The global colorants market size estimated to be worth of USD 52.74 billion by 2026 and is projected to grow at a CAGR of 5.3% over the forecast period.
Colorants are products that have the ability of value addition and
are used in various applications such as paper, food & beverages, textiles,
plastics, paints, cosmetics, leather, inks, photos, and medical applications
among others. They are used to transform products into aesthetically superior
ones, thus benefitting the product’s demand. The global growth in key end use
industries such as textiles and plastics among others, is expected to benefit
the global colorants market over the forecast period.
Colorants can be classified into two broad types, these include
dyes and pigments. Pigments can be defined as powdered or granular substances
that are insoluble and impart color by reflecting certain rays of light.
Industries such as ink, paints are the major end uses of pigment paints.
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Dyes are soluble substances that are employed to pass color to the
substrates. Mainly, the major end – users of dyes include leather and the
textile industries. Due to rising population and increasing disposable income,
the textile industry has witnessed a rapid growth in the past few years. This
has benefitted the dyes demand in the recent past.
The market is characterized by a shifting interest towards
naturally derived colorants. There is uncertainty prevalent in the consumers
regarding the safety of synthetic colors. The image of natural colorants that
is perceived by consumers is good and healthy.
Synthetic colors are being perceived as those responsible for
allergenic reactions and other disorders. This has paved way for opening up of
new avenues and market opportunities for natural food color manufacturers. Such
trends are expected to benefit the colorants market demand over the forecast
period.
Therefore, due to rising demand for natural food colors across the
globe, manufacturers are evaluating novel routes to produce these colors.
Biotechnological processes such as fermentation, algae cultures as well as
plant cell routes are being evaluated.
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The compulsory tests that have to be carried out, prior
commercialization of the product, is expected to hinder market growth.
Toxicology test is one of such tests. The huge investment required for Research
and Development as well as for testing of the product is a huge impediment for
market participants. In addition, the dislike of customers for novel products
is also expected to restrain market growth. One of the other factors
restraining market growth is the prevalence of stringent regulations governing
the launch of new products.
The main focus of these manufacturers is to develop a
biotechnological route that can produce colors ranging from yellow to blue
among others. To achieve this, researchers are focusing on the development of
organisms that can produce phycobiliproteins, carotenoids and other types that
possess the aforementioned colors.
Major industry participants include BASF SE, Clariant, E. I. Du
Pont De Nemours and Company, Huntsman Corporation, DIC Corporation, Cabot
Corporation, Dystar, Lanxess, Polyone Corporation, Sun Chemical Corporation,
Ampacet Corporation, Chromatech Incorporated, Sudarshan Chemical Industries Limited,
Chromatech Incorporated, Heubach Color, Holland Colours, Greenville Colorants,
LLC, Solvay among others.
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