Increase in demand for eco-friendly products as well as textile printing inks drives the growth of the global organic dyes market.
PORTLAND, Ore., April 5, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Organic Dyes Market by Product Type (Acid, Basic, Reactive, Disperse, Direct, Sulphur, and, others) and Application (Plastic, Paints and Coatings, Printing Inks, Textile, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global organic dyes industry generated $3.3 billion in 2019, and is expected to generate $5.1 billion in 2027, witnessing a CAGR of 5.8% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in demand for eco-friendly products as well as textile printing inks and surge in application of organic dyes in paints and coatings drive the growth of the global organic dyes market. However, high cost of organic dyes and limitation of raw materials for production hinder the market growth. On the other hand, growth in investment from the industry players presents new opportunities in the coming years.
The outbreak of COVID-19 pandemic led to partial or complete shutdown of production facilities during the prolonged lockdown in major countries.
However, the growing demand from the paints and coatings industries, and robust investment in new start-ups, will slowly assist the market to recoup soon.
The reactive segment to maintain its lead position during the forecast period
Based on product type, the reactive segment accounted for the largest market share, accounting for more than two-fifths of the global organic dyes market in 2019, and is expected to maintain its lead position throughout the forecast period. This is due to increase in application of reactive dye in textile, paints, and coatings industries. However, the basic segment is projected to manifest the fastest CAGR of 9.9% from 2020 to 2027, owing to easy availability in both liquid and powder forms.
The stackable segment to maintain its leadership status during the forecast period
Based on application, the printing inks segment accounted for the largest share, contributing to more than one-third of the global organic dyes market in 2019, and will maintain its leadership status during the forecast period. This is due to surge in demand for eco-friendly and sustainable products for printing applications. However, the textile segment is projected to portray the fastest CAGR of 7.5% from 2020 to 2027, owing to increase in demand for textile printing.
Europe, followed by North America, to manifest the fastest growth rate by 2027
Based on region, Europe, followed by North America, projected to maintain its highest CAGR of 6.6% during the forecast period, owing to presence of major market players in the province and increase in demand from textile and apparel industries. On the other hand, the market across Asia-Pacific region held the highest market share in 2019, accounting for more than two-fifths of the global organic dyes market. This is due to large production of organic dyes in the countries such as China, India, and Japan. In addition, strong demand from paints and coatings industries for construction further fuels the market growth.
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