Synthetic Pigments Global Market Report 2024

The synthetic pigments market size has grown strongly in recent years. It will grow from $49.55 billion in 2023 to $54.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The expansion observed in the historical period can be attributed to the growth of emerging markets, government incentives, a favorable low-interest-rate environment, a rising demand in the textile sector, and an increase in the construction of affordable housing.

The synthetic pigments market size is expected to see strong growth in the next few years. It will grow to $76.43 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to an increasing demand for high-performance pigments and a surge in demand from various end-user industries. Notable trends in the forecast period encompass the adoption of IoT technology to improve manufacturing efficiencies, the integration of big data analytics in operations for reduced energy consumption, the embrace of sustainable and eco-friendly processes for manufacturing organic pigments with lower production costs, investments in technological advancements, a focus on research and development to create products with enhanced properties, and a strategic emphasis on entering into merger and acquisition agreements with emerging companies.

The synthetic pigment market is anticipated to experience growth driven by the demand for high-performance pigments and advanced technology-engineered pigments, including cool pigments, nano pigments, and pigments produced through superior dispersion technologies. These innovative pigments are well-suited to meet the needs of rapidly expanding end-use industries and technologies such as 3D printing and the automotive industry. For example, DIC Corporation, a Japanese chemical company, introduced Sunbrite Yellow 74, an azo-based high-performance pigment, into the market. High-performance pigments are becoming more cost-effective, leading to an anticipated rapid increase in their market share.

The synthetic pigments market is expected to be propelled by the rising demand from the textile industry. The textile industry, involved in the production of materials primarily composed of fibers, has a growing need for synthetic pigments due to their cost-effectiveness compared to natural dyes, making them appealing for large-scale textile manufacturing. As reported by Textile World, a US-based magazine covering the textile industry, textile and apparel exports in the US totaled $34 billion in 2022, marking an increase from $28.4 billion in 2021. Hence, the escalating demand in the textile industry becomes a driving force for the synthetic pigments market.


A notable trend of manufacturing capacities shifting from the Western countries to low-cost nations in the Asia-Pacific region. This shift is primarily attributed to the stringent environmental regulations in Europe and North America. The Asia-Pacific region, particularly countries such as China and India, has witnessed increased demand for pigments due to the gradual maturation of production technologies and the presence of robust downstream customer bases. Notable examples of companies relocating their manufacturing facilities to the Asia-Pacific region include Huntsman Corp., DyStar, and Clariant.

Major players in the synthetic pigments industry are actively engaged in developing innovative pigments such as Lumina HD, aiming to secure a competitive advantage in the market. Lumina HD pigments, characterized as high-definition effect pigments based on fine fraction synthetic mica, find utility in various applications, including automotive stylings and coatings for aerospace, general industrial purposes, and powder coatings. For instance, in May 2023, Sun Chemical, a US-based chemical company, introduced Lumina HD, a new family of high-definition effect pigments based on fine fraction synthetic mica. These pigments offer exceptional chroma, enhanced distinctness of image, subtle sparkle, and provide designers with new possibilities to create unique shades, particularly in the red to maroon and blue color ranges.

In June 2021, DIC Corporation, a Japanese chemical company, successfully concluded the acquisition of BASF's global pigments business, known as BASF Colors & Effects, for an undisclosed amount. This strategic move is expected to bolster DIC Corporation's presence and strength in the global pigments business. BASF, a German-based chemical producer, is renowned for its diverse portfolio across various segments, including chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions.

Major companies operating in the synthetic pigments market report are The Chemours Company, Tronox Holdings PLC, BASF SE, Kronos Worldwide Inc., Venator Materials PLC, Lanxess AG, Clariant, Merck Group, Altana AG, DIC Corporation, Hangzhou Tiankun Chem Co. Ltd., Qingdao Haiwan Specialty Chemicals Co. Ltd., Hangzhou Chungyo Chemicals, Hangzhou Han-color Chemical Co. Ltd., Kiri Industries Ltd., Heubach India, Atul Ltd., Clariant Chemicals (India) Ltd., K. Sakai & Co. Ltd., Asahi Songwon Colors Ltd., Atul Ltd., Sudarshan Chemical Industries Ltd., Taoka Chemical Co. Ltd., Toyo Ink SC Holdings Co. Ltd., Dainichiseika Color & Chemicals Mfg. Co. Ltd.

Asia-Pacific was the largest region in the synthetic pigments market in 2023. Western Europe was the second-largest region in the synthetic pigments market report. The regions covered in the synthetic pigments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the synthetic pigments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary product categories within the synthetic pigments market include inorganic pigments and organic pigments. Inorganic pigments consist of metal oxides and/or synthetic chemicals with straightforward compositions, and they are extensively utilized in paints and coatings. The diverse array of industries using synthetic pigments encompasses paints and coatings, plastics, printing inks, textiles, cosmetics, personal care, and various other end-use sectors.

The synthetic pigments market research report is one of a series of new reports that provides synthetic pigments market statistics, including synthetic pigments industry global market size, regional shares, competitors with a synthetic pigments market share, detailed synthetic pigments market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic pigments industry. The synthetic pigments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The synthetic pigments market consists of the sales of alizarin, azo-pigments, phthalocyanine, quinacridone, and metal compounds. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.