Adoption Across Applications To Widen Horizon For Global Organic Pigment Market
Global organic pigments market deals with cyclic organic compounds comprising of hydrocarbons, widely deployed in several applications such as printing inks, paints and coatings, plastics, rubber, textile etc. Global organic pigments market is expected to rise with a CAGR of 5% during the forecast period 2019-2026. Various types of organic pigments available are monoazo pigments, diazo pigments, phthalocyanine pigments, quinacridone pigments, acid and base dye pigments, etc. Conventional natural organic pigments are made up from natural sources such as leaves, flowers etc. and hence widely adopted. However, majority of the pigments currently used are either inorganic or synthetic organic pigments. Synthetic organic pigments are made up of petrochemical products such as coal tars and other by-products while inorganic pigments are manufactured by chemical reactions such as oxidation etc. Organic pigments are formed from aromatic hydrocarbons (aromatic hydrocarbons are compounds comprising structures of carbon atoms with hydrogen atoms attached that are formed in closed rings). Organic pigments majorly consist of azo pigments (pigments consisting of a nitrogen group). Organic pigments such as Copper phthalocyanines (also known as Phthalocyanine Blue BN) provides high color strength with strong blue and green pigment which are highly color-fast for organic colors. Other organic pigments, including fluorescent organic pigments, are coloring dyes which are rendered insoluble by chemical reaction. The physical properties of organic pigments such as shade, color-strength, transparency and clearness may vary on the basis of its micronization technology, i.e. crystalline structures and chemical structures. However, high cost of organic pigments and stringent government regulations are expected to impede the growth of global organic pigments market over the forecasted period.
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Increased adoption of organic pigments in plastic, paint, coatings and textile industries- Growth Promoter
Key factor driving the growth of global organic pigments market is the increased adoption of organic pigments in plastic, paint, coatings and textile industries. Organic pigments are widely used for coloration of plastics and plastic coatings. Optimized particle size distribution is an important requirement for the utilization of the organic pigments in the coloration of several plastic compounds. As per New Zealand Institute of Chemistry (NZIC), powdered organic pigments are widely used in oil and water based paints as organic pigments are stronger, brighter, more stable and more transparent as compared to inorganic pigments. In addition, organic pigments have greater tinting strength, better gloss development and ability to absorb ultra-violet light thereby preventing it from damaging the binder used in paints. Growing construction sector globally is expected to fuel the adoption of organic pigments in paints. According to the Chartered Institute of Building (CIOB, United Kingdom), global construction market is expected to grow by $8 trillion by the end of 2030 and would reach a total size of $17.5 trillion, with the average annual rate of 3.9% by the end of 2030. Also, it is expected that spending on construction and engineering projects would reach up to $212 trillion across the globe by the end of 2030. By the end of 2030, global construction sector is expected to account for 14.7% of global GDP, up from that of 12.4% in 2014. In textile industry, dyes containing organic pigments or pigment dyes are used to color the textiles fabrics and clothes, blended fabric dyeing etc. Growing number of textile industries worldwide is expected to promote the adoption of organic pigments in textiles. As per Textile Associations of India, China and India accounts for 40% of the global production of textiles and clothing owing to the novel technologies and policies in textile industry. Also, National Council of Textile Organizations (NCTO, U.S), the value of shipments for textiles and apparel in U.S was recorded to be $74.4 billion in 2016, which increased by approximately by 11% from 2009. Hence, increased adoption of organic pigments in plastic, paint, coatings and textile industries is expected to positively influence the growth of global organic pigments market.