Phthalocyanine pigments market size is set to showcase notable expansion from 2022 to 2028 owing to increasing utility in the plastic, construction, marine, and industrial equipment sectors. The rising rate of urbanization has led to significant advancements in the construction sector. The increasing architectural focus in buildings has resulted in the higher requirement for fine quality paints as well as coatings. Factors, like improving standard of living, and booming urbanization and industrialization will act as potential drivers for market growth.
Phthalocyanine pigments are typically high-quality organic pigments incorporated in textiles, paints, inks, and dyes to impart colors. They offer good fastness to heat, optimum resistance to chemical attacks, combined with brightness and cleanliness of shade, making them an ideal choice in the coloring sector.
Based on classification, the market share of blue phthalocyanine pigments will expand through 2028 due to rising utility in printing ink and plastics, paint, among a wide range of other applications. These pigments are also marking a widespread presence in the automotive sector. For instance, copper phthalocyanine blue is widely utilized as an organic nano pigment in automotive as well as high-performance paint formulations considering its excellent color strength.
With regards to end-use, the phthalocyanine pigments industry size from the paints & coatings sector will expand considerably owing to the growing demand for colorants, notably blue and green pigments in automotive paints as well as printing inks. The mount in the number of commercial buildings, including hotels, office buildings, and malls and increasing need for blue/cyan dyes in textiles and paper are other factors driving the segment growth. There is also growing usage of phthalocyanines for inkjet printing, as colorants for cyan toners, and as charge generation materials in laser printers. Higher demand from the automotive, construction, and aerospace sector will infuse a positive prospect for the industry expansion.
Regionally, Asia Pacific is anticipated to record substantial demand for phthalocyanine pigments through 2028 on account of higher industrial application scope in the region. The emergence of several favorable government policies, including “Make in India” has resulted in significant strides in the automotive & aerospace sector. Furthermore, the expanding population has led to higher infrastructural spending for building & construction activities to match the escalating residential and commercial requirements. Factors like growing disposable income, have made way for the improving quality of living, mainly in India, Indonesia, and Malaysia. The proliferating consumer base and mount in the number of commercial buildings are other factors driving the regional market growth.
Strategic marketing team-ups, such as mergers, partnerships, and acquisitions, together with capacity expansions, investments, and novel product launches are the prime initiatives adopted by these firms for attaining competitive advantages whilst reinforcing their market position.
For instance, in June 2021, DIC Corporation acquired the global pigments business of BASF, renowned as BASF Colors & Effects (BCE). The acquisition brought together the complementary portfolio of products, technologies, supply chain, manufacturing assets, and customer services of both companies to cater to customers globally.
Huntsman Corporation, Clariant International Ltd. (Clariant AG), Flint Group, CPS Color AG, ECKART GmbH, Sinocolor Chemical, LANXESS AG, Rockwood Holdings Inc, Sudarshan Chemicals, Unilex Colours & Chemicals Ltd, Vibfast Pigments Pvt. Ltd, Kiri Industries Ltd., and Jagson Colorchem Ltd are some of the other well-known phthalocyanine pigments suppliers and manufacturers.
COVID-19 impact on phthalocyanine pigments market outlook
The coronavirus pandemic dramatically hampered the global economy while carving numerous roadblocks to a vast number of industries worldwide, including the construction and infrastructural, development sector. This can be ascribed to the delays in projects caused as a result of limited raw materials and labor. However, with the rise in operational advancements across several verticals, like construction, automotive & aerospace, packaging, and textile, the market forecast is likely to pick pace over the next few years.