Global colorant
market is projected to reach $64 billion by 2023 from $41 billion
in 2016, at a CAGR of 6.5%. Colors are added to products to enhance their
appeal. Pigment and dyes are the most common colorants added to food items,
clothes, paper, and beverages, in liquid, liquid gel, gel paste, and powder
form. Dyes can be natural or synthetic. Natural dyes are available from plants,
animals, and minerals.
Increased demand from end-use
industry such as plastic, paints & coatings, automotive, and packaging
drive the market. However, ban on trade of artificial colorants hampers the
market growth. Oversupply of dyes, leading to its decreased prices also
restraints the market. Technological advancement is seen as a major growth
opportunity for colorants manufacturers.
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Asia-Pacific and Europe
collectively contributed about 5% share of the global market in 2016 owing to
the increased consumption of colorant from packaging, textile, and paper &
printing industry.
The key players profiled in the
report include BASF SE, Sun Chemical Corporation, Clariant AG, Polyone
Corporation, E. I. Du Pont De Nemours and Company, Lanxess, Huntsman Corporation,
Dystar, DIC Corporation, and Cabot Corporation.
The other key players in the
value chain (not profiled in this report) include Sudarshan Chemical Industries
Limited, The DOW Chemical Company, The Chemours Company, Flint Group, and
Archroma.
Ingredients or combination of
ingredients used to offer the required appearance to any products, such as
clothes, paper, and beverages are termed as colorants. The most widely used
colorants are dyes and pigments. Dyes are water soluble and are available
naturally or are processed synthetically. Natural dyes are obtained from flora,
fauna, and minerals. These are used in packaging, building & construction,
automotive, textiles, paper & printing, and others.
Rise in the plastic, paints
& coatings, and cosmetics industry in the emerging economies such as,
India, Brazil, UAE, Saudi Arabia, and Africa. Moreover, the increased consumer
spending on packaged food boost the market growth. In addition, the
ever-growing technological advancements and easy availability of dyes from
plants and animals support the growth. However, the market growth for colorant
is restricted by the ban on the usage of artificial colorants. Technological
advancements offer food colorant manufacturers numerous growth opportunity.
In 2016, the packaging segment
accounted for the highest share, and is expected to maintain its dominance
during the forecast period, owing to the increased consumption of packaged food
& beverages in almost all the regions.
Key Findings
of the Colorants Market:
·
Asia-Pacific was the leading region in the global colorants
market in 2016, followed by Europe
·
The pigment segment generated the highest revenue in 2016, and
is projected to grow at a CAGR of 7.2% during the forecast period
·
The packaging segment dominated the global market accounting for
approximately one-third share in 2016
·
The Asia-Pacific food colors market is anticipated to register
the highest CAGR of 7.2%, followed by LAMEA
·
North America accounted for approximately one-fifth share in the
global market, and is expected to grow at a CAGR of 5.9%.
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