Organic Pigments Market worth $6.7 billion by 2026 | Key players BASF, Clariant, DIC Corp, Heubach GmbH, Sudarshan Chemical Industries
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Synthetic organic pigments dominate the market in terms of value, with a share of 93.6% in 2020. The high growth and market share of synthetic organic pigments are attributed to its key advantages over other natural organic pigments. Synthetic pigments manufactured using petroleum compounds, acids, and other chemicals usually under high heat or pressure for manufacturing. They are generally synthesized using ring-based aromatic compounds. These chemicals produce almost infinite variations in the molecular structure. These have added advantage of higher durability, high lighfastness and better gloss.
Azo pigments account for nearly 42.6% of all organic pigments by value in 2020. Azo pigments are among the organic compounds with a functional azo group (-N=N-). They are further classified based on their chemistry into monoazo and diazo pigments. These pigments are derived from water-soluble dyes and are the largest, as well as the most diverse group of synthetic organic pigments. Azo pigments are available in the shades of yellow, orange, red, and brown. Due to their stable nature these pigments are widely used in the printing inks and coating industry.
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The global Organic pigments market size was USD 5.5 billion in 2021 and is expected to reach USD 6.7 billion by 2026, projecting a CAGR of 4.0% between 2021 and 2026. Organic pigments are increasingly used for printing inks, paints & coatings, plastics and other applications. The increasing demand from the packaging industry drives the demand for Organic pigments. Due to the outbreak of COVID-19, the market saw a dip but is expected to reach the pre-covid levels by the end of 2021. The organic pigments market is at a mature stage and is growing at a decent pace.
The packaging industry is seeing some major regulations with respect to environmental and health related risks associated with the use of inorganic pigments. The toxic nature of inorganic pigments has caused the shift of packaging industry especially from the food packaging industry towards organic pigments. The shift has been gradual and is still ongoing. The better properties of the organic pigments in regards with the colorfastness, gloss, color brightness, the packaging industry readily adopted organic pigments.
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Clariant is a specialty chemical company based in Muttenz, Switzerland and founded in 1995. The company operates in four major business areas namely care chemicals; catalysis; natural resources; and plastics & coatings. It operates its organic pigments business under care chemicals segment. Clariant is amongst the leading supplier of quality organic pigments, pigment preparations and dyes used in the automotive industry, for industrial and architectural coatings, for the plastics industry, along with textile, consumer, construction and other applications. The company focused on both organic and inorganic growth strategies. Developing its product range and expanding to new locations.
BASF SE is a German multinational chemical company and the largest chemical producer in the world. BASF is an acronym for Badische Anilin- und SodaFabrik. It operates in a variety of markets. BASF SE operates through six business segments: chemicals, materials, industrial solutions, surface technologies, agricultural solutions, nutrition and care and others. The company has 11 divisions grouped into six segments. The industrial solutions division of the company is divided into two subsegments: dispersions & pigments and performance chemicals. The company supplies organic pigments through the pigments subsegment of the industrial solutions division. BASF is the leading pigment supplier worldwide, with a particular strength in high-performance pigments. The product portfolio comprises a wide range of organic and inorganic pigments, effect pigments and pigment preparations. It is the leading global supplier of organic pigments used in formulations for several industries, including coatings, construction, adhesives, printing and packaging, electronics, and paper. BASF SE primarily operates in Europe and has an active presence in North America, APAC, South America, Africa, and the Middle East. The company has 390 production facilities in more than 80 countries.
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