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Phthalocyanine Pigments Market size is expected to observe notable expansion from 2023 to 2032, powered by rising utilization in the construction, plastic, marine, and industrial equipment sectors. The increasing rate of urbanization has resulted in considerable progress in the construction sector.
Phthalocyanine pigments are high-quality organic compounds that are used to provide color to paintings, fabrics, inks, and dyes. They have strong chemical and heat resistance, acting as an excellent choice in the coloring industry. The growing architectural emphasis on buildings has resulted in a greater need for high-quality paints and coatings. Factors such as rising living standards, as well as higher consumer spending capabilities will also function as potential market drivers.
The coronavirus pandemic significantly impacted the global economy while posing severe challenges to a wide range of businesses globally, including building and infrastructure development. This can be attributed to the project delays caused by a lack of raw supplies and manpower. However, with the increase in operational innovations across numerous verticals, such as construction, automotive & aerospace, packaging, and textile, the Phthalocyanine Pigments Market forecast is projected to pick pace in the coming years.
On the basis of classification, the blue phthalocyanine pigments industry landscape will garner considerable gains through 2032 due to increasing product adoption in paints, printing inks and plastics, and other sectors. Phthalocyanine pigments are lightfast, translucent, and highly staining. They are extensively used in industrial, printing, and artist paints, and have also turned more prevalent in the automobile industry. The growing popularity of copper phthalocyanine blue in high-performance paint compositions across the automotive industry considering its great color strength will add to the product demand.
Based on end-use, the phthalocyanine pigments market revenue from the paints & coatings sector is expected to grow significantly in the projected timeline due to the growing demand for colorants. Several commercial establishments are making significant investments in paints and coatings to preserve the visual stature of their facilities. Furthermore, numerous industrial and transportation equipment are deploying various ornamental and protective coatings in normal maintenance services. The increase in the number of commercial structures, such as office buildings, hotels, and shopping malls, along with the surging demand for blue dyes in textiles and paper are other factors driving the segment gains.
From a regional perspective, Asia Pacific phthalocyanine pigments market is expected to record significant demand for phthalocyanine pigments through 2032 due to greater industrial application breadth in the region. Several favourable government programs, particularly "Make in India," have resulted in substantial advancements in the automotive and aerospace sectors. To illustrate, Beijing is making about USD 1 trillion of government funds available for construction projects. The higher demand from the construction, automotive, and aerospace sectors will boost industry outlook.
Strategic marketing alliances, such as mergers, partnerships, and acquisitions, as well as capacity expansions, investments, and new product launches, are some primary growth initiatives employed by leading phthalocyanine pigment companies to gain a competitive edge while strengthening their market position.
Some major companies in the phthalocyanine pigments market include Clariant International Ltd., Huntsman Corporation, Flint Group, ECKART GmbH, CPS Color AG, Sinocolor Chemical, Rockwood Holdings Inc, LANXESS AG, Sudarshan Chemicals, Vibfast Pigments Pvt. Ltd, Unilex Colours & Chemicals Ltd, and Kiri Industries Ltd.