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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