The global colorants market is set to gain momentum from their rising utilization in a wide range of industries to color various products, such as paints, inks, ceramics, clothes, plastics, and similar others. They are capable of enhancing the aesthetic appeal of the products. Fortune Business Insights™ published this information in anupcoming study, titled, “Colorants Market Size, Share & Industry Analysis, By Composition (Organic, Inorganic), By Type (Dyes, Pigments), By End-Use Industry (Packaging, Food & Beverage, Building & Construction, Automotive, Textile, Paper & Printing, Cosmetics) Others and Regional Forecast, 2022-2029.”
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Significant Questions Answered by This Report Are:
- Which region is anticipated to dominate the market in terms of revenue?
- Which segment is set to lead the market in terms of share?
- Which strategies are being adopted by key companies to intensify competition?
- What are the vital growth drivers, obstacles, trends, opportunities, and challenges in the market?
Drivers & Restraints-
Rising Demand for Paints & Coatings to Boost Growth
One of the key growth drivers is the rising demand for coatings and paints from various industries, such as building & construction and automotive. Coatings and paints are mainly used to protect materials from weathering, corrosion, and other external factors. They are also capable of enhancing the aesthetics of the products. However, dyes used in the colorants can have harmful effects. Ingestion or inhalation of these can cause inflammation and irritation. Some of the dyes are also considered to be carcinogenic. These factors are likely to obstruct the colorants market growth in the coming years.
Increasing Usage of Colorants in Automotive Sector to Spur Growth in Europe
Geographically, the market is segregated into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Out of these, North America is set to generate considerable colorants market share during the forthcoming years because of the increasing demand for thesesubstancesfrom the packaging industry. They are likely to attract the attention of more consumers as they are able to refine the visual aspects of the products. In Europe, the market is set to grow steadily backed by the rising applicationof colorants in the automotive sector. Coupled with this, the pre-existence of several reputed automotive companies in this region would accelerate market growth by surging the adoption of colorants.
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Asia Pacific, on the other hand, is anticipated to experience high demand for colorants from a broad range of industries, such as food & beverage, packaging, automotive, paper, and textiles. The demand will be high mainly in the developing countries, such as South Korea, India, and China. Latin America would showcase good growth because of the upsurging demand for personal care and cosmetics products. Lastly, in the Middle East & Africa, the market is likely to grow in the forthcoming yearson account of the increasing demand for unique packaging from the expanding food & beverage industry.
Key Players Aim to Gain Competitive Edge by Unveiling Innovative Products
The market consists of numerous enterprises that are presently striving to expand their product offerings to cater to the needs of their large consumer bases. They are hence, conducting research and development activities to launch new colorants in the market. Below is one of the latest key industry developments:
- July 2019: BASF, a chemical company headquartered in Germany, launched its new range of pigments under the brand name Colors & Effects®. These are meant for the plastic industry. These new products consist of a red and black addition to the Sicopal® product line,as well asMicrolen® Piano Black and two new Lumina® Royal effect pigments. These are meant for the demanding and recycling materials applications.
Fortune Business Insights™ lists out the names of all the colorants manufacturers present in the market. They are as follows:
- Heubach GmbH
- Pidilite Industries Limited
- Sun Chemical
- DIC Corporation
- Hansen Holdings A/S
- Sensient Technologies Corporation
- PolyOne Corporation
- Huntsman International LLC
- Penn Color Inc.
- LANXESS AG
- Cabot Corporation
- BASF SE
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