Dyes and Pigments Market Trends

Growth Drivers

• Rise in the Construction Industry to Boost the Demand for Dyes and Pigments – The revenue collected by the global construction industry was almost USD 2 trillion in 2019.The availability of dyes in a wide variety of forms, such as granules, liquids, pastes, pebbles, and many more, makes dyes and pigments a preferred choice in the fields of decoration, aesthetics, and art in the construction industry. The growth in the construction industry is anticipated to raise the sales of dyes and pigments in the upcoming years.

• Boom in the Paint and Coatings Industry – Owing to rapid industrialization, there has been an increase in the use of paints and coatings for imparting colors to materials. Thus, the increasing demand for paints and coatings is further expected to boost the global dyes and pigments market. The global paint and coating industry was estimated to be valued at approximately USD 160 billion in 2020.
• Development in Chemical Industry across the Globe – The global chemical industry in the year 2021, generated a revenue of approximately USD 5 trillion.
• High Investment in Research and Development Activities – The World Bank revealed the statistics of the global expenditure made in the research and development sector in 2020, which amounted to 2.63% of the total GDP. This was a rise from 2.14% of the total GDP in 2016.

Challenges

• Additional External Expenses - The high costs included in various stages is expected to pose as a challenge, as it becomes difficult for the population with middle income or startups to incorporate pressure sensitive adhesives in use of varied processes.
• Stringent Government Rules
• Frequent Changes in Regulatory Standards