Market Size Analysis:
According to a report by Altus Market Research titled, “Synthetic Pigments Global Market 2022 Opportunities And Strategies To 2030: By Product Type: (Inorganic Pigments; Organic Pigments); By End Use Industry: (Paints and Coatings; Plastics; Printing Inks; Textiles; Cosmetics and Personal Care; Others)“, the synthetic pigments market size reached a value of nearly $35,909.2 million in 2020, having increased at a compound annual growth rate (CAGR) of 1.3% since 2015. The market is expected to grow from $35,909.2 million in 2020 to $44,771.6 million in 2025 at a rate of 4.5%. The market is then expected to grow at a CAGR of 3.1% from 2025 and reach $52,107.7 million in 2030.
Market Growth by Key Players:
The synthetic pigments market is fairly concentrated, with a small number of players. The top ten competitors in the market made up to 33.38% of the total market in 2020. The market is highly competitive. Companies in synthetic pigments market share compete mainly the basis of product price, quality, technical service and the availability of different grade products. The Chemours Company was the largest competitor with 6.69% of the market, followed by Tronox Holdings plc with 6.06%, BASF SE with 4.80%, Kronos Worldwide, Inc. with 4.56%, Venator Materials PLC with 4.34%, Lanxess AG with 1.97%, Clariant with 1.89%, Merck Group with 1.22%, Altana AG with 0.93%, and DIC Corporation with 0.91%.
Strategies by Key Players:
Player-adopted strategies in the synthetic pigments industry include expanding business presence through the development of advanced, innovative and improvised chemical processed pigments for specific applications, expanding operational capabilities through strategic acquisitions, expanding production facilities and development of advanced pigments and expanding operational presence in developing geographies through strategic sales and distribution partnerships.
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Growth Strategies by Altus Market Research for Companies in the Market:
To take advantage of these opportunities, The AMR recommends the synthetic pigment companies should focus on adoption of IOT technology, adoption of organic pigments, investments in R&D, focus on technological advancements, expand operations in emerging markets, leverage e-commerce to maximize reach and revenues, strategic collaborations, offer competitive pricing, increase visibility through business websites and listing websites, leverage technology to maximize reach, investing in website creation, focus on fast-growing end-use industries.
Other Players Covered in the report
Lanxess AG, Clariant, Merck Group, Altana AG, Hangzhou Tiankun Chem Co.,Ltd, Qingdao Haiwan Specialty Chemicals Co., Ltd, Hangzhou Chungyo Chemicals, Hangzhou Han-color Chemical Co.,Ltd., Atul Ltd., K. Sakai & Co. Ltd., Asahi Songwon Colors Ltd., Sudarshan Chemical Industries Ltd., Taoka Chemical Co. Ltd., Toyo Ink SC Holdings Co., Ltd., Dainichiseika Color & Chemicals Mfg. Co., Ltd., Japan Polycarbonate Resin Investment Corporation (PCRIJ), LG Chem, INEOS Enterprises, Cathay Industries, ECKART GmbH, Heubach GmbH, John Hogg & Co Ltd., Authentix, Inc., Mifal S.r.l., Samixcolor S.P.A., Cappelle, Union Colours, AkzoNobel, LyondellBasell, Yaroslavsky Pigment, OCTOPUS LLC, Sciencedye, PJSC “Pigment”, Synthesia, Global Colors Z.A.O., Torrecid Group, Huntsman Corporation, Sensient Technologies, NOVACT Corporation, Organic Dyes and Pigments LLC, Abbey Color, Jet-Mate Canada Inc., Dominion Colour Corporation, Sincol Latin America, Petratecnica, Grresen & Cia Ltda, Transcor Industria De Pigmentos E Corantes Ltda, Metalcore Ind E Com De Metais SPE SA, Sun Chemicals, Cabot Corporation, DIC Corporation, E.I. du Pont de Nemours and Company (DuPont), Kiri Industries Ltd, National Industrialization Co, Chemipol Solutions, Hersol Manufacturing Laboratories (Pty) Ltd, Associated Chemical Enterprises (ACE), Flint Group,
Market Growth Drivers:
- Growth in the historic period resulted from emerging markets growth, government incentives, low interest rate environment, increasing textile demand and rise in affordable housing.
- Going forward, rising demand for high performance pigments and high demand from end user industries will drive the growth. Factors that could hinder the growth of the synthetic pigments market in the future include fluctuating raw material costs and the COVID-19 pandemic.
Market Growth by Segments:
The synthetic pigments market is segmented by product type into organic pigments and inorganic pigments. The inorganic pigments market was the largest segment of the synthetic pigments market segmented by product type, accounting for 65% of the total in 2020. Going forward, the inorganic pigments market is expected to be the fastest growing segment in the synthetic pigments market segmented by product type, at a CAGR of 5.9% during 2020-2025.
Market Growth by End Users:
The synthetic pigments market is segmented by end-use industry into paints and coatings, plastics, printing inks, textiles, cosmetics and personal care, and other industries. The paints and coatings was the largest segment of the synthetic pigments market segmented by end-use industry, accounting for 53.2% of the total in 2020. Going forward, the paints and coatings segment is expected to be the fastest growing segment in the synthetic pigments market segmented by end-use industry, at a CAGR of 6.2% during 2020-2025.
Market Growth by Region:
Western Europe was the largest region in the synthetic pigments market, accounting for 32.1% of the total in 2020. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the synthetic pigments market will be Africa, and, Middle East where growth will be at CAGRs of 8.5% and 7.9% respectively. These will be followed by South America, and Eastern Europe, where the markets are expected to grow at CAGRs of 6.3% and 5.2% respectively.
COVID-19 Impact
The coronavirus pandemic that has swept the world is affecting every industry, in more ways than one. The chemicals industry was also impacted with leading chemical manufacturers reducing capital and operational expenditure due to labor shortages and disruptions in the supply of raw material. The global production of chemicals dropped by 2.4% in February 2020 and 3% in March 2020, with the Asia-Pacific posting a production decline of 3.9% in February. The National Bureau of Statistics of China reported a slump in the Chinese chemical manufacturing industry of around 20% compared to the last year, while profits declined by 66%. Nationwide lockdowns and restrictions on activity to contain COVID-19 reduced the supply of raw material, halting production facilities, and impacting synthetic pigments worldwide.
Market: Trend-based Strategies
Market-trend-based strategies for the synthetic pigments industry include adopting IoT technology to enhance manufacturing efficiencies, implement big data analytics in operations to reduce energy consumption, adopting sustainable and ecofriendly processes to manufacture organic pigments, consider setting up manufacturing plants in Asia-Pacific region to take advantage of low production costs, investing in technology advancements, investing in R&D to develop products with enhanced properties and focus on entering into merger and acquisition agreements with emerging companies.
Future Investment Opportunities:
The top opportunities in the synthetic pigments market segmented by product type will arise in the inorganic pigments segment, which will gain $7,732.8 million of global annual sales by 2025. The top opportunities in segment by end-use industry will arise in the paints and coatings segment, which will gain $6,679.2 million of global annual sales by 2025. The synthetic pigments market size will gain the most in the Germany at $837.8 million.
