Dyes Market size is forecast to experience gains exceeding 3% CAGR from 2016 to 2024. The industry growth is chiefly propelled by increasing product applications across various end user industries including paint & coatings, textiles, printing inks and food.
Growing foods & beverages demand in BRIC nations will positively influence dyes market size owing to its widespread application for food processing. In addition, population growth along with rising disposable income and rapid urbanization in Middle East countries especially in Saudi Arabia is anticipated to promote food & beverage industry over the forecast timeframe, consequently propelling industry growth by 2024.
Global food & beverage industry was valued at over USD 8.6 trillion in 2004 and surpassed USD 15.10 trillion in 2015, the growth was primarily backed by upgraded consumer lifestyle which results in increasing number of restaurants and cafes. Furthermore, new products launch by Nestle, Kraft Foods and Udi will further complement industry growth.
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Cosmetics is one of the important application of dyes market share. It is widely used in manufacturing a broad spectrum of colourful make up products including eye liners and lipsticks. Global cosmetic industry was valued at over USD155 billion in 2006 and marked more than USD 200 billion in 2015, with gains more than 3.5% over the same period.
Increasing end user awareness regarding harmful side effects related with synthetic chemicals along with rising regulations directed by FDA for chemical use in cosmetic products may hamper industry growth.
On the application basis the industry is segregated as paper & pulp, textiles/fabric, cosmetics, construction, paints & coatings, medicines and leather. Fabrics was the prominent share holder of the global dyes market size. With the technological advancements and digital photographs can be printed on the fabric, unlike conventional screen print photographs that blocks the fabric pores, this allows added fabric breathability absorb moisture, making it comfortable for the wearer.
These technological advancements will upsurge product demand for printing fabrics owing to boost industry growth by 2024. Furthermore, the product finds extensive applications in construction sector for paints, cool roofing and concrete owing to boost business growth.
Asia pacific dominated the global dyes market share in 2015. The regional growth was mainly propelled by growing end user industries including construction, fabrics, automotive, cosmetics. The region is likely to retain its global share by 2024. For instance, the region has largest construction industry mainly due to rapid industrialization along with growing population.
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China and India are the top dyes producer and consumer, which will consequently complement industry growth. Food & beverages in Singapore witnessed a double-digit growth of 15.6% owing to boost industry growth.
North America, mainly led by the U.S. dyes market is mainly propelled by robust growth in pharmaceuticals and upcoming construction spending for commercial and residential buildings, after 2008 economic downturn. In addition, Europe is anticipated to experience promising gains owing to booming cosmetic sector on account to enhanced consumer lifestyles.
Global dyes market share in competitive and key industry players are focussing on upscaling their production capacity. Clariant International, BASF, Kiri Industries, Cabot Corp, DuPont., ECKART, Huntsman Corporation, Kronos Worldwide, LANXESS, CRISTAL and Rockwood Holdings are some of the industry players contributing the global share.
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