The global organic functional dyes market is projected to record a revenue of US$ 3,214 Mn by the end of the year 2027. In terms of value and volume, the global organic functional dyes market size will record a sustainable growth at a CAGR of 8.8% and 8.0% respectively.
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A dye is a colored matter which chemically bonds to the substratum to which it is applied. This differentiate dyes from pigments which do not bind to the substances which is colored. Dye is usually requiring a dye fixative to improve the thickness of the dye on the fiber.
The growth of the global organic functional dyes market is attributed to several factors such as increase in the use of organic functional dyes in printing inks. The global organic functional dyes market is expected to grow due to rising demand for eco-friendly products such as textile printing inks and increased use of organic dyes in paints and coatings. The demand for these dyes is forecasted to grow at a considerable rate each year across the globe. Significant advancements will be seen in developing Asia Pacific organic functional dyes market, as well as, to a lesser extent, other developing regions such as Africa, the Middle East, and Eastern Europe. Advancements in established areas such as North America, Western Europe, and Japan will be limited by market maturity.
The global organic functional dyes market accounted US$ 1,891.7 Mn and is anticipated to generate a revenue of US$ 3,214 Mn by the end of the year 2027. Few companies in the global organic functional dyes market are BASF, Clariant, Connect Chemical, Heubach Gmbh and Kiri. The cumulative ratio of the four major players of the market is 23.20%. Hence, the market is monopolistic competition in nature and is projected to shift towards oligopoly nature in the future years, as the major companies are adopting aggressive competitive strategies.
Global Organic Functional Dyes Market by Region
As per the study of the market, the organic dyes market is predicted to grow due to rising per capita disposable income and growth of population in the emerging economies of the Middle East and Central and South America over the forecast period. Organic dyes market demand is projected to be fueled in part by export potential and increased demand from various end-user industries.
In the year 2020, Europe organic functional dyes market accounted for a substantial organic dyes market share in the global organic functional dyes industry. As the 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.
As per many researchers, the Asia-Pacific organic functional dyes market will grow at the fastest CAGR of 9.9% over the projection period. Due to increasing production of organic dyes in countries such as China, India, and Japan. Furthermore, the building and construction industry’s increasing need for paints and coatings is a major driver of the market growth.
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Impact of Covid – 19 on Global Organic Functional Dyes Market
The global organic functional dyes market is affected by decreased demand and productivity during the current COVID-19 scenario.
The COVID-19 outbreak has affected logistics and transport and has resulted in China’s shipments. The delay has caused an increase in raw material prices to adversely affect the organic functional dyes. The overall demand for chemicals used across facilities has decreased due to the strict lockdown measures across the world.
Market Dynamics of Global Organic Functional Dyes Market
Drivers:
Restraints:
Opportunity:
Trends:
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Market Categorization of Global Organic Functional Dyes Market
Organic functional dyes can change their property stimulated by external energy such as light or heat and is widely used for display devices mainly in the information and electronics industry.
In 2020, light segment holds the highest share of 28%. Since organic dyes absorbs light in a specific wavelength range from the ultraviolet light range to the visible light and near-infrared light range (“light selective absorption”) and produces various colors in the visible light range. However, electric field holds the highest compounded annual growth rate of 9.8% compared to other segments during the forecast period.
The global organic functional dyes market is segmented in following segments:
1. By Type
2. External Energy
3. Application
4. By Region
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