Phthalocyanine pigments are one of the most widely used organic pigments which find their extensive utilization in the various industries including textile, paper, plastic, etc. Phthalocyanine possess intense blue-green color and also form coordination complex with almost all elements of the periodic table, which are further used as pigments or dyes. Apart from its usage as pigments, Phthalocyanine have also been examined for its use as catalysts for redox reaction. The Phthalocyanine pigments belong to the Azo Phthalocyanine groups and possess excellent dispersion and rheological characteristics. Due to this, they are highly recommended for superior quality printing inks with good gloss and tone.
Historically, the first Phthalocyanine pigment was produced serendipitously when Swiss researchers attempted to convert o–dibromobenzene into phthalonitrile. Now, owing to their superior physical and color properties, Phthalocyanine pigments have been in use for multiple uses across the globe. Copper Phthalocyanines are the most popular Phthalocyanine pigments due to its special coloristic and technical qualities which provide excellent color strength, transparency, dispersibility, and flow properties. The Phthalocyanine pigments are highly versatile and are suitable for their use in industrial, general, as well as marine and protective coatings. They are also used in wood coatings, plastic coatings, powder coatings, industrial inks, and textile applications as well. The vast application portfolio of Phthalocyanine pigments is expected to support their market growth over the coming years and their market is expected to increase at a sustainable growth rate over the forecast period of 2017 – 2027.
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Phthalocyanine Pigments Market: Dynamics
The global paints and coatings industry can be considered as the umbrella market for Phthalocyanine pigments. They find their utilization in a vast area of applications including, plastic, marine, construction, industrial equipment, and what not! The construction industry growth and high rate of urbanization are expected to affect the Phthalocyanine pigments market proportionately. The market for Phthalocyanine pigments is equally affected by the industrial as well as consumer demand pattern. The industrial growth, urbanization growth, high standard of living and growing interest of customers to depict architectural touch in buildings has led to the increasing demand of fine quality paints and coatings. The demand from industrial and general consumers has found to be shifted towards highly resilient paints and coatings with a modern taste of estheticism. This change in demand pattern is also propelling the utilization of Phthalocyanine pigments in a number of applications.
Also, commercial buildings such as hotels, office buildings, malls, etc. spend a significant share of their revenue on paints and coatings every 3–5 years in order to maintain the visual stature of their facilities. Besides, various industrial and transportation equipment also utilize different decorative and protective coatings during their routine maintenance services. The increasing number of commercial buildings getting developed every year and rocketing construction in the developing regions of Middle East and Africa, Eastern Europe and Asia Pacific is also expected to support the demand growth of Phthalocyanine pigments over the coming years.
Phthalocyanine Pigments Market: Segmentation
The market for Phthalocyanine pigments can be segmented on the basis their application, end-use, and region. Based on applications, the Phthalocyanine pigments market can segments into – plastic, paints and coatings, ink, rubber, textile, leather, soap and detergent, and other industrial.
Based on the end-use industry, the Phthalocyanine pigments market can be segmented into construction (domestic, commercial, industrial, and infrastructure), automotive and aerospace, marine, textile, and equipment and other industrial.
Phthalocyanine Pigments Market: Regional Outlook
Asia Pacific region, owing to its vast consumer base and increasing industrial application, is expected to represent a significant market share in the global Phthalocyanine pigments market. China and India are anticipated to remain key consumers as well as supplier of Phthalocyanine pigments over the coming years. Average growth is expected from the relatively mature markets of North America and Western Europe, however, Middle East and Africa and Latin America are expected to provide good signs of growth over the forecast period.
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Phthalocyanine Pigments Market: Key Players
Examples of some of the market participants present in the value chain of the global Phthalocyanine pigments market include, Mazda Colours Ltd., Alliance Organics LLP, NIRBHAY Rasayan Pvt Ltd (NRPL), Clariant International, BASF S.A., Yabang Investment Holding Group, DIC Corporation (Sun Chemical), LANXESS AG, RIVERSIDE INDUSTRIES LIMITED, Deep Group of Industries, and others.