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Azo Pigments Market size is expected to depict a strong growth rate through 2023-2032, given the escalating demand for color pigments across textiles, paints and coatings, and other end-use industries. Azo pigments are considered an important synthetic colorant widely used in applications such as printing. The rise in textile exports will therefore accelerate azo dye formation.
Azo dyes are defined as organic compounds in the diazene functional group widely adopted to treat leather articles and other products. The unique color is one of the key characteristics of azo dyes, which can impart color to solutions due to alternating double and single bonds, referred to as a conjugated system.
A prominent trend contributing to the azo pigments market expansion is the gradual recovery in construction projects from the COVID-19-induced economic crisis. Based on the 2022 report from the International Trade Administration, the construction sector is set to witness a solid recovery and register an upsurge of over 3.7% to 4.7% in the next 5 years. Furthermore, the introduction of government-backed infrastructure projects will further augment the preparation of azo pigments for paints and varnishes applications. Despite the growth trajectory, high production costs and the strong presence of alternatives may hamper industry dynamics to some extent.
In terms of the product, the red pigments segment is expected to gain significant returns in the azo pigments market over 2023-2032, driven by the high stability and solvent resistance, among other attributes. Over the years, cost-effective red azo pigments have been developed for use in rubber, fiber, and other products. Varied product has also gained approvals from the FDA and other regulatory bodies for use in cosmetics, drugs, and foods. These initiatives, alongside the high emphasis on expanding red pigment offerings, will add impetus to industry development.
Plastics application segment will amass considerable profits in the upcoming years. Considering the exceptional stability of chemical consistency and temperature, the compound is generally used in the coloration of PVC, copolymers, polyolefins, and other technical plastics. According to statistics from the Society of Indian Automobile Manufacturers, automotive sales increased by 10% Y-o-Y, considering the improvement in chip availability. These trends will further contribute to the production of technical plastics for underbody coatings and other automotive applications.
North America azo pigments market is set to emerge as a lucrative revenue by 2032, as a result of the introduction of favorable infrastructure expansion norms. For instance, in April 2022, the White House announced the restoration of key protections to a landmark environmental law to construct highways, pipelines, and other infrastructure projects. Additionally, the high consciousness about environmental protection will also boost the adoption of organic azo pigments in a range of industries across the region.
Azo pigments market key players include Ferro Corporation (Prince International Corporation), Tah Kong Chemical Industrial Corp., Sun Chemical Group CoÖPeratief U.A., LANXESS, Clariant International, Crown Color Technology Co, and BASF SE, among others. These companies are incorporating strategies such as collaborations, mergers and acquisitions, and product range expansions to solidify their presence in the market.