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.
  

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 -

1. Qualitron Chemicals
2. Narayan Organics Pvt. Ltd.
3. Sun Chemical
4. Kolorjet Chemicals Pvt Ltd.
5. Kesar Petroproducts Ltd. 
6. Nirbhay Rasayan
7. Subhasri Pigments
8. Zibo Fuyan Chemical Industry Co., Ltd.
9. Dhanlaxmi Pigments
10. 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.

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