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Future of Synthetic Pigments Market: Size, Share & Forecasts to 2029
Synthetic Pigments Market
What Is the Projected Market Size Valuation of the Synthetic Pigments Market by 2025?
In the past few years, the synthetic pigments market has seen considerable growth. It is projected to elevate from $44.22 billion in 2024 to $46.99 billion in 2025, witnessing a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the growth during the historic period include the growth of emerging markets, government incentives, a low-interest rate scenario, the rising demand for textiles, and an increase in affordable housing.
What Is the Estimated Market Growth Value for the Synthetic Pigments Industry in 2029?
In the upcoming years, the synthetic pigments market is predicted to experience robust growth, reaching a value of $60.88 billion in 2029, with a compound annual growth rate (CAGR) of 6.7%. The growth, projected for this period, is due to an increase in the need for high-performance pigments and a high demand from consumer industries. Emerging trends for this period entail embracing Internet of Things technology to improve manufacturing proficiency, incorporating big data analytics into operations to decrease energy usage, adopting eco-friendly and sustainable methods to produce organic pigments, minimizing production expenses, investing in technological advancements and research & development for product enhancement, and focusing on mergers and acquisitions with upcoming companies.
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What Are the Growth Drivers and Opportunities in the Synthetic Pigments Market?
The synthetic pigments market is projected to witness an upward trend due to the expansion of the automotive sector. Incorporating everything from designing, developing, manufacturing, and advertising to selling motor vehicles and their parts, the automotive industry is on a growth trajectory. This is propelled by the escalating global demand for vehicles, break-throughs in autonomous and electric technologies, and an increasing requirement for efficient and eco-friendly transportation alternatives. Synthetic pigments play an integral role in the automotive sector, offering vibrant, resilient, and customizable colors with augmented protection against environmental aspects such as UV rays, heat, and harmful chemicals. For example, as stated by the European Automobile Manufacturers' Association (ACEA), a lobbying and standards collective for the auto industry based in Belgium, in January 2024, the EU car market witnessed a strong growth rate of 13.9% in 2023, with sales figures touching 867,052 units as compared to 2022. This contributed to an annual total of 10.5 million units. A majority of the markets experienced two-figure growth, particularly the three largest markets, Italy (+18.9%), Spain (+16.7%), and France (+16.1%). In comparison, Germany had a more conservative year-on-year growth at 7.3%. Hence, the burgeoning automotive industry fuels the expansion of the synthetic pigments market.
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What Are the Primary Segments Covered in the Global Synthetic Pigments Market Report?
The synthetic pigments market covered in this report is segmented -
1) By Product Type: Inorganic Pigments, Organic Pigments
2) By End User Industry: Paints and Coatings, Plastics, Printing Inks, Textiles, Cosmetics and Personal Care, Other End Use Industries
Subsegments:
1) By Inorganic Pigments: Titanium Dioxide (TiO2), Iron Oxides, Chromium Oxide, Cadmium Pigments, Ultramarine Blue, Other Inorganic Pigments
2) By Organic Pigments: Azo Pigments, Phthalocyanine Pigments, Quinacridone Pigments, ket*opyrrolopyrrole (DPP) Pigments, Other Organic Pigments
What Are the Top Growth Trends in the Synthetic Pigments Market?
Increasing consciousness of the detrimental impacts of specific synthetic dyes on health is compelling pigment producers to transition from chemically-derived synthetic pigments to organic pigments, thereby adversely affecting the business. In order to satisfy customer demand for modern, eco-friendly textile colours, manufacturers are pivoting toward natural pigments and away from chemical ones. Synthetic pigments are harmful to both human health and the environment, especially in emerging economies transitioning to natural pigments. Numerous advanced and progressing nations have enforced prohibitions on synthetic pigment imports. The utilisation of azo pigments, due to their environmental and health repercussions, is forbidden in growing nations like India.
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Which Companies Are Shaping the Future of the Synthetic Pigments Market?
Major companies operating in the synthetic pigments market include The Chemours Company, Tronox Holdings plc, BASF SE, Kronos Worldwide Inc., Venator Materials PLC, Lanxess AG, Clariant, Merck Group, Altana AG, DIC Corporation, Hangzhou Tiankun Chem Co. Ltd, Qingdao Haiwan Specialty Chemicals Co. Ltd, Hangzhou Chungyo Chemicals, Hangzhou Han-color Chemical Co. Ltd., Kiri Industries Ltd., Heubach India, Atul Ltd., Clariant Chemicals (India) Ltd., K. Sakai & Co. Ltd., Asahi Songwon Colors Ltd., Sudarshan Chemical Industries Ltd., Taoka Chemical Co. Ltd., Toyo Ink SC Holdings Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd.
Which Region Holds the Largest Market Share in the Synthetic Pigments Industry?
Asia-Pacific was the largest region in the synthetic pigments market in 2024. Western Europe was the second-largest region in the synthetic pigments market report. The regions covered in the synthetic pigments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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