in the last couple of years, which comprises dyes and pigments mostly, owing to the large middle-class population and their growing disposable income in emerging economies. Factors such as growing consumer spending and growing preference towards the use of varied colors, is also anticipated to impact the colorants market. This, in turn, has been fueling the demand for Azo Pigments, which are used for manufacturing plastics, coatings, printing inks, synthetic fibers, glass, ceramics, building materials, pharmaceuticals, and cosmetics, among several others. The paints and coatings market is estimated to expand at a robust rate over the course of the forecast period owing to the growing construction activity across the globe, especially in developing regions. This is projected to propel the demand for Azo Pigments at the global as well as regional level.
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On the other hand, product innovation will also play a pivotal role in providing manufacturers with opportunities to capitalize on. As a result of the continuously growing efficient production techniques with regard to organic pigments manufacturing, some of the existing companies are anticipated to switch to alternative production techniques. Innovation and sustainability initiatives are anticipated to be major factors responsible for promoting competiveness. Globally, consumers are expected to pay premium for green chemistry and environmental preservation initiatives. This, along with more stringent regulatory constraints, may further increase the importance of innovation in the global Azo Pigments Market.
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