Our in-depth analysis segmented the global color concentrate market in the following segments:
Global color concentrate market is further classified on the basis of region as follows:
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The global color concentrate market is anticipated to reach around 6.5 Bn by 2027. The global color concentrate market is expected to expand at a CAGR around 7.0% during 2017-2027. The increasing demand for color concentrates in packaging industries is driving the growth of the color concentrates market across the globe.
The global color concentrate market can be segmented on the basis of form and end-use. On the basis of form global color concentrate market is segmented into solid & liquid. Based end-use global color concentrate market is sub segmented into packaging, consumer goods, building & construction and automotive. By end use segment, packaging industry sub-segment is leading and is anticipated to grow at the substantial CAGR during the forecast period. The use of color concentrates of different shades for packaging makes the product more attractive.
By region, global color concentrate market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. The Asia Pacific region is anticipated to register rapid growth on the account of the increasing application of color concentrate by end user industries. Additionally, rapid industrialization of various end-use industries in countries such as China and India is also contributing in the development of color concentrates market. China is estimated to be the most prominent market for color concentrates on the account of increasing automotive sector in the country.
Increasing demand for color concentrates from various end-use industries such as packaging, consumer goods, automotive and building & construction is anticipated to fuel the market growth of color concentrates during the forecast period. The growing use of aesthetics in packaging and increasing demand for plastics is driving the demand for color concentrate market. Moreover, industrialization in various developing regions across the globe and launch of universal carrier resins are expected to propel the color concentrates market.
However, there are also certain restraints associated with it such as high costs owing to color matching are hindering the market growth of color concentrates. Furthermore, recycling of plastics is a major challenge in the color concentrate market. It causes various environment effects which is compelling the government to make stringent regulations regarding the use of color concentrates.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel