Organic Pigments Market

Organic Pigments Market Size (2023-2028):

The Organic Pigments Market will grow from USD 6.01 billion in 2022 and is expected to reach USD 8.04 billion by 2028, registering a CAGR of 7.32% from 2023-2028

Organic pigments are colored materials made up of carbon chains with pigmentary properties. They are obtained mainly from natural and synthetic sources. Natural organic pigments are generally obtained from vegetables (plants) or animals. Some of the natural organic pigments are the pink or crimson dyes of madder root, dark red carmine made from the dried bodies of wingless female mealybugs, a dark red resin exuded from the palm fruit rattan, dark blue indigo made from the fermented gray-green flower leaves and stems of over 30 related plant species, and many more. Synthetic organic pigments are carbon-based molecules typically made from petroleum compounds, acids, and other chemicals, under the application of intense heat or pressure. These pigments exhibit good chemical resistance and light fastness, chemical stability, vivid and strong color, and excellent transparency. Due to these properties, the product finds application in the paint and coatings, plastics, textiles, automotive, electronics, construction, personal care, and cosmetic industries.

Drivers in the Organic Pigments Market 

The increasing competition in the business environment across the globe has led to successful marketing and branding. The importance of aesthetics in packaging has increased due to the need for product differentiation resulting from strong competition. The product packaging contains logos that are enhanced by the use of organic pigments. Colors make product packaging attractive and help attract customers. Therefore, the importance of product attractiveness and aesthetics increases and leads to the use of organic pigments in packaging applications. Organic pigments in the form of color concentrates and masterbatches provide a variety of color shades, and custom colors can also be made according to customer requirements. Continued innovations in the organic pigment market are expected to be driven by the growing need to improve the aesthetics of product packaging for better marketing. In addition, the intensification of reconstruction activities in developed economies and increased public spending on modernizing current infrastructure is generating a demand for paints which, in turn, is anticipated to propel the growth of the worldwide market to a little extent. In addition, the growing demand for high-quality, value-added organic pigments from the cosmetic industry is another factor that is expected to support market growth over the next five years. Besides, the growing demand from the rubber and plastics industry is another factor that is expected to drive market growth.

ORGANIC PIGMENTS MARKET REPORT COVERAGE:

Restraints in the Organic Pigments Market

Organic pigments are more costly than inorganic pigments, which is a key limitation for the market. The market is experiencing a high growth rate; however, the market size is considerably smaller than that of inorganic pigments. Producers of inorganic pigments realize economies of scale for their production process, while organic pigments are produced in small quantities. Therefore, the production cost is higher, which increases the price of the final product. Organic pigments are about one and a half times more expensive than inorganic pigments, limiting their market in paints and coatings and other applications that are not subject to strict regulations.

COVID–19 Impact on the Organic Pigments Market

COVID-19 can Influence the worldwide economy in 3 major ways: directly influencing production and call, creating a supply chain and market disruption, and through its financial impact on businesses and financial markets. In addition, according to the World Trade Organization (WTO), world trade volumes are expected to decline by 14 % and 33% in 2020 due to the economic impact of COVID-19. The pandemic is affecting the operations of various industries such as automotive, oil and gas, construction, aerospace and others as most countries have published 'tips for staying at home, that is the stop and the expected epidemic of COVID-19 will be seen throughout 2020, and a few months in 2021. As toning agents are widely used in these industries, the decline of the operations of these industries has a direct impact on the growth of the toning agents market.

Market Segmentation of Organic Pigments Market as per the research report until 2028.

Organic Pigments Market - By Product Type

• Azo Pigments

• Phthalocyanine Pigments

• High-Performance Pigments (HPPs)

The increased use of azo pigments in printing inks and coatings is expected to create profitable opportunities for local and global manufacturers. The high-performance pigments segment is expected to register a significant growth of over 5% in the overall organic pigments market due to superior characteristics such as thermal stability, light fastness, and chemical inertia.

The HPP segment is anticipated to register rapid growth in the overall organic pigments market. This high growth is ascribed to their higher properties, which make them suitable for high-performance applications.

Organic Pigments Market - By Application

• Printing Inks

• Paints and Coatings

• Plastics

• Textile

Printing inks remain the primary market for organic pigments, followed by coatings and plastics. The growing importance of aesthetics in the packaging industry due to the need for product differentiation resulting from strong competition in consumer goods and food and beverage increases the consumption of printing inks. Strong demand for packaging printing inks is expected to drive sales of organic pigments for the foreseeable future.

The market for organic pigments in paints and coatings applications is anticipated to witness robust growth because of the escalating call for decorative coatings, marine coatings, automotive coatings, and industrial coatings. However, it is believed that the use of organic pigments in decorative coatings is experiencing the highest growth rate in the construction industry, especially in developed and developing countries.

Organic Pigments Market - By Region

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia-Pacific region is expected to dominate the organic pigments market during the forecast period, owing to the increased demand from countries such as India and China. Some of the largest producers of organic pigments are found in the Asia-Pacific region. The Indian government has allocated $ 64 billion for the infrastructure sector in 2020-2021 and plans to spend $ 1.5 trillion over the next five years. The development of smart cities and other programs such as “homes for all” are expected to increase demand for paints and coatings. Infrastructure and construction activities in India and China have grown rapidly, increasing the consumption of furniture. According to the World Bank report, the Indian furniture industry is expected to exceed $ 33 billion in 2020 and is expected to grow by 25% per year over the next few years.

The growth of the automotive sector with initiatives such as “Make in India” and increased investments in electric vehicles (EVs) increases the reach of organic pigments in paints and coatings. In addition to paints and coatings, organic pigments offer a wide range of applications in the plastics industry due to their opacity and thermal stability. Organic pigments are preferred over dyes because they have no affinity for the substrate. Currently, organic pigments are mainly used in polyolefins. Currently, Asia-Pacific accounts for 52% of total global plastics production. The demand for plastics is expected to increase due to innovations and improvements. The organic pigment market has anticipated the demand for innovations and an increase in the use of plastic. The aforementioned factors along with government support are contributing to the growing market demand for organic pigments during the forecast period.

Organic Pigments Market Key Players:

Key players operating in the organic pigments market are

1. BASF SE (Germany),

2. Clariant AG (Switzerland),

3. DIC Corporation (Japan),

4. Heubach GmbH (Germany),

5. Lanxess (Germany),

6. Sun Chemicals (the U.S.),

7. Sudarshan Chemical Industries Ltd. (India),

8. Pidilite Industries Ltd. (India),

9. Ferro Corporation (the U.S.),

10. Trust Chem Co. Ltd. (China),

11. Dainichiseika Color

12. Dominion Colour Corporation (Canada),

13. Toyocolor Co. Ltd. (Japan).