The global quinacridone pigments market was valued at USD 335.65 million in 2021 and is expected to grow at USD 539.04 million by 2030. The market is expected to grow at a CAGR of 6.1% during the forecast period (2022–2030).
Quinacridone is a pigmented chemical molecule. The quinacridone pigment family includes several 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, ornamental coatings, plastics, and printing applications.
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 US dollar, the high growth rate of the US 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.
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.
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 ornamental and glaze products industries. Although these changes are quite 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.
Based on type, the PR122 segment has acquired the largest market share in 2021. Due to its diverse 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 2021, and it 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 2021 and is expected to grow at a CAGR of 6.8% by 2030.
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.
Based on regions, the global quinacridone pigments market is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.
Asia-Pacific is the most dominant market for the quinacridone market. It had acquired almost 50% of the market share in 2021 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 it is expected to grow at a CAGR of 5.2 % by 2030.
The key players in the global quinacridone pigments market are
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