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The global organic pigment dispersions market size was USD 0.37 billion in 2020. The market is projected to grow from USD 0.39 billion in 2021 to USD 0.53 billion in 2028 at a CAGR of 4.3% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with organic pigment dispersions witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 4.03% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden decline in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Pigment dispersions are dry pigments that are dispersed in a liquid and stabilized by the addition of additives, such as surfactants or resins, to avoid re-agglomeration or the formation of lumps of pigments. These dispersions may contain water, solvent, or can be based on the resin, which is in the liquid phase at room temperature. Organic pigments are used in synthesizing organic pigment dispersions while inorganic pigments are used in inorganic pigment dispersions. Pigment dispersions often possess high pigment concentration and are extensively used as a colorant in ample quantities to impart color in a broad range of products. The term “pigment dispersion” is used synonymously with colorants, color concentrates, and pigment preparations.
Emergence Of COVID-19 Pandemic To Exhibit Mixed Effect On Market
The COVID-19 pandemic has been one of the most disruptive forces the paint and coatings industry has seen in decades. Every vertical in the plastics sector suffered unprecedented effects on the production, supply, and trade activities of the pandemic. The companies suffered a huge downfall in revenue due to a halt in production activities and regulations forbidding social gathering, be it trade or production. For instance, according to the coating world’s survey, Indian paints and coatings industry was expected to reach USD 8 billion in the financial year 2019-20, but suffered a huge loss and gave the worst performance in recent years. For instance, Sudarshan Chemicals, one of the major players in the pigment dispersion industry, derive half its revenue from exports. While the country exports to 85+ countries, a substantial part of the exports comes from the Netherlands. The U.S., the UAE, and Turkey have major clients for the company. As per the channel checks, the velocity of sales might be impacted due to clogged logistics channels.
However, the industry is reviving for the last few months due to potential measures and vaccination drives run by the government. Relaxation in the stringent norms is expected to boost production and trade. For instance, Sudarshan Chemicals’ manufacturing plants were closed during the lockdown. The Roha plant resumed operating from 5th April 2020 and is now at normal levels while the Mahad plant resumed from 11th April 2020 and is operating at lower levels due to a shortage of labor and social distancing.
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Eco-friendly Organic Pigment Dispersions to Experience Demand
The environmental impact of these pigment dispersions varies according to the compositions. Growing concerns regarding the environmental impact of chemicals are driving the manufacturers to shift toward alternatives that have minimal effect on the environment. Eco-friendly dispersions are dispersions that do not contain volatile organic compounds.
Recent trends in the organic pigment dispersions market include the integration of sustainable resources such as resins and other reinforcement particles into pigment dispersions. Additionally, pigments and pigment dispersions are used to absorb or reflect infrared radiation. Infrared absorbing dispersions are synthesized using milled particles of Near Infrared (NIR) absorbing pigments.
Growing Demand for Printing Inks will Foster Market Growth
Organic pigment dispersions are highly employed in the production of printing inks. High demand for printing inks from various application areas shall boost the growth of the market. More than 50% of the pigment dispersions are employed in printing inks. Printing inks are extensively used in flexographic and intaglio printings, lithographic prints and typographic prints, screen printing, and other printing techniques. Additionally, the increasing popularity of digital printing is one of the important factors influencing growth.
They can be applied in various plastic and decorative applications, which include ceramics painting and printing, plastic and coatings manufacturing, printing on textiles, and composites production. Due to the high demand for plastics and composites in various colors and patterns, there has been a significant increase in demand for pigment dispersions.
High Cost of Organic Pigment Dispersions to Hinder Market Development
Organic pigment dispersions are relatively higher in cost compared to alternatives, owing to the superior properties such as uniform and homogenous dispersion of pigments, increased milling efficiency, and others. This factor is predictedcon to hinder the market growth. Additionally, increasing prices of raw materials are surging the prices of pigment dispersions.
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Printing Inks Segment Account for Significant Share Due to High Demand from Key End-use Sectors
By application, the market is divided into printing inks, coatings, plastic, and others. Printing inks segment is the largest application. The surge in adoption of digital printing technology in various end-sectors has positively affected the market growth. Moreover, the coatings and plastic segment is estimated to contribute significantly owing to the rising demand from the industrial and automotive sectors.
Asia Pacific Organic Pigment Dispersions Market Size, 2020 (USD Billion)
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The market size in Asia Pacific stood at USD 0.15 billion in 2020 due to the region's stable economy, rise in disposable income, and improving living standards in developing countries such as India, China, Japan, Singapore, Malaysia, and Vietnam. The industry in Asia Pacific is booming. The expansion of the printing ink and automotive sectors in rising economies, such as China, South Korea, Thailand, India, and Taiwan, is expected to boost the organic pigment dispersions market growth.
North America is one of the key markets. As environmental concerns rise, these coatings are likely to gain appeal in North America. Superior characteristics of these dispersions such as durability, good finishing, and great resistance to chipping, corrosion, and abrasion are the prime factors boosting the market in North America. The increase of production capacity by major automakers in the U.S. is projected to boost the market.
Europe is estimated to witness significant growth, owing to the high demand for coatings and plastic from the automobile sector. In Germany, Hungary, Romania, Austria, and the U.K., where firms have a strong industrial manufacturing base, the demand is projected to be driven by increased plastic and rising vehicle production.
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The market in Latin America and the Middle East & Africa is set to experience steady growth attributed to the adequate manufacturing base. The regions mainly import the dispersions to meet the demand.
Key Companies to Conduct Research and Development Activities to Increase Market Presence
Players in the industry mostly operate based on the product's pricing and application qualities. Several big businesses are forming strategic partnerships to enhance brand and sales to increase their market share and get a competitive edge.
Companies have utilized several strategies to increase their market share, including mergers and acquisitions, investment and expansion, and product creation. Manufacturers are putting a lot of money into research and development and depending on technical improvements to get a competitive edge through product diversification and cheap pricing.
A few key players operating in the global market are Penn Colors, BASF SE, Pidilite, Sudarshan Chemical, Lanxess (Germany), Chromaflo, and DIC Corporation.
An Infographic Representation of Organic Pigment Dispersions Market
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The report examines the market in depth, focusing on key factors such as major players, goods, and services. In addition, the research study analyses key industry developments and provides insights into market trends. The study covers a variety of variables that have contributed to the market's recent expansion in addition to the ones stated above.
This study examines the industry's most recent market dynamics and opportunities as well as historical data and revenue growth estimates at the global, regional, and country levels.
Value (USD Billion) and Volume (Kilo Tons)
Application; and By Region
Fortune Business Insights says that the global market size was USD 0.37 billion in 2020 and is projected to reach USD 0.53 billion by 2028.
In 2020, the Asia Pacific market size stood at USD 0.15 billion.
Growing at a CAGR of 4.3%, the market will exhibit steady growth during the forecast period (2021-2028).
The printing inks segment is the leading segment in this market during the forecast period.
Growing demand for printing inks drives the market.
Penn Colors, BASF SE, Pidilite, Sudarshan Chemical, Lanxess, Chromaflo, and DIC Corporation are major players in the global market.
Asia Pacific dominated the market share in 2020.
The growing demand for eco-friendly pigment dispersion is expected to fuel the market.
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