Organic Pigments Market

The global market for synthetic organic coloring matter and pigments is projected to grow steadily over the forecast period from 2022 to 2030, with expected increases in both consumption volume and market value. Key findings include record levels of production and consumption in 2022, notable growth rates in certain countries like Turkey, and fluctuations in import and export prices. The article provides a comprehensive analysis of market trends, consumption patterns, production dynamics, and import-export scenarios to offer valuable insights for stakeholders in the industry.

Market Forecast

Driven by increasing demand for synthetic organic coloring matter and pigments worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 6.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $80.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Synthetic Organic Coloring Matter And Pigments

For the eighth year in a row, the global market recorded growth in consumption of synthetic organic coloring matter and pigments, which increased by 0.4% to 5.3M tons in 2022. The total consumption volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume in 2022 and is expected to retain growth in years to come.

The global organic pigments market revenue fell modestly to $56.3B in 2022, reducing by -2.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $57.5B in 2021, and then dropped slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (998K tons), Turkey (801K tons) and the United States (596K tons), with a combined 46% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +20.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($7.5B), China ($6.7B) and Turkey ($6B) constituted the countries with the highest levels of market value in 2022, together comprising 36% of the global market.

In terms of the main consuming countries, Turkey, with a CAGR of +18.8%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of organic pigments per capita consumption was registered in Turkey (9.4 kg per person), followed by Italy (2.2 kg per person), Spain (1.9 kg per person) and the United States (1.8 kg per person), while the world average per capita consumption of organic pigments was estimated at 0.7 kg per person.

In Turkey, organic pigments per capita consumption expanded at an average annual rate of +19.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (-2.6% per year) and Spain (+6.3% per year).

Production

World Production of Synthetic Organic Coloring Matter And Pigments

In 2022, after seven years of growth, there was decline in production of synthetic organic coloring matter and pigments, when its volume decreased by -1.8% to 5.2M tons. The total output volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 12%. Global production peaked at 5.3M tons in 2021, and then reduced modestly in the following year.

In value terms, organic pigments production dropped modestly to $32B in 2022 estimated in export price. Overall, the total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.0% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 23% against the previous year. Global production peaked at $39.1B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.3M tons), India (852K tons) and Turkey (718K tons), together accounting for 56% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Turkey (with a CAGR of +29.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Synthetic Organic Coloring Matter And Pigments

In 2022, approx. 1.8M tons of synthetic organic coloring matter and pigments were imported worldwide; which is down by -8% against 2021 figures. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 19%. As a result, imports reached the peak of 2M tons, and then declined in the following year.

In value terms, organic pigments imports dropped to $16.6B in 2022. The total import value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24%. As a result, imports reached the peak of $16.7B, leveling off in the following year.

Imports By Country

The countries with the highest levels of organic pigments imports in 2022 were Bangladesh (131K tons), Turkey (122K tons), Germany (107K tons), the United States (92K tons), Italy (71K tons), Indonesia (70K tons), the Netherlands (70K tons), China (69K tons), Belgium (69K tons), France (50K tons), South Korea (50K tons) and Spain (49K tons), together finishing at 52% of total import. Brazil (46K tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Bangladesh (with a CAGR of +9.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.2B), the United States ($1B) and Germany ($969M) appeared to be the countries with the highest levels of imports in 2022, with a combined 19% share of global imports. South Korea, Turkey, Bangladesh, the Netherlands, Italy, France, Indonesia, Belgium, Brazil and Spain lagged somewhat behind, together comprising a further 34%.

Among the main importing countries, Bangladesh, with a CAGR of +10.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined (1.8M tons) was the major type of synthetic organic coloring matter and pigments in the world, comprising 99% of total import.

Synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined experienced a relatively flat trend pattern with regard to volume of imports. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined ($16.2B) constitutes the largest type of synthetic organic coloring matter and pigments imported worldwide, comprising 98% of global imports. The second position in the ranking was held by colour lakes, preparations based on colour lakes ($305M), with a 1.8% share of global imports.

For synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined, imports expanded at an average annual rate of +2.7% over the period from 2012-2022.

Import Prices By Type

The average organic pigments import price stood at $9,003 per ton in 2022, increasing by 8% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2014 when the average import price increased by 13%. Global import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was colour lakes, preparations based on colour lakes ($15,114 per ton), while the price for synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined amounted to $8,938 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by colour lake (+8.4%).

Import Prices By Country

The average organic pigments import price stood at $9,003 per ton in 2022, with an increase of 8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2014 an increase of 13%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($18,958 per ton), while Bangladesh ($4,796 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Synthetic Organic Coloring Matter And Pigments

Global organic pigments exports dropped to 1.8M tons in 2022, which is down by -13.6% compared with the previous year. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Over the period under review, the global exports hit record highs at 2M tons in 2021, and then contracted in the following year.

In value terms, organic pigments exports shrank to $14.4B in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 23%. As a result, the exports reached the peak of $15.6B, and then contracted in the following year.

Exports By Country

India (463K tons) and China (416K tons) represented roughly 50% of total exports in 2022. Germany (110K tons) ranks next in terms of the total exports with a 6.2% share, followed by Spain (5.5%). The United States (66K tons), South Korea (63K tons), the Netherlands (56K tons), Belgium (44K tons), Singapore (43K tons), Taiwan (Chinese) (41K tons), Turkey (39K tons), Italy (36K tons) and Indonesia (32K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +12.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.9B), India ($2.8B) and Germany ($1.4B) were the countries with the highest levels of exports in 2022, together comprising 49% of global exports. The United States, South Korea, the Netherlands, Belgium, Singapore, Spain, Taiwan (Chinese), Italy, Turkey and Indonesia lagged somewhat behind, together accounting for a further 31%.

Among the main exporting countries, Turkey, with a CAGR of +13.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined (1.7M tons) was the largest type of synthetic organic coloring matter and pigments in the world, comprising 99% of total export.

Synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined experienced a relatively flat trend pattern with regard to volume of exports. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined ($14.1B) remains the largest type of synthetic organic coloring matter and pigments supplied worldwide, comprising 98% of global exports. The second position in the ranking was taken by colour lakes, preparations based on colour lakes ($305M), with a 2.1% share of global exports.

For synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined, exports increased at an average annual rate of +1.8% over the period from 2012-2022.

Export Prices By Type

The average organic pigments export price stood at $8,121 per ton in 2022, surging by 6.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2018 an increase of 18%. The global export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was colour lakes, preparations based on colour lakes ($17,502 per ton), while the average price for exports of synthetic organic colouring matter and preparations based thereon; synthetic organic products used as fluorescent brightening agents or as luminophores; whether or not chemically defined totaled $8,056 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by colour lake (+6.8%).

Export Prices By Country

The average organic pigments export price stood at $8,121 per ton in 2022, with an increase of 6.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2018 when the average export price increased by 18%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($15,300 per ton), while Spain ($3,622 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform