NEW YORK, Nov. 24, 2021 /PRNewswire/ -- The global azo pigments market is expected to witness a CAGR of 4.1% and be valued at US$ 2.3 Bn by 2031, as per the latest industry analysis by Persistence Market Research.
Increase in regulations imposed on the use of harmful synthetic chemicals across the globe is expected to emerge as a key factor bolstering the sales of azo pigments. With rising awareness about environment protection, a giant shift toward organic products has been detected over recent years. Also, plastic production is also increasing at a rapid pace. Consistent growth in demand for plastics is driving the sales of pigments for plastic coloring.
However, high production cost associated with azo pigments elevates product pricing. Presence of cheaper alternatives will hamper overall market growth, especially in emerging markets with governmental regulations, such as India, Brazil, Egypt, and others.
However, market players are launching innovative products to stay ahead of the competition, such as:
In 2021, Sun Chemical, a fully owned subsidiary of DIC Corporation, announced the launch of two new cosmetic effect pigments that are based on an innovative patent-pending process.
Global sales of azo pigments are anticipated to reach a value of US$ 2.3 Bn by the end of 2031.
East Asia is the most prominent region in the market owing to high presence of end-use industries.
Growing demand for paints & varnishes is expected to drive the need for azo pigments over the forecast period.
Stringent regulations imposed over the use and production of conventional pigments are expected to elevate demand for azo pigments.
High cost associated with azo pigments is hindering overall market growth to some extent.
"Increasing stringent regulations on the use and production of conventional pigments are set to demand for azo pigments over the coming years," says a Persistence Market Research analyst.
The global market for azo pigments has been identified as a fairly fragmented space due to the presence of small-scale and domestic azo pigment manufacturers active across regions. In addition, demand for custom or need-specific product formulations will also increase competition in the near course of time in this market space.
According to the market research analysis, BASF SE, Clariant International, Pidilite Industries Ltd, Lanxess AG, Jiangsu Yabang Pigment Co., Ltd, Sincol Corporation, Sudarshan Chemical Industries Limited, Ferro Corporation, DIC Corporation, Jeco Pigment USA Inc., Tah Kong Chemical Industrial Corporation, Crown Color Technology Co., Ltd, Dimacolor Industry Group Co., Ltd, Trust Chem Co. Ltd., Cathay Industries, Alliance Organics LLP, Heubach Colour Pvt. Ltd, Toyo Ink SC Holdings Co., Ltd, Royal Talens B.V., Flint Group, Apollo Colors Inc, Changzhou Longyu Pigment Chemical Co., Ltd, Wellton Chemical Co., Ltd, and Jiangsu Yabang Pigment Co., Ltd are identified as key manufacturers of azo pigments.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the global azo pigments market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, product type, application, solubility, and region. The report also provides supply and demand trends along with an overview of the parent market.
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
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