Quinacridone Pigments Market

Market Overview

The global Quinacridone Pigments market size was valued at USD 356.12 million in 2022 and is projected to reach a value of USD 606.79 million by 2031, registering a CAGR of 6.1% during the forecast period 2023-2031.

Quinacridone is a pigmented chemical molecule. The quinacridone pigment family includes derivatives widely used in industrial colorant applications, such as tough outdoor paints, inkjet printer ink, tattoo ink, painters' watercolor paints, and color laser printer toner. Quinacridone pigments generate beautiful colors, have a high tinting power and excellent fastness qualities, and are as durable as petrochemical-based pigments. They are utilized in various automotive, industrial, decorative coatings, plastics, and printing applications.

The market for quinacridone pigments is anticipated to grow significantly throughout the forecast period, supported by rising compound demand and application across the automotive and textile industries. Rising disposable incomes, industrialization, and urbanization can explain the expansion of these industries.

Market Dynamics

Global Quinacridone Pigments Market Drivers

Introduction of New Technologies to Surge the Demand for Quinacridone Pigments

Paints and coatings offered by Asian Paints, PPG Industries, Sherwin-Williams, Berger Paints, and AkzoNobel, among others, are marketed with a multi-year corrosion warranty due to advancements in coating performance. Manufacturers frequently release new eco-friendly products to enhance performance. As a result, the advent of new technologies has improved coating performance. Rapid urbanization and development in India, China, and Southeast Asia are expected to drive product demand across various applications.

Nonetheless, the COVID-19 outbreak may have an immediate impact on market growth. Despite uncertainties such as the economic slowdown of major economies, the negative and positive effects of low crude oil prices, fluctuations in the value of the U.S. dollar, the high growth rate of the U.S. automotive and construction industries, the tenuousness of various European nations' recovery, and developments in regulatory norms globally, the global market has grown moderately in recent years. As a result of this rising demand, the market for quinacridone pigments is expected to expand rapidly.

Global Quinacridone Pigments Market Restraints

High Variations within the Printing Ink Prices to Restrict Market Growth

The superior properties of constituents such as pigments, binders, solubilizers, and additives to produce text, design, or images, along with rising demand from the packaging sector, commercial printing, and changing consumer preferences, are expected to keep these solutions in high demand in the future. However, due to the slow rise in product prices induced by the industry's intense rivalry, downward pricing pressure will likely hinder revenue growth in printing inks.

Further, the use, manufacture, and distribution of numerous inorganic solvents and hazardous metals are restricted by stringent regulatory frameworks such as the Federal Food, Drug, and Cosmetic Act and the United States Food and Drug Administration. As a result, it is expected to hinder market growth throughout the forecast period.

Global Quinacridone Pigments Market Opportunity

Innovation in Quinacridone Pigments Market to Create New Growth Opportunities

The introduction of several innovative manufacturing processes and technology has aided businesses in reducing various potential negative repercussions and optimizing their chances for growth in the cosmetic and glaze products industries. Although these changes are recent, the industry has responded positively to these essential changes in market conditions.

During the previous decade, innovative formulation processes have greatly benefited in satisfying a wide range of new and diverse client demands. Anticorrosive protection, low-VOC content coatings, and nano-coating are among the most recent breakthroughs. The introduction of nanotechnology has had a significant influence on the industry. In addition to zero or low-VOC formulations, industrial firms have used this technology to develop nano paints and coatings. It comprises incorporating ceramics or metals into a variety of compositions.

Regional Analysis

Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. Asia-Pacific dominates the market.

Asia-Pacific is the most dominant market for the quinacridone market. It acquired almost 50% of the market share in 2022 and is predicted to grow at a CAGR of ~6.9% by 2030. The emerging economies in these regions have developed food and beverage, agricultural, pharmaceutical, cosmetics, personal care, and sports medicine sectors, which are the primary consumers of quinacridone pigments.

Europe is another significant market for quinacridone pigments. It acquired more than 20% of the market share and is expected to grow at a CAGR of ~5.2 % by 2031. The demand for quinacridone pigments was most significant in Europe. Since these markets are regarded as mature, it is expected that they will see little growth over the coming years. The countries of China and India provide the majority of the raw materials needed to make these pigments.

The North American quinacridone market is expected to grow at a significant CAGR of ~6.4% during the forecast period. According to the country, the U.S., Canada, and Mexico make up the North American quinacridone pigments market. It is anticipated that throughout the allotted period, North America will establish itself as a lucrative growth revenue for the quinacridone pigments industry. The regional market expansion is correlated with the growth of industrialization and urbanization in the Americas' member nations. Additionally, the demand for quinacridone pigments in North America is positively impacted by the robust expansion in the plastics, paints, coatings, and textiles sectors across some of the top nations, including the United States and Canada. Additionally, the presence of well-known automakers in the region would lend further support to the market expansion in the years to come.

Segmental Analysis

For better understanding, the market is segmented into type, end-users, and region .

The market is segmented by type: PR122, PR202, PR282, PR206, PV19Υ, PV19β. The PR122 segment pegged the largest share in the market in 2022.

The PR122 segment has acquired the largest market share in 2022. Due to its various properties, PR122 is frequently used in inks, plastics HDPE, and paints. It has good heat fastness, light fastness, solvent fastness, great acid fastness, and alkali fastness. Excellent weather, lightfastness, and high solvent fastness are among the features that have enhanced the demand for PR122 in ink-based applications such as digital printing and offset printing. Its high heat stability makes it useful for colorant applications in plastics, including polycarbonate, polyester spin dyeing, ABS, polyolefin, and polystyrene.

Based on end-users, the market is segmented into printing ink, digital printing, paints and coatings, plastics industry, textiles industry, and others.

The printing ink segment acquired the largest market in 2022 and is predicted to grow at a CAGR of ~6.5% during the forecast period.

The paints and coatings segment acquired the second-largest market share in 2022 and is expected to grow at a CAGR of ~6.8% by 2031.

Impact of covid-19

The world was gripped by an unprecedented COVID-19 outbreak, which presented a social, health, and economic disaster. Food and beverage, agricultural, pharmaceutical, cosmetics, personal care, sports medicine, and other independent research and development sectors are among the most severely damaged areas of the quinacridone pigments market. People could not go anywhere due to stringent safety measures. Hence, they were unable to attend laboratories and offices for months. Due to travel restrictions and a prohibition on local mobility, leading robotics manufacturing and supply chain enterprises lost significant revenue in the first three quarters of 2020. 

The healthcare industry's research and development activities have been significantly impeded due to a lack of raw materials for research and development and production. Demand for quinacridone pigments grew dramatically when the COVID-19 outbreak diminished due to global vaccination initiatives. Supply chains have effectively resumed operations in most global marketplaces after the second and third COVID-19 waves. The use of quinacridone pigments has increased as the demand for pharmaceuticals, cosmetics, sports medicine, and personal care items has risen. 

As a result, it is projected to strengthen the global quinacridone pigments market in the post-COVID-19 period. The contract research organizations (CROs) that had paused or discontinued research and development on quinacridone pigment-infused items have resurfaced, supporting total industry growth. This is significantly going to contribute to the development of the quinacridone market.

Recent Developments

• In November 2022, Sun Chemical added six new plant-derived natural colorants and functional ingredients to its famous SunPURO® line, expanding its already extensive color palette.
• The "Youtopia" global program for 2024 cosmetics color trends, which includes the Rooted and Distilled chapters of new seasonal trends, was introduced by Sun Chemical in October 2022. The annual program from Sun Chemical aims to predict future trends in beauty by using creative colors, textures, effects, and vegan formulations.
• Flamenco® Summit Orange and ReflecksTM Dimensions Metallic Orange are two brand-new, chromatic orange effect pigments that Sun Chemical introduced in October 2022.
• In November 2022, a propylene oxide plant in China will use Clariant's NiSat® 310 catalyst to refine the Evonik-tkIS HPPO process.
• Clariant completes the acquisition of BASF's U.S. Attapulgite business assets in October 2022.
• The Heubach Group and S.K. Capital Partners announced Stefan Doboczky's appointment as CEO and the closing of the acquisition of Heubach's global colorants business in January 2022.