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(I-AutoNewsWire.com, November 29, 2021 ) The report "Colorants Market by Type (Dyes, Pigments, Masterbatches, Color Concentrates), End-Use Industry (Packaging, Building & Construction, Automotive, Textiles, Paper & Printing), Region (North America, Asia-Pacific, Europe) - Global Forecast to 2022", The colorants market was valued at USD 47.45 Billion in 2016 and is projected to reach USD 65.65 Billion by 2022, at a CAGR of 5.0% from 2017 to 2022.
The increasing use of colorants for coloring plastics is driving the colorants market. Moreover, growing importance of aesthetics in the packaging industry is another driver fueling the growth of the colorants market.
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Among types, the pigments segment is leading the colorants market
The demand for pigments is very high in the paints & coatings application of the automotive and building & construction end-use industries. The use of pigments is also increasing in printing textiles owing to the trends in the fashion industry. Pigments are also used as raw materials to produce masterbatches and color concentrates. The consumption of pigments in the packaging application is also increasing for coloring packaging materials such as metal, paper, plastics, and fabric.
Among end-use industries, the packaging segment is leading the colorants market
The packaging end-use industry is leading the colorants market, which can be attributed to the increased use of colorants for coloring plastics used for packaging various types of products. Use of colorants for packaging enhances the product appeal of goods. A high degree of aesthetic appeal of products not only helps in product differentiation but also influences preferences of customers. Pigments, masterbatches, and color concentrates are widely used in plastics.
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The Asia-Pacific colorants market is projected to grow at the highest CAGR during the forecast period
The Asia-Pacific region is a lucrative market for colorants. The growth of the Asia-Pacific colorants market is due to the increased demand for colorants from various end-use industries, such as packaging, building & construction, and automotive, textiles and paper & printing. Moreover, industrial growth in the Asia-Pacific region, along with the increasing buying power of consumers has further boosted the demand for colorants in the region, thereby fueling the growth of the Asia-Pacific colorants market. China is the largest market for colorants in the Asia-Pacific region, whereas the colorants market in India is projected to grow at the highest CAGR during the forecast period.
Key Players in the Colorants Market
The key players operating in the colorants market are Clariant AG (Switzerland), BASF SE (Germany), DIC Corporation (Japan), Huntsman Corporation (U.S.), E. I. du Pont de Nemours & Company (U.S.), Cabot Corporation (U.S.), LANXESS AG (Germany), PolyOne Corporation (U.S.), and Sun Chemical Corporation (U.S.).
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Mr. Aashish Mehra