Organic Pigments Market worth $6.0 billion by 2029 Globally, at a CAGR of 6.5% says MarketsandMarkets™

/EIN News/ -- Chicago, May 19, 2024 (GLOBE NEWSWIRE) -- The Global Organic Pigments Market is estimated at USD 4.4 billion in 2024 and is projected to reach USD 6.0 billion by 2029, at a CAGR of 6.5% from 2024 to 2029, as per the recent study by MarketsandMarkets™.Organic pigments are increasingly used for printing inks, paints & coatings, plastics, and other applications. The increasing demand from automobile industry for sharper and brighter colors drives the demand for organic pigments. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for organic pigments, but the market is seeing an upward curve and is expected to reach the pre-covid levels but the end of 2021.

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List of Key Players in Organic Pigments Market:

• DIC Corporation (Japan),
• Heubach GmbH (Germany),
• Dainichiseika Color & Chemicals Mfg. Co., Ltd. (Japan),
• Lily Group Co. Ltd. (China),
• Sunlour Pigment Co., Ltd. (China),
• Anshan Hifichem Co., Ltd. (China),
• Longkou Union Chemical Co., Ltd. (China),
• Meghmani Organics Ltd. (India),
• Asahi Songwon Colors Ltd. (India),
• Sudarshan Chemical Industries Limited (India).

Drivers, Restraints, and Opportunities in Organic Pigments Market:

• Driver: High demand for enhanced aesthetics in various applications areas
• Restrain: Higher cost of organic pigments
• Opportunity: Growing demand for color filters
• Challenge: Increasing environmental regulations and lower supply

Key Findings of the Study:

• The Synthetic source segment accounted for the largest market share in 2023, in terms of value.
• Azo pigments type accounted for the largest market share, in terms of volume in 2023.
• Printing ink application segment to remain the largest end-use application in terms of volume during the forecast period.
• Asia Pacific region accounted for the largest share in 2023, in terms of volume.

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The paints & coatings application is the fastest growing one. This is attributable to the increasing interest of automobile companies towards paints & coatings based on organic pigments. The organic pigments offer increased lightfastness, temperature stability, and exceptional color texture & vividness. Due to these properties organic pigments are now used in automobile industry for coating and plastics. Last year nearly 55.8 million vehicles were sold, this gives a hint to the vast potential market of organic pigments in the automobile industry. 

Organic pigments are used in various coating applications owing to their high-performance characteristics, which impart qualities, such as good weather-fastness, good lightfastness, low migration, and solvent & bleeding fastness, to the end-products. Paints & coatings is expected to be the fastest-growing application of organic pigments during the forecast period. Organic pigments are widely used in decorative coatings, marine coatings, automotive coatings, and industrial coatings sectors. The automotive coatings sector is the largest consumer, followed by industrial and decorative coatings. The use of organic pigments in decorative coatings is estimated to increase in the near future owing to the growth in the construction industry.

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The global organic pigments manufacturers have a good presence in APAC. These companies are investing and expanding their organic pigment production facilities in the region to cater to the increasing demand for organic pigments from customers. The demand for organic pigments is increasing, especially in the APAC market, because of the growing packaging industry. Globalization and economic growth in various sectors, such as food & beverage packaging, cosmetics packaging, and labeling, have driven the packaging printing market, thereby driving the organic pigments market.

Due to the COVID-19 crisis, several small players in the organic pigments market have terminated their business. The companies such as BASF and Clariant have also divested their pigments business globally. The market is moving towards oligopolistic state with very small number of players dominating the market with some barrier to entry/exit.

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