Phthalocyanine Pigments Market Size, Share, Growth, and Industry Analysis by Type (Metal Phthalocyanine Pigments and Metal Free Phthalocyanine Pigments) By Application (Printing Inks, Paints & Coating, Plastics and Others) Regional Forecast By 2031

Updated On: 06 May 2024

Phthalocyanine Pigments Market Report Overview

• 
• to learn more about this report

The global phthalocyanine pigments market size was USD 1672.5 million in 2022, as per our research, the market is expected to reach USD 2550.43 million in 2031, exhibiting a CAGR of 4.8% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The manufacturing, marketing, and distribution of phthalocyanine pigments are all activities carried out by a global industry known as the "phthalocyanine pigments market." The color of inks, coatings, plastics, textiles, and other materials is often achieved with phthalocyanine pigments, a class of synthetic organic pigments that are widely employed in a variety of applications.

These pigments are renowned for their outstanding color consistency, great stability, and resistance to weathering, heat, light, chemicals, and light. They provide vivid blue, green, and other color tones, which makes them very sought-after in various sectors.

As a result of their broad application across several industries, phthalocyanine pigments have seen consistent expansion throughout the years. Printing ink, paints & coatings, polymers, and textiles are among of the sectors that predominantly fuel the need for these pigments. The market has grown as a result of increased demand for long-lasting and high-quality colorants in emerging economies as well as rising consumption of these pigments in those countries.

"COVID-19 Impact: Shift in End- User Industries to Challenge the Market Demands"

The pandemic-related downturn in the economy led to a drop in demand for a variety of goods, including pigments. Phthalocyanine pigment demand decreased as a result of the downturn in key Phthalocyanine pigment users including the automotive, building, and textile industries. The COVID-19 virus had a big influence on several industries, such the textile and automobile sectors. Particularly in the car sector, supply networks were disrupted, consumer spending fell, and manufacturing was halted. This has a negative impact on the market for phthalocyanine pigments used in automobile paints and coatings. Similar to the garment and fashion sector, which employs pigments for dyeing and printing purposes, the textile industry also saw a drop in demand.

LATEST TRENDS

"Printing, Painting and Coating Industry to Augment the Market Growth"

The manufacturing of printing inks, which are widely utilized in packaging, publishing, and other printing applications, makes substantial use of phthalocyanine pigments. The demand for phthalocyanine pigments is strongly impacted by the expansion of the printing inks sector. Because they can produce vibrant colors and have exceptional resistance qualities, phthalocyanine pigments are used in paints and coatings. The demand for paints and coatings is driven by the expansion of the construction and automotive industries, among other things. This has an impact on the market for phthalocyanine pigments. PVC, polyolefins, and engineering plastics may all be colored using phthalocyanine pigments. The market for phthalocyanine pigments is being driven by the rising demand for colored plastics in a variety of applications, including packaging, consumer products, and automotive components.

Phthalocyanine Pigments Market Segmentation

• 
• to learn more about this report

• By Type Analysis

By type, market is segmented into metal phthalocyanine pigments and metal free phthalocyanine pigments. The metal phthalocyanine pigments type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into printing inks, paints & coating, plastics and others. The printing inks segment will lead the global share through 2031.

DRIVING FACTORS

"Shift Towards Environmentally Friendly Pigments to Push the Market"

In addition to having outstanding color stability, phthalocyanine pigments also have a high tinting strength, strong lightfastness, heat resistance, chemical stability, and durability. For applications like automobile coatings and architectural paints, where color retention and durability are crucial, these qualities make them very attractive. Comparatively speaking to other organic pigments, phthalocyanine pigments are frequently thought of as ecologically beneficial. They adhere to legal requirements, contain little heavy metal, and pose fewer risks to the environment and public health. Due to this factor, phthalocyanine pigments are becoming increasingly preferred over competing materials, which has increased market demand for them.

"Increasing Infrastructure Development to Boost the Market Demands"

The demand for modernization, urban development, and building activities are driving the enormous rise of the global infrastructure industry. Phthalocyanine pigments are frequently used in building supplies including paints, varnishes, and concrete. The demand for phthalocyanine pigments is influenced by the increase in infrastructure development projects, especially in emerging nations. The creation of novel goods and procedures in the pigments sector is a result of technological breakthroughs. The performance properties of phthalocyanine pigments, such as enhanced dispersion, compatibility, and application diversity, are being improved by manufacturers via ongoing research and development efforts. By extending the spectrum of applications and creating new opportunities, these developments fuel market expansion.

RESTRAINING FACTORS

"Volatility in Raw Material Prices to Slow the Market Growth "

Alternative pigments including organic, inorganic, and high-performance pigments compete for customers' business in the phthalocyanine pigments market. The market growth may be constrained by the replacement of phthalocyanine pigments by these alternatives, which may have comparable or superior characteristics. Raw ingredients like phthalic anhydride, copper, and derivatives of chlorine that are needed in the manufacture of phthalocyanine pigments can be expensive and not always readily available. The profitability of pigment makers can be impacted by volatile raw material prices, which can also provide problems for the market.

Phthalocyanine Pigments Market Regional Insights

• 
• to learn more about this report

"North American Market to Grow Exponentially with the Forecasted Period"

A large consumer of phthalocyanine pigments is the North American area, which includes the United States and Canada. The market is being propelled by an increase in demand for these pigments in the paints and coatings sector, particularly for use in construction and automotive applications. The region also boasts a thriving chemical sector, which contributes to the expansion of the market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• BASF (Germany)
• Clariant International (Switzerland)
• DIC (Japan)
• Yabang (China)
• Eckart (Germany)
• Lynwon (China)
• Meghmani Organics Limited (India)
• North American Chemical (U.S.)
• Shuangle (China)
• Jeco Group (China)
• Riverside Industries Ltd (New Zealand)
• Heubach (Germany)
• Sudarshan (India)
• Jiangsu Mcolor Chem (China)
• Pidilite (India)
• Lily Group (China)
• Sanyo Color Works (Japan)
• Sunsing Chemical (China)
• NIRBHAY Rasayan (India)
• Mazda Colours (India)
• Jaysynth (India)
• Yuhong New Plastic (China)
• Vibfast (India)
• Ganesh Group (India)
• Krimasil (Italy)
• Narayan Organics (India)
• Alliance Organics (India)
• Kolorjet (India)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.