Synthetic Pigments Market Size (2023 - 2030)

In 2022, the Global Synthetic Pigments Market was valued at $10.96 Million and is projected to reach a market size of $17.34 Million by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 5.9%.

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Synthetic pigments, stemming from scientific and technological advancements, have emerged as distinct alternatives to natural pigments. These artificial variants exhibit notable advantages, including increased durability, affordability, and enhanced brilliance. Using intricate chemical processing involving a diverse range of elements, including aluminum, cadmium, chromium, cobalt, copper, iron, manganese, nickel, zinc, titanium, and calcium, synthetic pigments are crafted. Praised for their superior lightfastness, these pigments exhibit minimal fading or degradation over long periods, even up to a century. They have unlocked the creation of vibrant warm colors, including cadmium red, that were previously unavailable naturally. Prominent examples of synthetic pigments comprise the likes of flake white, cadmium orange, cadmium yellow, cadmium red, and manganese blue. During the 19th century, laboratories gave birth to synthetic pigments, revolutionizing the realm of artistic expression with newfound possibilities. The oxidation of specific metals, like copper, unveiled a spectrum of colors spanning from orange to green. Without synthetic pigments, certain hues would remain non-existent. Furthermore, synthetic pigments offer cost-effectiveness, consistency, and superior lightfastness in contrast to their naturally occurring counterparts owing to their reduced reliance on biodegradable materials. Present-day art supply manufacturers often blend natural and synthetic pigments to create economically viable products, without compromising the quality of the final artistic outcome.

Global Synthetic Pigments Market Drivers:

The growing utilization of synthetic pigments in the coating industry is fueling the growth of the global synthetic pigments market.

The coatings industry is capitalizing on synthetic pigments to fulfill the ever-increasing demand for coatings from marine and decorative applications to automotive and industrial coatings. With the accelerated development of the coatings industry across emerging nations, the utilization of synthetic pigments in these sectors is on the rise, offering a diverse range of benefits, including consistent and reliable color outcomes, cost-effectiveness in contrast to natural dyes, and the added benefits of quick drying and minimal ironing requirements. Therefore, this factor drives the demand for synthetic pigments.

The emergence of nanotechnology in pigment development progress is another factor contributing to the growth of the global synthetic pigment market.

Advancements in nanomaterial development have revolutionized multiple industries, with the pigments sector embracing nanotechnology extensively. Nano-sized synthetic pigments have garnered immense traction in a variety of industrial applications owing to their unparalleled performance in contrast to other pigment types. Integrating nanotechnology in pigment production enhances their tribological, mechanical, and optical properties. Nano-pigments offer numerous advantages like increased durability, stability against UV radiation and heat, improved hardness and toughness, resistance to scratches, abrasion, and weathering, enhanced transparency, and reduced water permeability. These exceptional traits make nano-pigments highly desirable in cosmetics, photovoltaic cells, cathode ray tubes, and ceramic pigments. Therefore, this factor also drives the demand for synthetic pigments.

Global Synthetic Pigments Market Challenges:

The global synthetic pigments market is encountering challenges, primarily in terms of negative impact on human health and the environment. Synthetic pigments can potentially contain perilous chemicals and carcinogenic substances, which, if assimilated by the skin and body, can culminate in serious health problems like skin allergies and respiratory diseases. Moreover, many synthetic pigments are petroleum-based, making it challenging to treat wastewater generated during the dyeing process. Consequently, these pigments can contribute to pollution by ending up in oceans and water supplies through toxic runoff and residues from textile manufacturing and dyeing processes. Thus, these challenges inhibit the growth of the global synthetic pigment market.

Global Synthetic Pigments Market Opportunities:

Expansion to end-user industries presents a lucrative opportunity in the global synthetic pigments market. Given the rising demand for organic pigments owing to their advantages, including color consistency, enhanced color range, and affordability, businesses specializing in the production and distribution of synthetic pigments can stand to gain significantly from this opportunity by expanding their products to other end-user industries, including automotive, cosmetics, and pharmaceuticals.

COVID-19 Impact on the Global Synthetic Pigments Market:

The outbreak of the COVID-19 pandemic substantially impacted the global synthetic pigment market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of synthetic pigments. Moreover, the demand for synthetic pigments decreased due to reduced operations of businesses in several industries. These factors negatively impacted the growth of the global synthetic pigment market. Despite these challenges, the global synthetic pigment market is projected to recover and grow in the coming years.

Global Synthetic Pigments Market Recent Developments:

• In April 2023, Cathay Industries, a prominent manufacturer of iron oxide pigments, announced its rebranding as Oxerra, along with a fresh brand identity, after completing the acquisition of Venator's color business. Oxerra aims to combine the strengths of both companies and leverage their extensive manufacturing network across multiple continents. With a focus on sustainability, Oxerra strives to offer unparalleled products and services in iron oxide and color pigment technology across various industries. 

• In January 2023, ChemIndia, an India-based chemical manufacturing company, unveiled the launch of a variety of products in different chemical categories on their ChemIndia Connect B2B portal for their valued business clients. The categories of pigments encompass inorganic pigments, organic pigments, fluorescent pigments, pearl powder pigments, carbon black, white pigments, and extender pigments.

• In July 2022, DIC Corporation, a Japan-based chemical company, unveiled the second phase of its joint development agreement with Debut Biotechnology, Inc., a US-based pioneering startup in synthetic biology and cell-free biomanufacturing. The focus of the agreement is to develop natural red colorants for industries, such as food, nutrition, and cosmetics.

SYNTHETIC PIGMENTS MARKET REPORT COVERAGE:

SEGMENTATION ANALYSIS

Global Synthetic Pigments Market - By Type:

• Organic 

• Inorganic

In 2022, the organic segment held the highest market share. The growth can be attributed to the cost-effective production of synthetic pigments in larger quantities through standardized processes, providing a viable substitute for natural organic pigments. Synthetic organic pigments are consciously formulated, often serving as the most saturated and robust tinting agents for a particular hue. Furthermore, synthetic organic pigments exhibit a higher level of consistency, reproducibility, and an extensive array of colors, granting them superiority when employed in a diverse range of applications.

Global Synthetic Pigments Market - By Application:

• Leather

• Paints & Coatings

• Plastics

• Printing Inks

• Textiles

• Others

In 2022, the printing ink segment held the highest market share. The growth can be ascribed to the extensive utilization of printing inks in an array of industries, encompassing packaging, textiles, and publishing. This vast application range contributes to a consistently high demand for synthetic pigments. Furthermore, synthetic pigments are widely acclaimed for their superior color strength, unwavering resistance to discoloration, and lightfastness, positioning them as a preferred choice for diverse printing applications. Adding to that, synthetic pigments ensure vivid colors and outstanding print quality, attributes that are greatly valued by customers.

Global Synthetic Pigments Market - By Region:

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In 2022, the region of Europe held the largest share of the global synthetic pigment market. The presence of well-established industrial infrastructure in nations, such as the United Kingdom, Germany, and France, the augmenting demand for printing inks as countries like Germany, Switzerland, Italy, and the Netherlands are among the largest exporters of printing machines, and the increasing investments in research and development activities are some of the factors propelling the region's growth. Furthermore, Europe is home to several prominent market players, including BASF SE, Clariant AG, and Lanxess AG. The region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period owing to the rapidly growing manufacturing industry and market for paints and coatings and the strong presence of major market players, including DIC Corporation, HUPC Chemical Co., Ltd., and Sudarshan Chemical Industries Limited.

Global Synthetic Pigments Market Key Players:

1. BASF SE (Germany)

2. DIC Corporation (Japan)

3. Clariant AG (Switzerland)

4. The Chemours Company (United States)

5. KRONOS Worldwide, Inc. (United States)

6. Huntsman Corporation (United States)

7. Tronox Limited (United States)

8. Ferro Corporation (United States)

9. Lanxess AG (Germany)

10. HUPC Chemical Co., Ltd. (China)