- The expansion of colorants market is driven by the demand for the colorants in various end-use industries.
- Strict government regulations regarding synthetic colorants are expected to dampen the growth of the colorants market.
- The significant contribution from countries such as India and China are anticipated to propel the growth of the colorant market in the APAC region.
The colorants market has been segmented by product into dyes, pigment, masterbatches and color concentrates. Among these segments, the pigment segment dominated the global colorants market by holding the largest market share in terms of revenue during the year 2016 and is further expected to behold its positive growth over the forecast period.
The global market of colorants is expected to reach $66.3 billion by the end of 2024 as compared to $46.8 billion in 2016 by flourishing at a compound annual growth rate of around 5.2% over the forecast period. The wide scale applications of colorants and its demand in food & beverage, clothing and cosmetics industries among others is anticipated to propel the growth of the colorants market by the end of the forecast period.
In the regional segment, the increasing demand for colorants combined with the escalated growth and expansion of the various end use industries such as plastic, textile & coatings etc. are the key elements to spur the growth of the colorants market in Asia Pacific during the forecast period. Along with that, the significant contribution from countries such as India and China along with the rising number of manufacturing units are anticipated to propel the growth of the colorant market in this region. Further, the need of colorants in construction sites such as architectural coatings is expected to create substantial demand for colorants in North America region.
Furthermore, the rising preference for natural colorants is anticipated to spur the demand for colorants in Europe.
Increasing Applications in End-Use Industries Reflect Significant Opportunities
The expansion of colorants market is driven by the demand for the colorants in various end-use industries such as automotive, construction, plastics, personal care, printing, paints & coatings, food & beverages among others. Further, the development of new shades and flavours is estimated to drive the growth of the market with significant pace over the forecast period.
However, strict government regulations regarding synthetic colorants in food & beverages along with the instability in the prices of raw material is expected to dampen the growth of the colorants market in the near future.
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This report provides the existing competitive scenario of some of the key players of the colorants market which includes company profiling:
- BASF SE
- Symrise AG
- Chr. Hansen Holding A/S
- Sethness Products Company
- Sensient Technologies Corporation
- Jagson Colorchem Limited
- PolyOne Corporation
- Clariant International
- Lanxess AG and GNT Group