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


Posted April 20, 2021 by Statzyreports

The Global Dyes & 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.

- 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

- Asia-Pacific region is expected to dominate the market across the globe with the largest consumption from countries such as China, and India.

Key Market Trends

Increasing Demand from the Paints & 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, 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 2021-22 budget, 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 to 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 global construction industry. But, the condition is expected to recover in 2021, thereby restoring the growth rate of market studied.

- All the aforementioned factors, is expected to drive the global market during the forecast period.

Asia-Pacific Region to Dominate the Market

- The growth of the textile industry in China and India is on rapidly increasing with the availability of a cheap labor force. In the global textile market, China holds the largest share of about 40%, followed by India with over 5% share.

- China is investing USD 1.43 trillion in the next five years till 2025, in major construction projects. According to National Development and Reform Commission (NDRC), Shanghai plan includes an investment of USD 38.7 billion in the next three years, whereas Guangzhou has signed 16 new infrastructure projects with an investment of USD 8.09 billion.

- According to India Brand Equity Foundation, India’s textile and apparel exports stood at USD 38.70 billion in FY19 and is expected to increase to USD 82.00 billion by 2021 from USD 22.95 billion in FY20 (up to November 2019).

- The demand for textiles in South Korea has remained stable with an increasing preference for technical textiles production in the country. A strong domestic man-made fiber industry and robust non-woven production sector are providing the manufacturers an opportunity to focus on the production of high-end textiles in the country.

- Among ASEAN countries, Indonesia has a major share of the paint and coating market, followed by Thailand The rapid urbanization in these countries are expected to contribute to the demand for paints & coatings, and in turn, add up to demand for dyes and pigments during the forecast period.

- Hence, with the increasing demand from the various end-user industries, like the paint and coating, printing inks, textiles and plastics industry, the demand for dye and pigments is expected to rapidly increase over the forecast period.

Competitive Landscape

The dyes & pigments market is partially consolidated. In terms of market share, few of the major players currently dominate the market. Key players in the dyes & pigments market include BASF SE, The Chemours Company, Venator Materials PLC., KRONOS Worldwide Inc., and Clariant among others.

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Issued By Statzy Market Research
Country India
Categories Energy
Tags dyes pigments market , dyes pigments market forecast , dyes pigments market share , dyes pigments market size
Last Updated April 20, 2021