Colorants are used to impart colors to a wide variety of products. They can be synthetic and natural and are used in various end use industries such as ceramics, photographs, clothes, plastics, paints, textiles, leather and inks. The global growth in these industries combined with the property of colorants to aesthetically enhance these products is expected to benefit the overall colorants market demand.
Colorants are employed for the establishment of image recognition or product recognition. Industries employ colorants to make their products more visible and alluring. The other purposes served by colorants when safety, identification as well as protection. Such benefits offered by the colorants has positively benefitted its market demand in the past and this trend is expected to continue over the forecast period.
Rising population across the globe, increasing disposable income and the rising standard of living has spurred a rise in demand for textiles across the globe. The above-mentioned factors have also contributed significantly for a global growth in the food and beverage industry. Colorants are utilized in the textile as well as food & beverage industry, thus witnessing a rise in demand over the recent past.
All the colorants, whether, natural or synthetic, are dependent on specific type of mineral, plant, or animal depending on the type. These exist in a particular type of ecosystem and are affected by the change of events in their surroundings, the exploitation of natural resources, coupled with the rising pollution has put strain on these sources. The rising demand for colorants is further expected to put strain on these conventional colorant sources thus forcing manufacturers to develop new efficient alternatives for colorant production.
Competitive Landscape and Key Vendors
Earlier, Europe and North America led the market in terms of production capacities. However, this scenario has changed with Asia Pacific now leading the market. The region also contributes a higher percentage of the global market demand as compared to other regions. Countries such as Brazil, India, China, Chile, and the U.S. are some of the key countries driving global colorants market demand.
The major factors influencing the industry participants to map their market strategies include sustainability, phasing out of oil-based products, and concentration on the utilization of renewable resources and the reassessment of the applicability of natural colors. Growing interest of consumers towards green colors is also one of the key market trends.
Major industry participants include BASF SE, Clariant, E. I. Du Pont De Nemours and Company, Huntsman Corporation, DIC Corporation, Cabot Corporation, Dystar, Lanxess, Polyone Corporation, Sun Chemical Corporation, Ampacet Corporation, Chromatech Incorporated, Sudarshan Chemical Industries Limited, Chromatech Incorporated, Heubach Color, Holland Colours, Greenville Colorants, LLC, Solvay among others.