Top Companies in Colorants Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Colorants Market is projected to reach USD 47.5 billion by 2028 at a CAGR of 5.5% over the forecast period.
The Global Colorants Market is valued at USD 34.5 billion in 2021 and is projected to reach USD 47.5 billion by 2028 at a CAGR of 5.5% over the forecast period. The primary factor driving the market growth rate is the rise in colorant demand from the automobile industry. The market's growth rate will be directly and favorably impacted by expanding colorant application areas and the rise and expansion of numerous end-user verticals, particularly in developing economies, such as the printing and textile industries. Increased consumer spending on packaged food items and fashionable clothing, as well as increased sales of plastic materials in the fiercely competitive retail marketplaces, will pave the way for the market's expansion.
The rise in colorant demand from the automobile industry is the main element influencing the market growth rate. Expanding colorant application areas and developing and expanding several end-user verticals, particularly in developing countries, such as the printing and textile sectors, will directly and positively impact the market's growth rate.
However, a significant obstacle to the market's expansion will be the need for more supply of raw materials brought on by the lockdown and price changes. Due to rigorous controls and limits, artificial colorant trade will have slowed market expansion.
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What Trends Should We Look Forward to Amidst Exponential Growth in Colorants Adoption?
- Growth in usage in the food and beverage industry is one trend that is anticipated in the colorants market. Colorants improve the appearance of baked goods and confections in the food industry. To produce baked goods, colorants that are available in edible form are used. Food goods will look better and sell more if these edible colors are used more regularly.
- The prevalence of colorants in cosmetics and personal care products is another trend that experts expect will persist in the market. The market for these colorants is expected to grow significantly over the course of the forecast period since they are utilised in the production of many manufacturers' moderately cost hair dyes and hair colors.
- Due to the growth of emerging economies such those in China, India, Brazil, and Indonesia, dye consumption is expected torise in the upcoming years dramatically.
- Demand for colorants is anticipated to rise in several industries, including food, cosmetics, and textiles, as consumers' awareness of appealing product packaging and expanding fashion trends increase.
The Colorants market is dominated by globally established players such as Clariant AG (Switzerland), LANXESS AG (Germany), Cabot Corporation (US), du Pont de Nemours & Company (US), Flint Group (Europe), PolyOne Corporation (US), Sun Chemical Corporation (US), BASF SE (Germany), DIC Corporation (Japan) and Huntsman Corporation (US).These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Colorants market.
Let's Look at the Top 5 Companies That are Taking the Colorants Market by Storm
The Colorants market is expected to grow from USD 34.5 billion in 2021 to USD 47.5 billion in 2028 due to increased demand for paints and coatings across many industries, including the building, construction, and automotive sectors. Paints and coatings are applied to products to increase aesthetic appeal as well as protect them from corrosion, weathering, and other environmental influences. Thus, there is a growing need for colorants.
- Clariant AG (Switzerland)
The international specialty chemicals firm Clariant AG was established in 1995 as a spin-off from Sandoz. The company's four main business divisions are plastics and coatings, colorants, catalysis, natural resources, and care chemicals.
- LANXESS AG (Germany)
In 2004, the Cologne, Germany-based Lanxess AG, a specialized chemicals and colorants business, was established.
- Cabot Corporation (US)
With its headquarters in Boston, Massachusetts, Cabot Corporation is an American manufacturer of specialized chemicals, including colorants and performance materials.
- Flint Group (Luxembourg)
With its headquarters in Luxembourg, Flint Group is a manufacturer. One of the major global providers to the printing, packaging, and labeling sectors, Flint Group has annual revenues of US$2.3 billion and employs over 7,900 people.
- Huntsman Corporation (US)
American multinational Huntsman Corporation produces and sells chemical products for retail and industrial clients, including colorants.
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