Growing population, increasing disposable income coupled with consumer spending on packaged food products and fashionable garments is estimated to drive product demand over the forecast period. Increasing awareness of environment-friendly feature and health benefits of natural colorants coupled with favorable government regulations towards eco-friendly initiatives are anticipated to remain a key factor for the growth of natural ingredients market over the next nine years.
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Paints & coatings sector is expected to appear as the fastest growing application segment and is estimated to exceed USD 10 billion by 2025. Rising pigment and dye demand coupled with growing investment in advanced technologies used for the production of colorants are major factors contributing towards significant product demand in paints and coatings sector.
Caramel colors used in foods and beverages, including batter, buns, brown bread, chocolate, cookies, spirits, cough drops, and liquor such as beer, brandy, whiskey, and rum, are expected to remain the leading product category in food segment over the forecast period. The segment is estimated to reach a net worth exceeding USD 47.9 million by 2025.
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Further key findings from the report suggest:
- Textile segment emerged as the leading application category and accounted for over 30% of the total demand in 2015. Disperse dyes dominated the product category with a total market of over 125 kilo tons in textile application sector in 2015.
- Plastic application is anticipated to experience steady growth, with a CAGR of 2.7% over the next nine years. Titanium dioxide pigment emerged as the dominant plastic colorant accounting for over 36% of revenue share in 2015.
- Printing application is the second fastest growing sector with a demand of over 140 kilo tons in 2015
- Europe emerged as the dominant region and was valued over USD 8.7 billion in 2015, Germany being the leading market for dyes & pigments in overall Europe region is anticipated to grow at a CAGR of over 4% over the forecast period.
- Asia pacific is anticipated to experience the fastest growth over the next decade. Colorants demand in the region was estimated over 450 kilo tons in 2015 with China being the dominant consumer over the past few years.
- Major players including Chr. Hansen Holding A/S, BASF, Huntsman, Pidilite, Sensient Technologies, Jagson Colorchem, PolyOne, Penn Color, Clariant, and Lanxess dominated the global colorant market in 2015
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