Global Synthetic Dye Market to Reach US$ 14.1 Billion by 2034: Research Insights by Future Market Insights, Inc.

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Feb 14, 2024, 11:30 ET

The synthetic dye market thrives across textile, food, construction, and cosmetics sectors, primarily fueled by developing economies. Controversies arise around food coloring. Western companies exploit cheaper labor in developing nations for efficiency. Explore our FMI report for insights and growth opportunities.

NEWARK, Del., Feb. 14, 2024 /PRNewswire/ -- The synthetic dye market is expected to be valued at US$ 7.2 billion in 2024. The market is expected to show promising growth from 2024 to 2034, registering a CAGR of 6.9%. By 2034, the market value is forecasted to hit US$ 14.1 billion.

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Textile remains a strong source of application for the synthetic dyes industry. Despite some setbacks, the textile sector's use of synthetic dyes is increasing, especially in developing economies. Trends in the textile and apparel industry, such as digital printing and on-demand printing, are also contributing to the market's growth.

Apart from the textile industry, the food and beverage sector remains a prominent end-user industry for the market. The coloring of food, while frowned upon in certain quarters, is thriving with the help of synthetic dyes. Coloring paper and plastic are other applications of synthetic dyes, keeping the demand diverse while the construction and cosmetics industries sustain the demand.

Many Western companies are leveraging manufacturing units in the developing world for faster production processes. The availability of cheap labor and raw materials is incentivizing this strategy for companies in the Western sphere.

"Synthetic dyes' chemical nature results in mounting regulatory pressure on manufacturers. Synthetic dye producers are addressing these pressures by producing organic and eco-friendly synthetic dyes. Thus, sustainable production is recognized as the way forward for suppliers in the market," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways from the Synthetic Dye Market

The synthetic dye market is projected to be valued at US$ 7.2 billion in 2024.
Acid dyes are the predominant type of dye in the market. They are expected to progress at a CAGR of 6.7% from 2024 to 2034.
Textile and apparel are the predominant end-use industries in the market. During the forecast period, textile and apparel are predicted to progress at a CAGR of 6.5%.
South Korea is one of the most promising countries for the market. During the forecast period, the CAGR for South Korea is estimated to be 9.0%.
Japan is another Asian country with a bright future for the market. The CAGR for Japan over the forecast period is predicted to be 8.5%.
The market is expected to register a CAGR of 7.2% in the United States during the forecast period.

Competition Analysis of the Synthetic Dye Market

Eastern and Western companies are reaching agreements with the aim of simplifying the manufacturing process. The market is highly competitive, with players of all sizes having the opportunity to thrive in the synthetic dye landscape.

Key Companies in the Synthetic Dye Market

Kronos Worldwide, Inc.
Venator Materials PLC
The Chemours Company
Organic Dyes and Pigments
Huntsman International LLC

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Recent Developments in the Synthetic Dye Market

In March 2022, Archroma launched two new acid dyes that are metal and halogen-free.
In May 2019, Lanxess AG expanded its production facility in Germany, focusing on the production of Macrolex dyes.

Key Segments coved in Synthetic Dye Industry Report

By Type:

Acid Dyes
Basic Dyes
Direct Dyes
Disperse Dyes
Pigment Dyes
Reactive Dyes
Others

By End-use Industry:

Textile and apparel
Pharmaceutical
Packaging and Printing
Cosmetics and Personal care
Paint and Coatings
Food and Beverage
Others

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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