In 2020, the synthetic global dyes market was valued at $16.91 billion. According to a recent report, by 2025, the market is expected to reach $22.39 billion at a CAGR of 5%. Rising demand from different applications industries like plastics, textiles, construction, and paints & coatings is expected to propel the market ahead. In 2021, the global synthetic dye market is anticipated to grow by $18.54 billion in 2021 at a CAGR of 9.6%.
The synthetic dyes consist of dyes like:
- Disperse dyes
- Acid dyes
- Direct dyes
- Reactive dyes
- Basic dyes
- VAT dyes
Why Will the Global Dyes Market Grow?
Major dye companies are actively working towards enhancing their products by using advanced technologies for eradicating hazardous pollutants in the manufacturing of the dyes. A wide distribution network is being achieved through online retail and physical retail stores. Manufacturers could encounter varied production costs because of volatility in the cost of raw materials like benzene.
Another factor that has contributed to the market growth is the availability of the products online. Moreover, growth in the global construction industry has also been the key driver of the overall dyes market. Countries that are exhibiting major growth in the construction sector are China, India, UK, Indonesia, UAE, and the US.
Rapid industrialization along with the rising population has encouraged governments of various countries to increase spending on the construction of infrastructures. This is expected to create massive demand for dyes in the coming years.
Growth of Dyes Based on Segments
So far, in 2020, the reactive dyes market has been dominated with a revenue share of 56%. Reactive dyes contain colored organic substances and are majorly used in tinting textiles. Since they are resistant to falling and are available in bright shades, reactive dyes are ideal for coloring rayon and cotton.
Disperse dyes are also trending in the global dyes market. High wet-fast disperse dyes are ideal for coloring microfibers, polyester, fibers for activewear and sportswear applications.
In terms of revenue, the textile industry dominated the global synthetic dyes market in 2020. The printing ink segment is predicted to be the fastest-growing segment from 2021-2028. This is because the rising digital printing sector could fuel the demand for synthetic dyes.
The Asia-Pacific regions have been dominating the global dyes market, accounting for almost 62% of the revenue share. Since Europe and North American countries are facing issues with environmental regulations, many production facilities are shifting to Asia-Pacific countries due to leniency in regulations and good manufacturing conditions. Skilled manpower and low-cost raw materials are other driving factors of the Asia-Pacific region.
We hope you have gained valuable insights from this article. Are you on the lookout for high-quality dyes for your business? If yes, then get in touch with Alps Chemicals and enhance your brand by giving your products a luxuriant makeover!