Global Phthalocyanine Blue Market - Forecast(2023 - 2028)
Phthalocyanine Blue Market Overview
Phthalocyanine blue
market size is estimated to reach US$4.2 billion by 2027 and it is projected
to grow at a CAGR of 4.2% during 2022-2027. Phthalocyanine blue is also known
as copper phthalocyanine or phthalo
blue which is a synthetic organic pigment with chemical, heat, and light
resistance features. It also provides tinting strength and alkalies and acid resistance. It is formulated
using phthalic anhydride, copper chloride, and urea. Phthalocyanine blue is one
of the most widely used and considered as remarkable organic pigments. It is
extensively used in application such as printing inks, paints, plastics, photovoltaic cells, textile
pigment, water-based
dispersions and soap and detergent including many other. It is utilized
in the production of paints and coatings owing to its insolubility in common
solvents. Thus, beneficial properties associated with the use of phthalocyanine
blue and its wide range of applications is fueling the global market growth.
COVID-19 Impact
Many industries
across the globe have faced several challenges due to the COVID-19 pandemic.
The industries such as electrical and electronics, textile, cosmetics and
personal care, and energy and power including many others have experienced
pitfalls. Many projects in such industries have been halted due to an
interrupted supply chain and employee shortages due to quarantines. Also, the
production and demand in cosmetics and personal care industry has declined due
to an interrupted supply chain and cessation in transportation of raw
materials. Moreover, there was a sharp decrease in the textile production due
to unavailability of labor. Thus, the global pause in industrial production and
distribution, the demand and consumption of phthalocyanine blue has hampered to
an extent in several industries.
Report Coverage
The: “Phthalocyanine Blue Market Report –
Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the
following segments of the Phthalocyanine Blue industry outlook.
By Type: Pigment Alpha
Blue, Heat Stable Alpha Blue, and Solvent Stable Alpha Blue
By Grade: Standard Grade,
Technical Grade, Optical Grade, and Others
By Packaging Type: Pouch,
Packet, Bags, and Other
By Application: Plastic
Pigment (LDPE, HDPE, PVC, Polystyrene, and Others), Paint (Acrylic Paints, Cement Paints, Air Drying Enamel
Paints, Others), Ink, Rubber, Fine Art Pigment, Soap and Detergent Pigment (Detergents
Powder and Detergents Liquid), Solar/Photovoltaic Cells, Light Emitting Diodes
(LEDs), Field Effect Transistors (FETs), and Others
By End Use Industry: Textile,
Paper, Electrical and Electronics, Research and Development, Energy and Power,
Cosmetics and Personal Care, and Others
By Geography: North
America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy,
Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan,
Malaysia, and Rest of APAC), and South America (Brazil, Argentina, Colombia,
Chile, and Rest of South America), and Rest of the World (Middle East and
Africa)
Key Takeaways
- Asia Pacific is the largest and fastest growing region in the global phthalocyanine blue market. This growth is mainly attributed to the increased demand for phthalocyanine blue in plastics and paint industry.
- Paint industry is expected to be the significant segment owing to the surge in demand for acrylic paint, cement paint, and air-drying enamel paints including others.
- Phthalocyanine blue play an
important role in several industries especially in the electrical and
electronics and cosmetics and personal care which is expected to provide
significant growth opportunity for the global market.
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Phthalocyanine Blue Market Segment Analysis – By Type
The solvent
stable alpha blue segment held the largest share in the phthalocyanine blue market
share in 2021 and it is expected to grow with a CAGR of around 3.2% during the
forecast period. Solvent stable alpha blue is suitable pigment for numerous
materials owing to its superior heat stability property, sustainability, and
weather resistance. It is also dispersible and soft to use in range of
applications. It is broadly used in applications such as polymers, coatings,
rubbers, and inks. Additionally, it is utilized in the production textile ad
polyolefins. It is considered and suitable to use for thin coating and employed to
provide shiny finish on packaging and ink industry. Thus, wide range of
applications of solvent stable alpha blue is further providing substantial
growth opportunities to the industry players. These are used in the production of different
types of paints such as acrylic paints, cement paints, air drying enamel
paints, stoving enamel paints, and lime color including may others.
Phthalocyanine Blue Market Segment Analysis – By Application
The paint segment is expected to grow at a
fastest CAGR of 4.7% during the forecast period in the global phthalocyanine blue
market. Phthalocyanine blue is crystalline synthetic blue pigment with bright
greenish blue color belongs to the group of phthalocyanine dyes. It is utilized
as a paint pigment and colorant in paint and dyes manufacturing owing to its
vibrant color. It delivers resistance to acids and alkalies and possess the
beneficial properties of tinting strength, covering power, and light fastness. It
is insoluble in water and high number of solvents. In paint manufacturing, it
should be use with care as it can overpower other pigments owing to its strong
tinting property. It is also adopted by various artists as artist paints. In
December 2020, BASF became the chosen partner for the BMW global refinish
network in order to sale the paint related products. BASF owns premium refinish
brands Glasurit and R-M which are their preferred partners for the distribution
of paint solutions. Thus, such development in the paint industry and increasing
demand of phthalocyanine blue in the manufacturing of paint is expected to
provide substantial growth opportunity during the forecast period.
Phthalocyanine Blue Market Segment Analysis – By Geography
The Asia Pacific is the leading region accounts for the largest share in the phthalocyanine blue market in 2021 and held nearly 38% of market share. This growth is mainly attributed to the increase in demand for phthalocyanine blue in several end use industries in this region such as textile, energy & power, electrical & electronics, and cosmetics & personal care industry including others. Phthalocyanine blue are widely utilized in the production of plastic, paints, rubber, printing ink, and coatings including others. According to research by Plastics Europe, world market for plastic valued at USD 568.9 billion in 2019 and Asia Pacific accounted for nearly half market share in terms of production and 38% share in terms on consumption. Thus, the increase in production of plastic in this region, in turn, increases the demand for phthalocyanine blue.
Phthalocyanine Blue Market – Drivers
Increasing Application in Plastic Pigment
Phthalocyanine blue are extensively used in wide range of end use
industries such as textile, electrical and electronics, energy and power, and
cosmetics and personal care including others. It is specifically used in plastic,
paper, paints, and rubber owing to its high fastness. It is commonly used
pigment in printing ink and packaging. According to research by Plastics
Europe, global produces around 359 million tons of plastic annually. The global
plastic market in 2019 was valued at USD 568.9 billion and by 2035, it is
estimated to reach to the value of USD 1 trillion. Plastic is widely used in
several end use industries such as packaging, automotive, cosmetics and
personal care, and textile including many others. Packaging industry accounts
for more than one third of the global plastic produced specifically in packaged
food and drinks. In packaging industry, phthalocyanine blue is available for
numerous processes such as blowing masterbatch, injection molding, etc. for medicine
container, shampoo container, and cosmetic containers including others.
Phthalocyanine blue helps to add shiny look to the packaging products. Thus,
growth in plastic industry and high adoption in packaging is driving the market
growth.
Surge in Demand from Electrical and Electronics Industry
Phthalocyanine
blue is one of the most common and widely sold class of colorants. It is
traditionally used as a green and blue pigment for printing inks, automotive
paints, and dyes for paper and textile. In modern technologies, it is also
employed in electrophotography and ink jet printing. Further, it is extensively
adopted in electronical and electronics applications such as optical data
storage, photodynamic, and solar screens owing to its peripeties of infrared
absorption. Further, is electronics industry these are widely used in light
emitting diodes (LEDs), and field effect transistors (FETs), and thin film
transistors (TFTs) including others. According to India Brand Equity Foundation
(IBEF), IT and Electronics is one of the significant industries in India. The
electronics goods export was US$ 5.37 billion from April 2021 to August 2021
and it was US$ 1.14 billion in August 2021. Thus, the growth in electrical
industry is fueling the growth of global market.
Phthalocyanine Blue Market – Challenges
Harmful Health Effects Associated with the use of Phthalocyanine Blue
Phthalocyanine
blue is also known as pigment blue or phthalo blue and currently it is used in
wide range of applications owing to its superior properties. It belongs to
phthalocyanine dyes category and it is crystalline vibrant blue pigment. It is
significantly used in printing inks, plastics, soaps and detergents, and paints
including many other applications owing to its beneficial properties. However,
this pigment has several disadvantages which affect human health. For instance,
the material can cause harmful effects on liver and kidney after swallowing of
the material. It may cause discomfort or conjunctival redness if comes directly
in contact with eyes. Further, long term exposure can cause changes in lung
function. Thus, hazardous effects of phthalocyanine blue are restraining the
market growth.
Phthalocyanine Blue Industry Outlook
Phthalocyanine blue market top
10 companies include -
- Qualitron
Chemicals
- Narayan Organics
Pvt. Ltd.
- Sun Chemical
- Kolorjet
Chemicals Pvt Ltd.
- Kesar
Petroproducts Ltd.
- Nirbhay Rasayan
- Subhasri Pigments
- Zibo Fuyan
Chemical Industry Co., Ltd.
- Dhanlaxmi
Pigments
- American Elements'
Recent Developments
- In January 2022, Sun Chemical
features its new product Lumina Royal Sparkling Blue, a blue shade effect
pigment with intense color. The company features this product through its
mobile application, PigmentViewer App and continue to build its color library.
- In October 2019, Asahi Songwon
Color Limited, market leader in blue pigment has entered into a joint venture
with UK based Tennants Textile Colours (TTC) in order to produce red and yellow
pigment plant.
- In March 2019, Sun Chemical
launched a new performance pigment named Palomar Blue 15 248-4848, a high
strength phthalocyanine blue. The company has introduced the product in
European Coating Show 2019 and it is precisely developed for automotive OEM
application.
Relevant Reports
LIST OF TABLES
1.Global Phthalocyanine Blue Market, by Type Market 2019-2024 ($M)2.Global Phthalocyanine Blue Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Phthalocyanine Blue Market, by Type Market 2019-2024 (Volume/Units)
4.Global Phthalocyanine Blue Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Phthalocyanine Blue Market, by Type Market 2019-2024 ($M)
6.North America Phthalocyanine Blue Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Phthalocyanine Blue Market, by Type Market 2019-2024 ($M)
8.South America Phthalocyanine Blue Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Phthalocyanine Blue Market, by Type Market 2019-2024 ($M)
10.Europe Phthalocyanine Blue Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Phthalocyanine Blue Market, by Type Market 2019-2024 ($M)
12.APAC Phthalocyanine Blue Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Phthalocyanine Blue Market, by Type Market 2019-2024 ($M)
14.MENA Phthalocyanine Blue Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
LIST OF FIGURES
1.US Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)2.Canada Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
10.UK Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
12.France Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
16.China Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
17.India Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Phthalocyanine Blue Industry Market Revenue, 2019-2024 ($M)
21.North America Global Phthalocyanine Blue Industry By Application
22.South America Global Phthalocyanine Blue Industry By Application
23.Europe Global Phthalocyanine Blue Industry By Application
24.APAC Global Phthalocyanine Blue Industry By Application
25.MENA Global Phthalocyanine Blue Industry By Application