Dyes and Pigments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The dyes and pigments market size was estimated at USD 29,638 million in 2020, and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19. Owing to pandemic scenario, various countries went into lockdown, which led to supply chain disruptions and work stoppages. This negatively affected the demand of various industries like paints and coatings, textiles, and others. However, the conditions are expected to recover in 2020, thereby restoring the growth trajectory of the market studied during the forecast period.

• Over the medium term, growing demand from paints and coating industries of Asia-Pacific and increasing demand from the textile industry are expected to boost the market.
• On the flip side, the negative impact of the COVID-19 outbreak on the market and environmental concerns regarding the use of dyes and pigments are hindering the growth of the market
• The Asia-Pacific region is expected to dominate the market across the globe, with the largest consumption from countries such as China and India.

Scope of the Report

Dyes and pigments are substances that are used to impart color to a material. The term colorant is often used for both dyes (also called dyestuffs) and pigments. The major 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 paint and coating, textile, and plastic. The dye and pigments market is segmented by type, end-user industry, and geography. By type, the market is segmented by dye and pigment. By end-user Industry, the market is segmented by 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 on the basis of value (USD million).

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Key Market Trends

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 the 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 act as the major driver for the dye and pigment market.
• In addition, the public-private partnership (PPP) projects have also been increasing in the domestic construction sector.
• In India, the smart cities mission is a major project undertaken by the government, which will construct more than 100 smart cities all over the country to achieve rapid urbanization in the country. In the 2021-22 budget, the smart cities mission has been given INR 6,450 crore as against INR 3,400 crore in the 2020-21 revised estimates.
• In Germany, the increasing migration to the country has been stimulating the current demand for new residential construction. ​About 3.6 million migrants were expected to arrive in Germany by the end of 2020-2021, which will require at least 350,000 new dwellings per year.
• The paints and coatings industry has been expanding vigorously till 2019. However, owing to the pandemic condition, there has been a slump in the production of paints and coatings in 2020 due to the slowdown of the global construction industry. But, the condition is expected to recover in 2021, thereby restoring the growth rate of the market studied.
• All the aforementioned factors are expected to drive the global market during the forecast period.

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