Phthalocyanine Pigments Market Latest Trend,Future Growth & Forecast by 2025
Phthalocyanine is an organic pigment and thus, the healthy growth of the global market for organic pigments is providing a significant momentum to the global phthalocyanine pigments market. The flourishing growth of end-user industries such as textiles, packaging, printing inks, and coatings is augmenting the global phthalocyanine pigments market. In addition to this, the recovery of the global economy from the economic downturn which happened in the last decade is providing a push to several industries worldwide, including automotive. With the automotive sector being one of the key consumers of phthalocyanine pigments, the expansion of the industry is positively impacting the growth of the market.
On the other hand, the manufacturing of phthalocyanines pigments involves limited profit margins, owing to fierce competition from lower-priced imports. This is impelling manufacturers to shift towards substitutes such as inorganic pigments and high performance pigments, which are known to offer higher profit margins. Moreover, while developing regions are offering fertile grounds for the growth of the market, developed regions are likely to exhibit sluggish growth rates. The production capacities in industrialized countries such as the U.S., Japan, and several countries in Europe are anticipated to register downward trend due to globalization and declining profit margins resulting in plant restructurings and shutdowns.
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Nevertheless, constant innovation and technological advancements pertaining to the production processes of phthalocyanine pigments are estimated to open new avenues for players in the market. On the basis of product type, the global phthalocyanine pigments market can be segmented into green and blue.
Global Phthalocyanine Pigments Market: Overview
The global phthalocyanine pigments market comprises metallic complexes with a diverse array of applications. The five polymorphic crystal types are beta phthalocyanine, epsilon phthalocyanine, alpha phthalocyanine, gamma phthalocyanine, and delta phthalocyanine. Only beta and alpha phthalocyanine pigments have so far been commercialized. Phthalocyanine pigments form coordination complexes with a lot of elements. These complexes are intensely colored and are commonly used as dyes or pigments. However, phthalocyanine pigments consist of smaller primary particles that have a tendency to flocculate, resulting in a loss of overall color strength.
Global Phthalocyanine Pigments Market: Leading Applications
Phthalocyanine pigments have applications in photovoltaics, ink manufacture, and quantum computing. They can also be used in coatings and plastic coloring due to their excellent chemical stability. It is currently a standard pigment in the packaging industry and in the manufacture of printing inks. Phthalocyanine pigments have low solubility rate in organic solvents and many of their compounds are thermally stable. They do not melt but can be sublimed in the presence of inert gases. Phthalocyanine pigments are structurally similar to porphyrins and other macrocyclic pigments. Either pigment types hold four pyrrole-like subunits that are joined together to form a ring with 16 members. Phthalocyanine pigments can also be used for organic solar cell research in photovoltaic industry or even in quantum computing due to the length of time its electrons can exist in a state of quantum superposition.
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The global phthalocyanine pigments market ultimately depends on its principal end user, the textiles industry, for revenue. The demand can also come from a growing consumer preference for environmental friendly color pigments as well as the capability of phthalocyanine pigments to meet the increasingly stringent government regulations and performance standards. The increasing demand from emerging economies of Asia Pacific is expected to boost consumption of phthalocyanine pigments over the coming years. However, the global phthalocyanine pigments market is currently being stifled by raw material price volatility and high production costs.
Global Phthalocyanine Pigments Market: Regional Analysis
Asia Pacific is expected to lead the global phthalocyanine pigments market in terms of growth rate in revenue generation and demand in the coming years, due to a rapidly expanding manufacturing base and a thriving economy. There has been a migration of manufacturing facilitates from the U.S. and Europe to the emerging markets of Asia Pacific due to the stringent environmental regulations in the former regions. China is likely to continue to be an exceptionally fruitful market for phthalocyanine pigments players due to its high consumption rate in the local textile industry. Over the years, China has emerged as the leader in manufactur and consumption of phthalocyanine pigments. India is expected to come second in the Asia Pacific phthalocyanine pigments market due to government concessions to small and medium sized establishment. In addition, the industry has witnessed massive export opportunities because of shutting down of manufacturing facilities in the Europe and U.S. following strict enforcement of environment regulations by the government.
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Global Phthalocyanine Pigments Market: Competitive Landscape
Some of the key players in this market are Vibfast Pigments Pvt. Ltd., Sinocolor Chemical, BASF, Kiri Industries Ltd., CPS Color AG, E. I. du Pont de Nemours and Company, Flint Group, Huntsman Corporation, LANXESS AG, Rockwood Holdings Inc., Unilex Colours & Chemicals Limited, Sudarshan Chemicals, ECKART GmbH, Clariant International Ltd., Jagson Colorchem Limited, Royce Associates, and Atul Ltd.
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Global Phthalocyanine Pigments Market: Snapshot Phthalocyanine is an organic pigment and thus, the healthy growth of the global market for organic pigments is providing a significant momentum to the global phthalocyanine pigments market. The flourishing growth of end-user industries such as textiles, packaging, printing inks, and coatings is augmenting the global phthalocyanine pigments market. In addition to this, the recovery of the global economy from the economic downturn which happened in