Market Research Future (MRFR) has published on the “Global Dyes Market”.
The global dyes market is estimated to register a CAGR of 5.4% during the forecast period of 2023 to 2030.
MRFR recognizes the following companies as the key players in the global dyes market — BASF SE (Germany), Clariant AG (Switzerland), Archroma (Switzerland), Sudarshan Chemical Industries Limited (India), Atul Ltd. (India), Huntsman Corp. (US), JAY Chemical Industries Private Limited (India), Lanxess AG (Germany), Kiri Industries Limited (India), Meghmani Group (India), and others.
The global dyes market is accounted for to register a CAGR of 5.4% during the forecast period and is estimated to reach USD 43,576.21 million by 2030.
The dyes market is a booming activity driven mainly by calls from end-user companies such as textiles. A rising population coupled with escalating industrialization has encouraged governments to upsurge their spending on construction to expand infrastructure development. As a result, rising construction spending around the globe is predicted to generate a massive call for dyes in the coming years. Increasing demand from various application industries such as textiles, paints & coatings, construction, and plastics is expected to drive the market growth. Major producers are actively venturing into enhancing their products by utilizing advanced technologies for the efficient removal of hazardous pollutants during the manufacturing process.
The global market for colorants has seen strong expansion due to escalated calls from end-user companies such as food, textiles, printing inks, paints, and coatings. Growing economies such as China, India, Brazil, and Indonesia are likely to play a significant role in dye consumption in the years to come. India and Indonesia are slowly taking the lead in dye manufacturing due to the availability of raw materials and different intermediate organic chemicals. This is further expected to drive market growth.
The global dyes market has been segmented based on product type and application.
Based on product, the market is segmented into reactive dyes, disperse dyes, vat dyes direct dyes, acid dyes and others. The reactive dyes segment is attributed to holding the largest market share in 2022 with a market share of ~57% revenue as estimated by MRFR analysts.
Reactive dyes are among the class of organic compounds that are primarily used for dyeing textiles. Reactive dyes possess properties to form covalent bonds with substrates that are to be colored, and they also form chemical bonds with fiber, which is the main component of cotton fibers. Reactive dyes become a part of the fiber, making it is less likely to be washed away. Reactive dyes are primarily used in the cotton, silk, nylon, and wool textile industries. Any fluctuations in these industries directly impacts the reactive dyes market. The reactive dyes market is driven by the textile and leather industries. The textile industry is a prominent end user industry of the reactive dyes market and is anticipated to expand significantly in the next few years due to various factors such as rise in disposable income, increase in population and changing consumption trends.
Based on application, the global dyes market has been segmented into textile, leather, paper, printing inks and others. The textile segment was expected to hold the largest market share in 2022.
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The global dyes market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America consists of US and Canada. The Europe market comprises of UK, Norway, Italy, Denmark, and the rest of Europe. The global dyes market in Asia-Pacific has been segmented into China, India, Australia, Indonesia, and the rest of Asia-Pacific. The Middle East & Africa market comprises of Saudi Arabia, UAE, South Africa, and rest of Middle East & Africa. While the South America market consists of Brazil, Argentina, Mexico, and rest of South America.
Increasing calls from the end-user businesses, escalated customer spending owing to the lifestyle change, and rising disposable income are boosting the growth of the North America region.
Moreover, the Europe market has been persistently growing owing to the rapidly growing leather industry in Europe is creating several new opportunities for this market and increasing product consumption in leather.
Furthermore, the Asia-Pacific market has been persistently growing owing to rising disposable incomes, a rapidly growing retail industry, and an increasing shift toward sports and athletic activities.
Additionally, market factors, such as growing demand for the dyestuff business in Brazil for the apparel industry and changing consumer preferences are driving the Middle East & Africa region’s growth.
Also, market factors, such as the increasing demand in the building and construction industry along with rapidly expanding textile industry in the region are driving the South America region’s growth.
Key Findings of the Study