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 2020 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.
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 2020 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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.