The synthetic dyes and pigments market entails of the sales of synthetic dyes and pigments by several entities (organizations, sole traders or partnerships) that manufacture synthetic organic and inorganic dyes and pigments, such as lakes and toners (excluding electrostatic and photographic). Pigments that are gained from natural minerals as well as synthetic pigments are comprised in this market. Artificial food-coloring is also comprised in this market. Synthetic dyes and pigments have applications in the manufacturing of almost all industrial products, paints and coatings and inks.
According to the report analysis, ‘Synthetic Dye And Pigment Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that BASF SE; The Chemours Company; Venator Materials PLC; Kronos Worldwide Inc.; Tronox Limited and many more are the foremost corporates which presently functioning in synthetic dye and pigment global market for leading the highest market growth and registering the great value of market share around the globe in the present scenario while delivering the better consumer satisfaction, employing the young and active personnel, decreasing the associated prices of such, increasing the applications and features of such, analysing the strategies and policies of government as well as corporates, implementing the policies of enlargement and profit making, establishing the several research and development programs, improving the qualitative and quantitative measures of such, and spreading the awareness connected to the applications and benefits of such.
Based on the region, the Asia Pacific was the largest region around the global synthetic dye and pigment market, accounting for xx of the market during 2019. Western Europe was the second largest region dominating for xx of the global synthetic dye and pigment market. Africa was the smallest economy in the global synthetic dye and pigment market.
The worldwide synthetic dye and pigment market is anticipated to augment from USD 59.8 billion around 2019 to USD xx billion in 2020 at a compound annual growth rate (CAGR) of xx. The low growth is mainly owing to economic slowdown across regions owing to the COVID-19 outbreak and the measures to contain it. The market is then projected to recover and grow at a CAGR of % from 2021 and reach USD xx billion throughout 2023.
Perhaps, several textiles’ entities are starting to opt for eco-friendly dyes for generating the textiles and fabrics. These entities do are not use harmful dyes as they cause extensive impairment to the environment and are well-known to cause skin allergies and respiratory diseases. Owing to the positive environmental characteristics and low toxicity of eco-friendly dyes, many corporates are moving toward eco-friendly organic dyes, though they are priced greater than inorganic dyes.
Moreover, the organized and large entities in the synthetic dye and pigment market are effectively implementing the policies of enlargement such as partnership, new product development, amalgamation, joint venture, merger and acquisition, collaboration and several others for generating the high percentage of revenue, ruling around the globe and obtaining the competitive edge. Therefore, in the near years, it is predicted that the market of synthetic dye and pigment will increase around the globe more effectively over the incoming years.
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Ankur Gupta, Head Marketing & Communications