Pigments are substances that react with air to form color. Pigments may be oil-based or water-based, organic or inorganic, metallic or non-metallic, or fluorescent. There are also a variety of applications for pigments and dyes. Pigments and dyes are used in a wide range of applications, including manufacturing, chemistry, art, industry, electronics, furniture, textiles, cosmetics, and medical technology. Some pigments and dyes have their own applications and properties. Some pigments, like the popular blue pigment, are widely used in tattoos. A coating refers to covering applied on the surface of an object used for decorative, functional, or both purposes.
Continuous research and development activities by market players are expected to drive growth of the global dyes, pigments, paints, and coatings market during the forecast period. Key market players across the globe are focused on research and development activities, in order to innovate novel products. For instance, in March 2020, researchers from New Zealand Institute for Plant and Research discovered a new class of pigments called auronidins. According to the researchers, this discovery is capable of creating more stable and intensely colored natural pigments for CPG products. Furthermore, in June 2019, DyStar introduced a new portfolio of eco-friendly products to help the textile value chain. Thus, these factors are expected to drive growth of the global dyes, pigments, paints, and coatings market during the forecast period. Moreover, rising demand from the textile industry is expected to boost the global dyes, pigments, paints, and coatings market growth over the forecast period.
However, increasing demand for digital printing in the textile industry combined with the negative impact of COVID-19 outbreak is expected to hamper the global dyes, pigments, paints, and coatings market growth over the forecast period. Besides, high demand from end-use industries and increasing technological advancements can provide lucrative growth opportunities in the global dyes, pigments, paints, and coatings market in the near future. Among regions, Asia Pacific is expected to witness significant growth in the global dyes, pigments, paints, and coatings market growth over the forecast period. This is owing to favorable manufacturing conditions and ease in regulatory frameworks across the region. Moreover, Europe is expected to register a robust growth rate in the dyes, pigments, paints, and coatings market over the forecast period. This is owing to increasing demand for dyes and pigments in the region.
Key players operating in the global dyes, pigments, paints, and coatings market are Altana AG, Venator Materials PLC, BASF SE, The Chemours Company, Clariant, Merck KGaA, DIC CORPORATION, DuPont, Kiri Industries Limited, Sudarshan Chemical Industries Limited, and Flint Group.
For instance, in August 2019, DIC Corporation, a chemicals company, acquired BASF’s global pigments business.
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