Dyes and Pigments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Dyes & Pigments Market Analysis

The dyes and pigments market was valued at over USD 29,000 million in 2021 and is projected to register a CAGR of greater than 4.5% during the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, production halts, and labor unavailability have negatively impacted the dyes and pigment market. However, the conditions started recovering in 2021, which will likely restore the market's growth trajectory during the forecast period.

• Over the medium term, growing demand from the paints and coatings industry of Asia-Pacific and increasing demand from the textile industry are expected to boost the market.
• On the flip side, environmental concerns regarding the use of dyes and pigments are hindering the market growth.
• The Asia-Pacific region is expected to dominate the global market, with the largest consumption from China and India.

Dyes & Pigments Industry Segments

Dyes and pigments are substances used to impart color to a material. The term colorant is often used for both dyes (also called dyestuffs) and pigments. The significant difference between dyes and pigments is particle size. Dyes are much finer than pigments. Pigments and dyes are the key raw materials for various end-user industries, including paints and coatings, textile, and plastic. The dyes and pigments market is segmented by type, end-user industry, and geography. By type, the market is segmented into dye and pigment. By end-user industry, the market is segmented into paints and coatings, textile, printing inks, plastics, and other end-user industries. The report also covers the market size and forecasts for the dyes and pigments market in 19 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD million).

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Dyes & Pigments Market Trends

This section covers the major market trends shaping the Dyes & Pigments Market according to our research experts:

Increasing Demand from the Paints and Coatings

• Paints and coatings account for the largest share of the market and are estimated to be the largest and fastest-growing end-user industry.
• Architectural and decorative coatings account for the largest consumption of pigments in their production. Thus, rising construction and infrastructure activities in Asia-Pacific are the primary driver for the dye and pigment market.
• Various expansions in the paints and coatings industry will augment the pigment markets in the coming years. For reference, in November 2021, Asian Paints announced plans to invest USD 127 million in the Gujarat plant, India, in the expansion of paints manufacturing capacity from 130,000 kilo liters to 250,000 kilo tons in the next two to three years.​
• In May 2021, PPG Industries, Inc. invested USD 13 million to expand its paints and coatings unit in China, including eight new powder coating production lines and an expanded powder coatings technology center. This expansion will increase the capacity by more than 8,000 metric tons annually.​
• Furthermore, in the automotive sector, paints and coatings are used in the interior and exterior parts of the vehicle, as they impart protection and appeal to vehicles. They are used in metallic parts and plastic vehicle components of automobiles.
• According to the OICA data, global automotive production increased by around 10% and reached 57.26 million units in the first nine months of 2021, compared to 52.15 million units in the same period in 2020. ​The car sales increased by around 29% in the first half of 2021 compared to 2020, reaching 44.40 million units, hence driving the market studied in the forecast period.
• All the aforementioned factors are expected to drive the global market during the forecast period.

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