A colorant can used either as a dye or a pigment subject to the binder involved in the manufacturing process. Pigment is a material that modifies the color of the transmitted or reflected light resulting from the wavelength-selective absorption. A pigment is required to have high tinting strength compared to the materials it colors. Most pigments used in the manufacture of paints, plastics, etc. are dry colorants, typically milled into a fine powder. This powder is further added to a binder, which is comparatively colorless and neutral material that suspends the pigment and gives the required adhesion to paints. Pigments are mostly used for coloring fabric, food, paint, inks, and other materials. There is a major difference between a pigment and dye. A pigment is insoluble in its binder, while a dye is mostly soluble in its binder or is itself a liquid.
Colorants Market: Drivers and Restraints
Colorants is a key sector of the specialty chemical industry. Increasing demand from the high performance pigments application, recent developments in end-user industries, and rising inclination toward environment-friendly products are the primary factors driving the colorants market. Pigments and dyes are employed in various applications such as textile, paints & coatings, construction, plastics, and printing inks. Overcapacity across the globe, volatility in prices of raw materials, and concerns regarding its environmental hazards are factors restraining the market for colorants.
Colorants Market: Segmentation
Based on application, the colorants market can be segmented into:
- Decorative Paints & Coatings
- Architectural Paints and Coatings
- Detergent Coloration
- Aluminum Finishing
- Electronic Displays
In terms of type, the colorants market can be bifurcated into:
The global market for colorants was estimated to be valued at around US$ 27 Bn in 2016. The industry experienced average growth rate of 2% to 3% per annum in the last decade. Furthermore, exports account for approximately 68% of the colorants market in India in 2015.
Based on product, the colorants market can be bifurcated into:
- Synthetic Colorants
- Natural Colorants
Synthetic colorants (polymeric colorants) offer various physical properties such as absorption, solubility, viscosity, and migration. Synthetic colorants are non-abrasive and relatively less toxic.
Interest in natural food colors has resulted in new product development globally. Europe is expected to lead the natural colorants segment. However, Asia Pacific is predicted to witness the fastest growth rate in the natural colorants segment The colorants market has been expanding in Asia Pacific owing to the rise in media exposure, implementation of stringent regulations on synthetic products, and growth in consumer awareness about natural products. However, the natural colorants segment in the U.S. has been expanding at a comparatively sluggish pace. Recent Big Food broadcasts confirm that under rising pressure from health-interest groups and consumers, the natural colorants segment in the U.S. is anticipated to witness a revolution in the near future. For example, in 2015, companies such as Nestlé USA and Hershey announced their decision to stop producing products made from artificial colors and flavors
Colorants Market: Region-wise outlook
Asia Pacific held the major share of the global colorants market in 2015. It is a key region for the production of dyes and pigments. India and China are expected to significantly contribute towards the growth of the colorants market in Asia Pacific. India has developed as a global supplier of pigments, intermediates, and dyes since the last few years. In terms of demand for colorants, India is one of the largest markets for dyes and pigments and contributes nearly 6% share of the global colorants market. During the last couple of years, there has been a remarkable growth in exports of colorants in Asia Pacific to other regions 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.