WASHINGTON, Jan. 18, 2023 (GLOBE NEWSWIRE) — Global Colorants Market is valued at USD 34.5 Billion in 2021 and is projected to reach a value of USD 47.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period 2022-2028.
According to Vantage Market Research, some of the key factors anticipated accelerating the colorants market growth over the forecast period. The primary factor driving the colorants market growth rate is the rise in colorant demand from the automotive industry. The market’s growth rate will be directly and favorably impacted by expanding colorant application areas and the growth and expansion of numerous end-user verticals, particularly in developing economies, such as the printing and textile industries.
We forecast that the pigments category in colorants market sales will account for more than 34% of total sales by 2028. One of the key elements that will contribute to increased demand for colorants in the next years is increased investment in technologies that are utilized in producing various colorants.
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Market Growth will be Driven by Rising Consumer Demand for Natural Food Colorants
To create goods that meet consumer demand, market vendors have been doing research and development (R and D) efforts. For instance, Divi Laboratories Ltd., a producer of vitamin and carotenoid ingredients used in food and beverage, introduced its new product, CaroNat, in September 2021. Beta-carotene is present in the concentrated carrot juice used to make CaroNat. Some of the largest food corporations have pledged to use fewer artificial food colorings.
Market will be Driven by its Various Properties Offered by but Products
Compared to other color-imparting materials like pigments, dyes have a high selective absorptivity for liquids and substrates. When applied to substrates, colors’ excellent absorption qualities cause them to lose their structural and physical characteristics. In the coming years, the consumption of dyes is anticipated to increase significantly due to the development of economies like those in China, India, Brazil, and Indonesia.
Top Players in the Global Colorants Market
- Clariant AG, (Switzerland)
- LANXESS AG, (Germany)
- Cabot Corporation, (US)
- du Pont de Nemours & Company, (US)
- Flint Group, (Europe)
- PolyOne Corporation, (US)
- Sun Chemical Corporation, (US)
- BASF SE, (Germany)
- DIC Corporation, (Japan)
- Huntsman Corporation, (US)
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Top Trends in Global Colorants Market
- One trend that Vantage Market Research (VMR) expects to see in the colorants industry is a rise in adoption in the food and beverage industry. In the food sector, colorants enhance the appearance of baked goods and confections. The production of baked products uses colorants sold in an edible form on the market. Utilizing these edible hues more frequently will make food products more appealing and increase sales.
- Another trend that VMR predicts will continue in the colorants industry is growing in popularity in cosmetics and personal care. These colorants are used in the production of many manufacturers’ reasonably priced hair dyes and hair colors, and the market for them is anticipated to expand strongly over the course of the forecast period.
Top Report Findings
- Based on application, most of the colorants market’s revenue is controlled by the preservatives category. Textile colorants typically impart color to a textile material more permanently, which causes them to get physically trapped inside the textile material or chemically bound to it.
- Based on color, most of the colorants market’s revenue is controlled by the natural category. Natural colorants are simple and in harmony with the environment. They come from sustainable sources, and there is very little chance of chemical reactions during preparation.
- Based on composition, most of the colorants market’s revenue is controlled by the organic category due to a rise in the popularity of natural products.
- Based on form, most of the colorants market’s revenue is controlled by the pigments category. Paint, ink, plastic, food, and other materials are colored using pigments. In manufacturing, pigments predominate, and designs are created using dry colorants that are typically ground into a fine powder.
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Recent Developments in the Global Colorants Market
- In 2021, Ampacet provided a palette of translucent colours in four different tones; these colours would be helpful in the manufacture of cleared PP and packaging. Those four hues are yellow, red glow, orange oxygen, and green energy, and they were all introduced by the firm word fuelled.
- In July of 2021, DIC Corporation and Debut Biotechnology, Inc., a California-based biotech firm, announced that they had entered into a joint research development agreement. DIC’s goal is to create and market novel sustainable, high value-added bio-based colourants, pigments, and nutritious foods by combining Debut’s expertise in enzyme reactions and process design with DIC’s scale-up technology, quality control, and product development skills.
Textile Category in Colorants Market to Generate Over 26% Revenue
Colorants are an expensive investment. To comprehend the industry’s present situation and possible drivers of future expansion, Vantage Market Research has conducted an analysis of the colorants market. For better understanding, based on the application, the colorants market is divided into textile, automobiles, food & beverages, paper & printing and building & construction.
During the forecast period, the market for colorants is anticipated to experience the highest CAGR for the textile category. The rising consumer spending on clothes and apparel is anticipated to drive market expansion. Additionally, the textile industry uses dyes more frequently, which has increased sales of coloring agents in general. This is due to consumers’ growing trend toward purchasing eco-friendly products.
On the other hand, the food & beverages category is anticipated to grow significantly over the forecast period. The demand for the product, estimated to be worth over 250 kilotonnes in 2025, is expected to increase as colors are increasingly used in beverages and sugar-based goods, including candies, chocolates, and ice creams. Due to their carmine, caramel, eco-friendliness, and annatto are becoming increasingly popular in food & beverage applications, which is predicted to create new opportunities for market growth.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Colorants Market Forecast Report (2022-2028).
North America Region in Colorants Market to Generate More 29% Revenue
North America dominates the market for colorants, and this trend of dominance will continue throughout the projection period. In the coming eight years, it is projected that demand for printing inks and architectural coatings will increase in North America. Over 550 kilotons of dyes and pigments were consumed, and the demand for these products is anticipated to expand at the fastest rate during the projection period.
Global Colorants Market Segmentation
- Food and Beverages
- Paper and Printing
- Building and Construction
- Color concentrates
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
|Market Size in 2021||USD 34.5 Billion|
|Revenue Forecast by 2028||USD 47.5 Billion|
|CAGR||5.5% from 2022 to 2028|
|Forecast Year||2022 to 2028|
|Key Players||Clariant AG, LANXESS AG, Cabot Corporation, du Pont de Nemours & Company, Flint Group, PolyOne Corporation, Sun Chemical Corporation, BASF SE, DIC Corporation, Huntsman Corporation|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
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