The synthetic pigments market proficiently consists of the sales of synthetic pigments and related services that is effectively utilized in the field of paints, inks, plastics encompassing insoluble materials and minerals to withstand high heat, intense light and introduction to weather or chemical agents.
According to the report analysis, ‘Synthetic Pigments Global Market Report 2020’ states that in the synthetic pigments global market there are several corporates which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe in the upcoming years while spreading the awareness related to the synthetic pigment, delivering the better consumer satisfaction, implementing the profitable strategies, studying and analyzing the strategies and policies of the government as well as competitors, decreasing the linked prices, employing the young work force, and enhancing the applications of the production technologies includes BASF SE, Archroma, DyStar, Huntsman, Clariant, Synthesia, Cromatos, Atul, Waterside colours, DIC Corp and several others.
The worldwide synthetic pigments market was worth USD 27.55 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 11% and reach USD 40.84 billion by 2023. Whereas, the synthetic pigments market has been geographically ivided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. During 2019, Asia Pacific registers for nearly 45% of the market.
The requirement for high performance pigments and advanced technology engineered pigments likewise cool pigments, nano pigments and pigments made from greater dispersion technologies is projected to propel the synthetic pigments market. These fresh and advanced pigments have the competence to furnish to the fast-increasing novel end-utilized industries and technologies such as 3D-printing, automotive industry, and several others. For instance, in 2017, DIC Corporation, a Japan-based chemical established launched Sunbrite Yellow 74, an azo based great performance pigment in the market. Effective performance pigments are becoming more inexpensive and their market share is expected to increase speedily.
During the recent time, there has been an augmenting migration of producing capacities from the West to low-cost regions in the Asia-Pacific region. This is majorly due to stringent environmental compliance across Europe and North America. Gradually maturing introduction technologies and the existence of robust downstream customer bases within regions such as China and India have been influencing the requirement for pigments in these regions in recent years. Examples of corporates that have moved their manufacturing amenities to the Asia region are Huntsman Corp, DyStar and Clariant.
DIC Corporation, a Japanese chemical establish is set to obtain BASF a German based chemical corporates for USD 1.27 billion (Euro 1.15 billion) on cash and debt-free basis. Acquisition of BASF will reinforce DIC Corporation in worldwide pigments business. BASF, a greatest producer of chemicals, well known for portfolio in sectors such as chemicals, materials, industrial solutions, surface technologies, nutrition & care and agricultural solutions. Therefore, in the near years, it is predicted that the market of synthetic pigments will increase around the globe more effectively over the inflowing years.
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Global Synthetic Pigments Market
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