Global Bio based Pigments and Dyes Market: Overview
Dyes and pigments refer to those substances that are utilized as colorants across several industries. Increased awareness about pollution and environment has resulted in manufacturers directing their investment toward bio based and natural dyes and pigments. Use of synthetic dyes have resulted in adverse effects on the environment and substantial water pollution, which is manufacturers are now investing more on bio based dyes and pigments. Many prominent manufacturers are coming up with such dyes and pigments utilizing various microbes, such as indigo crop, fungus, bacteria, and algae. Given its environment-friendly nature, these products are witnessing high demand from several industries, such as food and beverage, cosmetics, and textile. Riding on the back of augmented demand, the global bio based pigments and dyes market are foreseen to observe high growth over the tenure of analysis, from 2002 to 2030.
Type, application, end use, and region are important factors in the market that has been considered for the classification of the global bio based pigments and dyes market.
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Global Bio based Pigments and Dyes Market: Notable Developments
In the last few years, some futuristic and promising developments took place in the global bio based pigments and dyes market. The market comes with the presence of quite a few number of prominent market players each vying for more revenue and greater reach. Continuous research and development has played a vital role in the expansion of the market share and increasing revenue for the market players.
Some of the prominent companies in the global bio based pigments and dyes market are listed below:
- Sudarshan Chemical Industries Limited
- Kiri Industries Ltd.
- Kronos Worldwide Inc
- Huntsman Corporation
- BASF SE
- Cabot Corporation
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Global Bio based Pigments and Dyes Market: Key Trends
The global bio based pigments and dyes market comes with the prevalence of the following challenges, promising opportunities, market drivers, and challenges.
High Demand form Textile and Ink Industries to Accentuate Demand in the Market
There has been augmented use of these dyes and pigments across several industries, such as food and beverage, cosmetics, and pharmaceuticals. Growing demand from these industries is ascribed to its inherent value and natural safety, which is likely to work in favor of the global bio based pigments and dyes market over the period of assessment, from 2024 to 2030.
The demand for these pigments and dyes are very high in the textile industry, which has been witnessing flourishing business. Ever-expanding base of population generates large demand for apparels all over the world, which is expected to accelerate the growth of the textile industry. Ink industry and bio plastic industry are two prominent end users for these pigments and dyes. Riding on the back of growing demand, the global bio based pigments and dyes market is expected to witness growth in the years to come.
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Global Bio based Pigments and Dyes Market: Geographical Analysis
Asia Pacific is estimated to present immense promising opportunities for the players in the global bio based pigments and dyes market. Flourishing business of textile industry in the region is expected to propel growth of the market in the region. Besides, many companies have shifted their production facilities from Europe and North America to the countries of Asia Pacific due to the presence of cheap labor and lenient regulations. These factors are estimated to drive growth of the Asia Pacific market over the period of analysis, from 2024 to 2030.
was the dominant regional market and accounted for more than 62% of the global market share in 2019. The market faces strict regulations that obstruct the production and usage of dyes and pigments in North America and Europe. Thus, the production facilities are being shifted to the Asia Pacific owing to favorable manufacturing conditions and leniency in regulations. This is supported by the availability of raw materials, cheap labor, and skilled manpower.
Europe accounted for over 18.1% of the overall revenue share in 2019. The increasing production capacities of dyes in Europe are an indication of its increasing demand. For example, in February 2018, Lanxess announced about expanding its production capacity for Macrolex dyes at its Leverkusen site. The capacity is expected to be increased by 25% and the investment is worth USD 5.7 million. The expansion aims at catering to the growing product demand across the globe.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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