Increasing use of organic functional dyes in printing inks attributes to the growth of the global organic functional dyes market over the forecast period. Organic dyes are incorporated to liquid formulations as additives, bestowing specialized and beneficial functionalities or just better control over the polymerization process and the final resolution of objects. The range of accessible dyes and polymeric matrices in the context of SLA and DLP processes is extensive.
Global organic functional dyes market is anticipated to record a revenue of US$ 3,214 Mn by the end of 2027 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.8% during the forecast period of 2021-2027.
The global demand for these dyes is expected to grow at a considerable rate each year. Strong advances will be seen in developing Asia, as well as, to a lesser extent, other developing regions such as Africa, the Middle East, and Eastern Europe. Advances in established areas such as North America, Western Europe, and Japan will be limited by market maturity.
Despite of above growth factors the global organic functional dyes market faced challenges such as increasing price of raw materials. The rising price of raw material costs of dye intermediates has an impact on dye prices, which can have a negative impact on operations in this area. The growth in fundamental raw material costs of dye intermediates has an impact on dye prices. Feedstock prices are influenced by crude oil prices, which can have a negative impact on operations in this area.
Global Organic Functional Dyes Market- by Application
Functional dyes are used in several sectors such as in textiles, 3D-Display, energy conversion, thermal and ink-jet printing, optical data storage, medical diagnosis, and others.
Among all the applications, textile is dominating the market comprising the value of US$ 32.4 Mn in 2020 because functional dyes can add a specific function to the textile such as protection from UV radiation, microbes as well as insects and moth.
Regionally, Asia-Pacific organic functional dyes market is witnessing a positive growth, owing to increased applications in smart textiles, due to rapidly developing healthcare and construction industries.
However, moth and mosquito repellent dyes is growing at the highest CAGR value of 11.8% during the forecast period as these dyes provides protection against moths and mosquitos after application on textiles. Mothproof and insect repellent dyes is textile museum and library to protect the textiles and books.
Regional Analysis- Global Organic Functional Dyes Market
Europe accounted for a substantial organic dyes market share in 2020, owing to growing demand for organic pigment in the vast and stable pharmaceutical industry of the region, expanding need for bio-based paints and coatings, and an increasing variety of color shades to support the urbanization and industrialization. Furthermore, the leading pigment manufacturers of Europe are acquiring the global leaders in the market. For instance, Hoover Color Corporation, a pigment manufacturer established in the United States, was acquired by Europe based Cathay Industries, to serve a wider pigment customer base in the country.
As per the study, production of organic dyes is increasing in countries like China, India, and Japan. Hence, Asia Pacific organic functional dyes market is projected to grow at the fast growth rate of 9.9%. Moreover, the building and construction industry's increasing need for paints and coatings is a major driver of the market growth.
Covid-19 Impact on the Global Organic Functional Dyes Market
The outbreak of covid-19 adversely affected the market by decreased demand and productivity during the current covid-19. The overall demand for chemicals used across facilities has decreased due to the strict lockdown measures across the world.
The lockdown in different countries across the globe caused the delay which increased the raw material prices to affect the organic functional dyes negatively. Compared to 2019, the price of functional dye is expected to go up from the average prices in the same time frame, which will have a negative impact on the dependent market, such as medical diagnosis, textiles, robotics, electronic sensors, imaging, and other allied sectors.
Market Key Players- Global Organic Functional Dyes Market
The cumulative market share of the four major players such as BASF, Clariant, Connect Chemical, and Heubach Gmbh is 23.20%. Thus, the market is monopolistic competition in nature and is projected to shift towards oligopoly nature in the future years. As per the research analysis, top 13 players in the market hold around 36.10% market share and rest of the market is captured by other local players.
As per the study the data triangulation of global organic functional dye market, the bottom end of the pyramid consists of local players and small-scale players, whereas top of the pyramid includes the section of key players that includes BASF, Clariant, Connect Chemical, Heubach Gmbh and Kiri Industries among others.
Segmental Overview
The global organic functional dyes market is segmented into different segments such as type, external energy, and region.
Based on dyes type, chromic dyes segment holds highest share of 70% in 2020 and expected to maintain the dominance during the forecast period as it provides numerous advantages and can be used exclusively well, both aesthetically and scientifically. As they can be easily mixed into a variety of solvents, these chemical pigments are appropriate for a wide range of chemicals.
By Type
By External Energy
By Application
By Region
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below:
https://www.astuteanalytica.com/request-sample/organic-functional-dyes-market
