Organic Pigments Market to Garner $8.4 Billion, Globally, By 2031 at 4.2% CAGR, Says Allied Market Research

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Jan 09, 2023, 08:53 ET

Surge in need for organic pigments in the pharmaceuticals and plastic packaging industry and the increasing demand for high-performance pigments from various end-use industries propel the global organic pigments market.

PORTLAND, Ore., Jan. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Organic Pigments Market by Type (Azo Pigments, Phthalocyanine Pigments, High Performance Pigments (HPPs), Alizarin, Arylide, Others), by End Use Industry (Paints and Coatings, Automotive, Plastics, Printing Inks, Packaging, Textile, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global organic pigments industry generated $5.6 billion in 2021, and is estimated to reach $8.4 billion by 2031, witnessing a CAGR of 4.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers and Opportunities

The factors such as the increasing need for organic pigments in the pharmaceuticals and plastic packaging industry, the growing demand for bio-based paints & coatings, the rise in the number of color shades, and the increasing demand for high-performance pigments from various end-use industries drive the growth of the global organic pigments market. However, the high cost of organic pigments hampers the market growth. On the other hand, the increasing demand for organic pigments from the building and construction industry presents new opportunities for the market growth in the coming years.

Covid-19 Scenario

The COVID-19 pandemic had a significant impact on the manufacturing and distribution of organic pigments. Stringent lockdowns imposed by governments to prevent the spread of the disease led numerous manufacturing enterprises to either stay inactive or produce at low capacity.
The organic pigments market was affected by disrupted supply chain and a decline in demand from end-user industries, including paints & coatings, plastics, textiles, and others. However, during lockdowns, factories ceased production, resulting in a decline in demand for organic pigments.
Demand for dependable commercial products, such as 3D printing materials is expected to create an opportunity for market participants in future.

The high performance pigments (HPPs) segment to maintain the lion's share during the forecast period

Based on type, the high performance pigments segment was the largest market in 2021, contributing to more than two-fifths of the global organic pigments market, and is expected to maintain its leadership status during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 4.7% from 2022 to 2031, owing to the expanding scope of high-performance pigments in end-use industries, such as the automotive industry due to their superior resistance to extreme weather, humidity, and heat. In addition, increased consumer concern about the origin of cosmetics chemicals and a shifting preference for organic materials for cosmetics pigments drive the segment. The report also studies the azo pigments, phthalocyanine pigments, alizarin, arylide, and others segments.

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The printing inks segment to maintain its dominance during the forecast period

Based on end use industry, the printing inks segment held the largest share of more than one-fourth of the global organic pigments market in 2021, and is expected to maintain dominance in terms of revenue during the forecast period. This is due to the extensive use of printing inks in flexographic and intaglio printing, screen printing, lithographic and typographic printing, and other printing techniques. They can also be used in various plastic and ornamental applications, including ceramics painting and printing, plastic and coatings manufacture, textile printing, and composites production. However, the paints and coatings segment would witness the fastest CAGR of 4.7% from 2022 to 2031, owing to the increasing demand from the automotive and construction industry for organic pigments for usage in paints and coatings. The report also studies the automotive, plastics, packaging, textile, and others segments.

Asia-Pacific to maintain its dominance by 2031

Based on region, the market in Asia-Pacific was the largest market in 2021, capturing nearly half of the global organic pigments market and maintain its leadership in terms of revenue through 2031. The same market is expected to manifest the fastest CAGR of 4.6% during the forecast period, owing to the rising demand for organic pigments from various end-use sectors, such as packaging, construction, and automotive in the region. Other regions analyzed in the report include North America, Europe and LAMEA.

Leading Market Players

BASF SE
Clariant
DIC Corporation
Ferro Corporation
LANXESS
Sudarshan Chemical Industries Limited
Sun Chemical
Synthesia A.S.
TOYOCOLOR CO., LTD
Trust Chem Co. Ltd.

The report analyzes these key players of the global organic pigments market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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