Dyes, pigments, paints, and coatings are materials that provide finishing characteristics to any component or product. Color is imparted to a substance by dyes and pigments by reflection of light of a particular wavelength. The shade of the color imparted to the substance depends on the amount of light reflected, which means that if a substance reflects more light, it will be a dark shade. In case of pigments, light scattering is dependent on factors such as particle size and refractive index of pigments and its binders. Paints and coatings are applied to surface of various substances to enhance durability and performance of the products.
Increasing demand for dyes, pigments, paints, and coatings from various end-use industries such as automotive, aviation, aerospace, railway, marine, building and construction, medical and healthcare, personal care, furniture, printing, labeling, polymers, and metal is a major factor driving growth of the dyes, pigments, paints, and coatings market.
However, high price of raw materials required for manufacturing of paints & coatings and stringent environmental regulations for industries that produce dyes and pigments are major factors that restrain growth of the dyes, pigments, paints, and coatings market.
Asia Pacific region accounts for largest market share in the dyes, pigments, paints, and coatings market. It is expected to witness significant growth, owing to increasing demand for paints and coatings from construction industry and increasing disposable income in the region. Moreover, Latin America is expected to be the second fastest growing region in the market, owing to growing textile industry in the region.
The production of dyes, pigments, paints, and coatings by greener methods and usage of bio-based raw materials is expected to offer major opportunities for key players in the market. These factors are expected to have positive impact on the market share of key players and their influence in various end-user applications in the near future.
Key players are adopting various strategies such as new product launches in order to retain its position in the global dyes, pigments, paints, and coatings market. For instance, AkzoNobel N.V. launched a new digital tool, DryDoQ Insights, which helps owners and operators of shipping fleets in precisely predicting the condition of a vessel’s underwater hull without the need for visual inspection.
Some of the major players operating in the dyes, pigments, paints, and coatings market include BASF SE, Clariant AG, Atul Limited, Sudharshan Chemicals Industries Limited, DIC Corporation, Huntsman Corporation, Kiri Industries Ltd., Kronos Worldwide, Inc., Lanxess AG, AkzoNobel N.V., Axalta Coatings Systems, Asian Paints, Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, and Tronox Limited among others.