PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127429
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127429
Phthalocyanine Blue Market size was valued at USD 2,865.1 Million in 2021, growing at a CAGR of 4.3% from 2022 to 2028.
Phthalocyanine blue is a blue pigment with strong UV and visible absorption. Additionally, it works as a photosensitizer for photoinitiating cationic polymerization of monomers in photovoltaic cells as an electron donor. Additionally, it is used as a dye for leather and textiles as well as the pigment in inkjet colourants.
The main factors influencing the market growth are rising plastic, textile, and ink use. The market for phthalocyanine blue has seen significant growth over the last few years and is predicted to continue to expand in the years to come. The market is developing due to the growing number of applications and demand for paints and plastics. Paints, inks, and plastics all frequently use the substance. Since it is an insoluble substance, it cannot migrate into the substance. It is also a superb colourant and is renowned for its lightfastness, or the ability to resist fading in the presence of light. Phthalocyanine blue is difficult to remove after use. Due to the dye's advantageous characteristics, it is used extensively across a wide range of sectors, which increases demand in the global phthalocyanine blue market. Paints are one of the product's primary applications. The need for paints is being driven by the sharp increase in infrastructure projects, particularly in developing nations. Additionally, the expanding demand for furniture and interior design is fueling expansion in the world market for phthalocyanine blue.
Due to the rising need for colourants, particularly blue and green pigments in automotive paints as well as printing inks, the phthalocyanine pigments market size from the paints & coatings sector will rise significantly in terms of end-use. Other factors driving the market growth include the rise in commercial construction, including hotels, office buildings, malls, and the rising need for blue/cyan dyes in paper and textiles. Phthalocyanines are also increasingly used for laser printer charge-generating materials, cyan toner colourants, and inkjet printing. A better outlook for the industry's expansion will be provided by increased demand from the automotive, construction, and aerospace sectors.
The Global Phthalocyanine blue Market is segmented on the basis of Type, Application and Region.
The market is divided into four categories based on type: Photovoltaics, Research and development, Ink, and Quantum computing. The inks segment accounted for the largest share over 41.6 % of the Phthalocyanine blue market in 2021. Ink is the most significant application for phthalocyanine blue. Writing is a crucial component of education, even though many institutions of higher learning may have switched to digital learning. The need for ink will increase as a result. Additionally, the product is seen to be perfect for inks due to its extraordinary colouring ability, driving up demand in the worldwide phthalocyanine blue market.
Phthalocyanine blue is also becoming more and more in demand in the plastics industry. Demand for the product will be fueled by the rising consumption of plastics across a number of industries, including electronics and autos. These elements are thought to be essential for the worldwide phthalocyanine blue market to expand.
The global market for Phthalocyanine blue is made of a number of both international and local producers, making it a fairly competitive sector in the world. Key companies adopt product launches, distribution network development, and investment in R&D to sustain their market share. In March 2019, Sun Chemical Performance Pigments introduced its new Palomar Blue 15 248-4848. It is a high-strength phthalocyanine blue pigment specifically developed for automotive OEM applications, during the European Coatings Show 2019.
The scope of this report covers the market by its major segments, which include as follows: