Colorants Market Summary
As per MRFR Analysis, the Global Colorants Market was valued at USD 43,277.23 million in 2023 and is projected to reach USD 65,679.40 million by 2030, growing at a CAGR of 6.28% from 2023 to 2030. The market is driven by the growth of the textiles industry, increasing disposable incomes in developing countries, and rising demand for high-end products. The market is characterized by significant usage in the plastics, automotive, and building & construction sectors, with colorants enhancing both aesthetic appeal and functional properties. The Asia-Pacific region leads the market with a share of 42.9% in 2023, followed by Europe at 28.5%.
Key Market Trends & Highlights
Key trends driving the colorants market include increasing applications in various industries and innovations in product offerings.
- The dyes segment held 53.2% market share in 2023, valued at USD 27,722.93 million, with a projected CAGR of 5.96%.
- The building & construction segment accounted for 25% of the market share in 2023, valued at USD 13,025.11 million, expected to grow at a CAGR of 6.28%.
- Asia-Pacific dominated the market with a share of 42.9%, valued at USD 22,348.52 million in 2023, and is projected to grow at a CAGR of 6.2%.
Market Size & Forecast
2023 Market Size: USD 43,277.23 million
2030 Market Size: USD 65,679.40 million
CAGR: 6.28%
Largest Regional Market Share in 2023: Asia-Pacific (42.9%).
Major Players
Key companies include BASF, DIC Corporation, LANXESS AG, Avient Corporation, and DuPont.
Colorants Market Trends
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INCREASING USE OF COLORANTS IN PLASTIC INDUSTRY
The use of various types of colorants in the plastics industry is increasing significantly. There are several driving factors that are leading to the growing usage of colorants for coloring various types of plastic materials. Color plays an important role in consumer perception and product differentiation and thus has the ability to influence the purchasing decisions of the consumers. The addition of colors can lead to the creation of attractive, vibrant, and distinctive products that align with the consumer preferences. Furthermore, by developing unique color schemes, manufacturers can gain different identity in the competitive market. Apart from aesthetics, colorants also serve functional purposes in plastics, for example, in safety critical Technology such as medical devices, color coded products are used for facilitating identification. Also, functional colorants such as infrared absorbing pigments find Technology in sectors requiring safety features.
INCREASING USE OF COLORANTS IN THE TEXTILESINDUSTRY CREATES A SIGNIFICANT MARKET FOR COLORANTS WORLDWIDE
Color is one of the significant factors that influences the purchasing decision of automobile buyers. Thus, the manufacturers of automobiles emphasize on ensuring the high quality of the color and appearance of the paint. The demand for colorants is propelling in automobile industry due to several factors that encompasses both functional as well as aesthetic considerations. Changing trends and rising demand for the development of new colors is driving the need for paints having pearlescent and metallic effects. There has been a remarkable shift in the consumer preferences towards distinctive colors of the vehicles owing to which the automobile manufacturers are constantly striving to develop options that could cater to the diversifying preferences of the customers. Another crucial factor leading to significant rise in colorants demand in this industry is the growing focus on brand differentiation and building a unique identity within the Textile sector. Thus, to cater to this evolving requirements of automakers, various colorants companies have developed pigments and colorants specifically for automobile Technologies. For instance, the “Paliocrom” aluminum effect pigments by Sun Chemical are created for technology in modern Textiles and high-performance
industrial coatings
. These pigments provide excellent hiding and extreme saturation while maintaining a smooth appearance in thin film Technologies. It further offers the chroma and brilliant metallic effects for yellow-to-red premium colors.
Colorants Market Segment Insights:
Colorants Market By Market Composition Insights
The Colorants Market has been segmented into Captive and Merchant. The merchant segment accounted for the largest market share with a market value of USD 27,528.15 million in 2023 and is anticipated to reach USD 40,090.70 million by 2030, witnessing growth at a CAGR of 5.65% from 2024 to 2030.
Colorants Market By Type Insights
The Colorants Market has been segmented into Pigments & Color Concentrates, Masterbatches, and
Dyes
. The dyes segment accounted for the largest market share Of 53.2% in 2023 , with a market value of USD 27,722.93 million; it is expected to register a CAGR of 5.96% during the forecast period. The pigments & color concentrates segment accounted for the second largest market share in 2023, valued at USD 12,794.39 million; it is projected to exhibit a CAGR of 5.57% during the forecast period.
Colorants Market By Technology Insights
The Colorants Market has been segmented into Waterborne, Solvent-borne, Powder, and others. The powder segment accounted for the largest market share of 42.1% in 2023, with a market value of USD 21,912.0 million; it is expected to register a CAGR of 6.17% during the forecast period. The solvent-borne segment accounted for the second largest market share in 2023, valued at USD 18,339.0 million; it is projected to exhibit a CAGR of 5.42% during the forecast period.
Colorants Market by Application Insights
Based on Technology, the Colorants market has been into Inks, Paints & Coatings, Plastic & Rubber, Food Water-borne, and others. The inks, paints & coatings segment accounted for the largest market share of 41.8% in 2023, with a market value of USD 21,792.54 million; it is expected to register a CAGR of 6.4% during the forecast period. The plastic & rubber segment accounted for the second largest market share in 2023, valued at USD 14,914.39 million; it is projected to exhibit a CAGR of 5.5% during the forecast period.
Colorants Market by End-Use Industry Insights
Based on End-Use Industry, the Colorants market has been segmented into Textiles, Packaging, Personal Care, Pharmaceutical, Food & Beverages, Personal Care, Building & Building & Construction, Automotive, and others. The building & Building & Construction segment accounted for the largest market share of 25% in 2023, with a market value of USD 13,025.11 million; it is expected to register a CAGR of 6.28% during the forecast period. The food & beverage segment accounted for the second largest market share in 2023, valued at USD 10,434.21 million; it is projected to exhibit a CAGR of 5.3% during the forecast period.
Colorants Market Regional Insights
By region, the global market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East & Africa. Among these, Asia-Pacific dominated the market with a share of 42.9%, accounting for USD 22,348.52 Million in 2023; it is expected to register the highest CAGR of 6.2% from 2024 to 2030. Europe was the second largest with a share of 28.5% in 2023, sized at USD 14,847.85 million; it is projected to exhibit a CAGR of 6%.
Colorants Key Market Players & Competitive Insights
The global colorants market is characterized by a high level of competition. The players in the market are constantly innovating and expanding their product offerings. Despite the challenges, there are several factors that are driving growth in the colorants motor market, such as the increasing use of colorants in the plastic industry, the growing demand for coatings, plastics, and interior materials in the Textilesindustry, and the increasing innovations in the pigment manufacturing Types which helps to enhance the product properties.
Key Companies in the Colorants Market includes
- Sensient Technologies Corporation
- Koel Colours Private Limited
- COLORIS GCC, Colortek Ltd
- Chemworld International, Ltd. Inc
- Navpad Pigments Pvt. Ltd.
Colorants Industry Developments
April 2024:
Sun Chemicals, a subsidiary of DIC Corporation will showcase its newly launched INTENZA Hena, SunPuro Natural Carotenes, and SACRANEX natural colorants for the cosmetics & personal care industry during in-cosmetics Global 2024.
January 2021
: Sun Chemicals became the 1st pigment manufacturer worldwide to achieve ECO PASSPORT by OEKO-TEX, achieving Zero Discharge of Hazardous Chemicals (ZDHC) Level 3 accreditation certificate for its selected range of pigments, indicating their step towards sustainability within pigments for the plastics industry
December 2023:
Sun Chemical, a subsidiary of DIC Corporation, has recently introduced two new SunPURO Natural colors for cosmetics and personal care formulations. The new additions to the SunPURO Naturals product line are SunPURO Natural Carotene O N70-2317 and SunPURO Natural Carotene BTO N70-2527. These colorant offers antioxidant properties and can be used in both color cosmetics and skincare products. The introduction of these colorants has helped the company to expand its portfolio of plant-derived natural colorants and functional ingredients.
Colorants Segmentation
Colorants Market Composition Outlook
Colorants Technology Outlook
Colorants Type Outlook
- Pigments & Color Concentrates
Colorants Application Outlook
- Inks, Paints & Coatings
- Architectural (Decorative) Paints & Coatings
- Automotive and Specialty Paints & Coatings
- Industrial Paints & Coatings
Colorants End-Use Industry Outlook
Colorants Regional Outlook
- Middle East & Africa
- Rest of the Middle East & Africa
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Attribute/Metric
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Details
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Market Size 2023
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USD 43,277.23 Million
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Market Size 2024
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USD 60,331.7 Million
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Market Size 2030
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USD 65,679.40 Million
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Compound Annual Growth Rate (CAGR)
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6.28% (2024-2030)
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Base Year
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2023
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Forecast Period
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2024-2030
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Historical Data
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2018 to 2022
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Forecast Units
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Value (USD Million) and Volume (Kilo Tons)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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Market Composition, Technology, Type, Application, End-Use Industry, and Region
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Geographies Covered
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North America, Europe, Asia Pacific, Rest of World
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Countries Covered
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The U.S, Canada, Mexico, Germany, France, UK, Italy, Spain, China, Japan, India, Australia & New Zealand, South Korea, Brazil, Argentina, Saudi Arabia, UAE, South Africa.
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Key Companies Profiled
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BASF, DIC Corporation, Cabot Corporation, LANXESS AG, Avient Corporation, Vibrantz Technologies, DuPont, Archroma, Heubach GmbH, Pidilite Pigment, Sensient Technologies Corporation, Vibrantz Technologies, Koel Colours Private Limited, COLORIS GCC, Colortek Ltd, Chromatech Incorporated, Tapi Pigments, Colorants Group, Chemworld International, Ltd. Inc, Alliance Organics LLP, Shepherd Color, DCL Corporation, CrownPigment, Navpad Pigments Pvt. Ltd., and INEOS.
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Key Market Opportunities
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· Rapid expansion of the textile industry in the asia-pacific region in creating growth opportunities for the colorants market
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Key Market Dynamics
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· Increasing use of colorants in the plastic industry
· Increasing innovations in pigment manufacturing processes
· Increasing use of colorants in the automotive industry creates a significant market for colorants worldwide
· Increasing demand for colorants in the paints & coatings industry
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Colorants Market Highlights:
Frequently Asked Questions (FAQ) :
The Colorants market is US$ 43,277.23 Million in the year 2023.
The growth rate of Colorants market is 6.28%
The Asia Pacific held the largest market share in the Colorants Market.
Evonik Industries, BASF, DIC Corporation, Cabot Corporation, LANXESS AG
Merchant Composition segment had the largest share in the Colorants Market.
Powder have the largest market share in the Colorants Market.
