Phthalocyanine Pigments Market - By Color Type (Blue, Green), By Sub Type (Copper, Zinc, Aluminum), By Application (Paints and Coatings Industry, Plastics Industry, Electronics, Textile Industry, Cosmetic and Personal Care Industry) & Forecast, 2023 – 2032
Report ID: GMI4154
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Published Date: August 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 15
Tables & Figures: 191
Countries covered: 22
Pages: 150
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Phthalocyanine Pigments Market
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Phthalocyanine Pigments Market Size
Phthalocyanine Pigments Market size was valued at around USD 27.8 billion in 2022 and is anticipated to grow at a CAGR of 5.9% between 2023 and 2032. Phthalocyanine pigments are known for their intense and vibrant colors that remain stable over time. Their resistance to fading and discoloration makes them a preferred choice for applications requiring long-lasting color.
These pigments exhibit excellent lightfastness, making them suitable for outdoor applications where exposure to sunlight is common. Their durability contributes to the longevity of products. Phthalocyanine pigments cover a broad spectrum of colors, including blues, greens, and even some reds and violets. This versatility allows manufacturers to achieve a wide range of color shades.
Some older formulations of phthalocyanine pigments may contain heavy metals, leading to environmental and regulatory challenges. The production of phthalocyanine pigments can involve chemical processes that generate waste and emissions. The handling of certain pigments and chemicals used in their production may pose health and safety risks to workers. Thus, the risks associated with Phthalocyanine pigments may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
Industries such as automotive, construction, and textiles experienced decreased demand due to economic uncertainty and reduced consumer spending, affecting the demand for phthalocyanine pigments. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
Phthalocyanine Pigments Market Trends
There is a growing demand for phthalocyanine pigments formulated with environmentally friendly ingredients and production processes. Pigment manufacturers are focusing on minimizing waste generation, energy consumption, and emissions in their production processes. Phthalocyanine pigments are being used in high-performance coatings for corrosion protection, automotive finishes, and industrial applications.
Phthalocyanine Pigments Market Analysis
Based on color type, the phthalocyanine pigments market is segmented as blue, green, other. Blue held a majority market value of USD 13.7 billion in 2022. The blue color is commonly used in architectural coatings, automotive finishes, and industrial coatings, driving demand for blue phthalocyanine pigments. Blue pigments are used in dyeing fabrics for clothing and fashion accessories due to their vibrant and enduring color. Moreover, an increasing usage will further accelerate the segmental growth.
Based on sub type, the phthalocyanine pigments market is segmented as copper, zinc, aluminum, others. Copper held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace through 2032. Copper phthalocyanine pigments are commonly used in architectural paints, industrial coatings, and automotive finishes for their color stability and durability.
Based on application, the phthalocyanine pigments market is segmented as paints and coatings industry, plastics industry, electronics, textile industry, cosmetic and personal care industry, others. Paints and Coatings Industry held a dominant market share in 2022 and is anticipated to grow at 5.4% CAGR from 2023 to 2032. The durability and colorfastness of phthalocyanine pigments make them ideal for architectural paints, industrial coatings, and automotive finishes. Thus, the high-quality services and growing usage of Phthalocyanine pigments are anticipated to expedite the business statistics.
U.S. dominated the North American region with majority phthalocyanine pigments market share and a revenue of USD 5.7 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The construction of residential, commercial, and industrial structures leads to demand for architectural coatings where phthalocyanine pigments are used for coloration and durability.
Phthalocyanine Pigments Market Share
Some of the major industry players operating in the Phthalocyanine pigments market are :
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Phthalocyanine Pigments Industry News:
Phthalocyanine pigments market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:
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By Color Type
By Sub Type
By Application
The above information is provided for the following regions and countries: