Organic Pigments Market 2020-2024| Azo Pigments Segment to Witness Massive Growth | Technavio

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Technavio has announced its latest market research report titled Global Organic Pigments Market 2020-2024 (Graphic: Business Wire)

This report provides a detailed analysis of the organic pigments market by type (azo, phthalocyanine, and others), application (printing inks, paints and coatings, plastics, and others), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BASF SE, Clariant International Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd., DCL Corp., DIC Corp., Ferro Corp., Heubach GmbH, LANXESS AG, Sensient Technologies Corp., and Sun Chemical Corp. Advancement in organic pigments is a key trend in the global organic pigments market which will lead to significant market growth. The growing health and safety concerns and the focus on reducing carbon footprint have increased the preference for bio-based pigments. This is encouraging vendors to offer innovative organic pigments made of renewable raw materials to gain an edge over competitors. All these factors are leading to a positive outlook for the organic pigments market.

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Organic Pigments Market: Segmentation by Geography

The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. APAC was the largest market for organic pigments in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 54% of the market’s growth will originate from APAC during the forecast period. The growth in infrastructure development activities has increased the demand for paints and coatings in the region. Also, the rising demand for paints and coatings with functional benefits is fostering the growth of the organic pigments market in APAC. China and India are the key markets for organic pigments in APAC.

Organic Pigments Market: Segmentation by Solution

The organic pigments market is segmented into three segments based on type comprising of azo, phthalocyanine, and others. The azo segment emerged as the leading segment during 2019. Azo pigments are used to impart various colors such as red, yellow, and orange in paint and coating applications. With the growth in the global construction industry, the demand for these coatings has been increasing steadily over the years. These factors are creating significant growth potential in the segment.

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Organic Pigments Market: Growth Drivers

Population growth and demand for urbanized areas will drive market growth. Improved living standards and the growing affinity toward urban lifestyle has increased the migration of individuals from rural to urban areas worldwide. Also, the growth in the global population has increased the demand for housing. These factors have significantly contributed to the growth of various industries such as automotive, construction, and other industries. Organic pigments are widely used in the construction and automotive industry for various painting and coating applications. Thus, the growing global population and the urban population will have a positive impact on the organic pigment market during the forecast period.

Organic Pigments Market: Market overview

The organic pigments market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. BASF SE, Clariant International Ltd., and Dainichiseika Color & Chemicals Mfg. Co. Ltd. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the high cost of organic pigments will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Organic Pigments Market: Parent Market Overview

Technavio categorizes the global organic pigments market as a part of the global chemicals market. The parent global chemicals market covers companies engaged in the manufacture of various types of products under organic and inorganic chemicals. The global specialty chemicals market covers products and companies engaged in high value-added chemicals used in the manufacture of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings.

Growth in the global specialty chemicals market will be driven by the shift toward the use of specialty adhesives and sealants.

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