Major companies in the synthetic dye and pigment market include BASF SE; The Chemours Company; Venator Materials PLC; Kronos Worldwide Inc. and Tronox Limited. The global synthetic dye and pigment market is expected to grow from $53.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Dye And Pigment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025356/?utm_source=GNW
95 billion in 2020 to $58.61 billion in 2021 at a compound annual growth rate (CAGR) of 8.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $68.35 billion in 2025 at a CAGR of 4%.
The synthetic dye and pigment market consists of the sales of synthetic dyes and pigments by entities (organizations, sole traders or partnerships) that produce synthetic organic and inorganic dyes and pigments, such as lakes and toners (except electrostatic and photographic). The synthetic dye and pigment market is segmented into synthetic dye and synthetic pigment.
Asia Pacific was the largest region in the global synthetic dye and pigment market, accounting for 32% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global synthetic dye and pigment market. Africa was the smallest region in the global synthetic dye and pigment market.
Many textiles companies are adopting eco-friendly dyes for producing textiles and fabrics. These companies do not use harmful dyes as they cause extensive damage to the environment and are known to cause skin allergies and respiratory diseases. Due to the positive environmental characteristics and low toxicity of eco-friendly dyes, many companies are moving toward eco-friendly organic dyes, though they are priced higher than inorganic dyes. Companies that manufacture eco friendly dyes include DyStar, Huntsman and Archroma.
The growing awareness about adverse health effects of certain synthetic dyes is pushing dyes and pigments manufacturers to shift from chemical-based synthetic dyes to natural dyes, negatively impacting the market. Manufacturers are focusing on shifting from chemical dyes to natural dyes to cater to the consumer preferences for new textiles colors, which are also environmentally-friendly. Synthetic dye also has adverse effects on the health of people and the environment due to which emerging economies are shifting to natural dyes. Several developed and developing countries have imposed a ban on the import of synthetic dyes. The use of azo dyes is banned in developing countries such as India owing to their environmental and health impacts.
The synthetic dyes and pigments market is expected to be driven by the rapidly growing packaging industry. This is mainly due to increased demand from the toiletries, food & beverages, healthcare, and other industries, particularly in emerging economies. Going forward, the market for synthetic dyes and pigments is expected to grow with the launch of high-quality digital printing applications on flexible packaging and labelling. Growing demand for digital printing due to the need for high quality printing will lead to an increase in the demand for packaging printing, driving the synthetic dyes and pigments market.
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