Organic Pigments Market Size

Organic Pigments Market Growth Projections and Opportunities

The organic pigments market is poised to witness a Compound Annual Growth Rate (CAGR) of 4.69% from 2023 to 2030, with a valuation of USD 2,385.45 million in 2022 anticipated to reach USD 3,433.09 million by 2030. Comprising colored substances derived from organic compounds with pigment characteristics, these compounds must exhibit various properties such as sunlight resistance, flood resistance, acid resistance, alkali resistance, organic solvent resistance, heat resistance, and high dispersion in application media to be classified as organic pigments.

The primary driver for the organic pigments market is their escalating usage in the printing ink and paints & coatings industry. The surge in demand for printing ink, particularly for packaging materials, has significantly increased the market demand for organic pigments. Their utilization in various coatings, including decorative, industrial, construction, and automotive coatings, is expected to rise due to their high tinting strength and effective resistance properties. Moreover, emerging economies are witnessing a spike in demand for organic pigments in response to the growing textile production. These pigments are increasingly favored in the textile sector due to their brightness, quality, and strength as colorants. The animal feed nutrition industry and the increasing demand for organic pigments in the food & beverage sector are additional contributors to the rising demand.

However, market growth is hindered by the high production costs associated with the multi-stage production process and the need for top-quality raw materials. The production of organic pigments in smaller batches and the requirement for superior raw materials contribute to higher costs, making organic pigments comparatively expensive compared to conventional alternatives. Despite these challenges, the market is anticipated to witness expansion opportunities due to the development of low-VOC and eco-friendly products, aligning with changing consumer preferences and government initiatives towards bio-based products.

The market segmentation is based on types, with Azo pigments leading in 2022, holding a substantial market share valued at USD 1,243.13 million and projected to register a CAGR of 4.91%. The application segment is categorized into paints & coatings, printing ink, textile, plastics & rubber, and others. In 2022, the printing ink segment dominated the global organic pigments market with a market value of USD 1,009.85 million and is projected to register a CAGR of 4.95%.