As per a brand new report by Market Research Future (MRFR), the global Colorants Market is anticipated to accrue USD 68.65 billion by 2023, exhibiting a CAGR close to 5.4% from 2016 to 2023 (forecast period). Colorants are pigments or dyes added to paints and coatings to change its color for aesthetic purposes. Rising demand for colorants in foods and beverages, personal care products, and plastic products is expected to drive the market over the forecast period.
Rise in expendable incomes of consumers and burgeoning population are factors expected to fuel market demand over the forecast period. Instability in raw material prices can impede market growth. But awareness of organic colorants and environmental regulations regarding synthetic dyestuffs are likely to spur the production of colorants derived via natural sources.
The colorants market is segmented by composition, source, type, end-user, and region. By composition, organic and inorganic colorants are two major variants in the market.
By source, the market is segmented into natural and synthetic. The natural colorants segment is deemed to thrive in the market owing to demand for pigments derived from organic sources. The synthetic segment can experience a modest growth rate owing to its high usage across industries.
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Types of colorants in the market include inks, paints, dyes, pigments, coatings, masterbatches, and others. Paints and coatings segments are likely to command a respectable market demand owing to demand for pigments and dyes. Investments in technologies for reducing the production of pigments can spur the demand in these segments. The pigments segment can experience a remarkable growth rate owing to extensive application in plastics, printing inks, and cosmetics.
Major market end-users include paper & printing, foods & beverages, building & construction, packaging, textile, personal care, pharmaceutical, and others. The foods and beverages segment can reach a significant valuation owing to steady demand for foods. In addition, the use of caramel color in spirits, liquors, and consumable goods is projected to fuel segment growth in the coming years. Rise in consumption of carbonated and carmine beverages can provide the segment the much-needed impetus. The textile segment can contribute to market growth owing to high consumption rate of apparel. In addition, presence of online stores and construction of malls to ease shopping convenience of customers can bode well for this segment. The paper and printing segment can command demand owing to use of colorants in construction, textiles, and paints. The packaging segment can also contribute to market growth owing to attractive designs coupled with consumer inclination for eco-friendly packages.
Major players in the Colorants Market include Huntsman Corporation (U.S.), PolyOne Corporation (U.S.), Sun Chemical Corporation (U.S.), Cabot Corporation (U.S.), E. I. du Pont de Nemours & Company (U.S.), Flint Group (Europe), BASF SE (Germany), Clariant AG (Switzerland), DIC Corporation (Japan), LANXESS AG (Germany), and others. The market is characterized by partnerships, mergers, and acquisitions. This is evident by the recent acquisition of Chroma Corporation by Carolina Color Corporation in 2018. This move can expand the reach of the latter in the Midwest and enhance its product offerings. Companies are investing in their supply chain to protect itself from a paucity of raw materials.
Regionally, the market covers latest trends in North America, Latin America, Europe, Asia Pacific (APAC), and Middle East and Africa (MEA). The APAC market is expected to lead in terms of demand owing to application of colorants in various industries in the region. China, India, and Japan are major contributors to the market.
Europe and North America are consumers of colorants after APAC. Presence of leading automotive, food & beverages, and packaging manufacturers can fuel a steady demand in these markets. Regulations outlined by Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and Environmental Protection Agency (EPA) can bolster demand for natural dyestuffs and pigments. These colorants can offer durability and corrosion resistance to these products, furthering their demand globally. Germany and Italy are prime contributors to the market owing to rising demand for ready-to-eat foods.