The global dyes and pigments market size is expected to reach USD 51.7 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% from 2021 to 2028.
Increasing Demand from Paints & Coatings Application Segments
The market is projected to witness substantial growth in product consumption on account of high application scope coupled with increasing demand from the textile and paints & coatings application segments.
The product demand in the Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The growing construction industry, rapid industrialization & urbanization, and increasing consumer disposable income levels in the emerging economies are the primary factors driving the regional market.
Moreover, strong support, various initiatives, and increasing investments by the government are propelling the growth of the construction industry in the region, which, in turn, is anticipated to fuel the product demand.
Dyes & Pigments Market Report Highlights
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In terms of revenue, Asia Pacific led the global market in 2020 and is estimated to expand at the fastest CAGR of 5.8% from 2021 to 2028
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Increasing product demand from the end-use industries, such as textiles, paper, paints & coatings, construction, and printing inks, is likely to drive the APAC regional market in the coming years
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Dyes are expected to be the largest as well as the fastest-growing product segment over the forecast period
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The paints & coatings application segment accounted for the largest revenue share of the pigments market in 2020 and is estimated to maintain its dominance over the forecast period
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Rising product demand in various applications, such as automotive and marine, is estimated to support the growth of the paints & coatings segment
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Textiles application segment dominated the dyes market in 2020 with more than 62% revenue share and is expected to continue its dominance throughout the forecast period
Source: GVR