Phthalocyanine is an organic or natural compound with the formula (C8H4N2)4H2. It is defined as an aromatic macrocyclic compound. It possesses concentrated blue-green color and forms coordination complex with approximately containing all the elements of periodic table that are used as dyes or pigments. These are permanent pigment and remain natural when exposed to light, heat, and certain chemicals. These are used in premium inks and coatings offer key attributes for instance color strength, durability, coverage, chemical inertness, good environmental performance and light & weather fastness. In addition, also used as catalyst in redox decline. These pigments have low solubility pace in organic solvents and many of their compounds that are thermally constant. The global pthalocyanine pigments do not dissolve but can be sublimed in the existence of inert gases. These are structurally similar to porphyrins &other macrocyclic pigments. These pigments also belong to Azo Phthalocyanine groups and acquire excellent dispersion & rheological characteristics and useful as organic solar cell in photovoltaic industry or even in quantum computing.
According to study, “Global Phthalocyanine Pigments Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” key companies currently operating in phthalocyanine pigments market areBASF,DICCorporation (Sun Chemical), Clariant International, YabangInvestment Holding Group, Lynwon, Eckart, North American Chemical, Deep Group of Industries, Meghmani Organics Limited, Jeco Group, Shuangle, Heubach, Riverside Industries Ltd., Jiangsu Mcolor Chem, Sudarshan, Lily Group, LANXESS AG, Pidilite, Sunsing Chemical, Sanyo Color Works, Mazda Colours, NIRBHAY Rasayan, Yuhong New Plastic, Jaysynth, Ganesh Group, Vibfast, Narayan Organics, Krimasil, Kolorjet, Alliance Organics.
Based on type, global phthalocyanine pigments market is segmented into metal phthalocyanine pigments and metal free phthalocyanine pigments. Based on color classification, market is segmented into green, blue and others. Based on product type, market is bifurcated into hybrid phthalocyanine pigments and analog phthalocyanine pigments. Based on application, market is bifurcated into paints & coatings, printing inks, plastics and others (soap & detergent, textile and rubber). Based on end-use, market is bifurcated into textile, marine, equipment and others.
The global phthalocyanine pigments are primarily driven by increase in per capita income, followed by rise in population and increase in consumption of paints & coatings. Apart from advantages, these factors include the health-related regulations and require the government monitoring.
Asia Pacific region is expected to lead global phthalocyanine pigments market due to a rapidly expanding manufacturing base and a booming economy. The country such as China is expected to continue with an extremely fruitful market for players owing to high consumption rate in the local textile industry. Moreover, India is projected to second key country in the region Asia Pacific region as a result of government concessions to small & medium sized establishment. In addition, industry has witnessed enormous export opportunities on account of shutting down of manufacturing conveniences in the North American and the European region, the strict government regulations are expected to impact the market growth over the forecast period. The global market for phthalocyanine pigments is projected to grow at a CAGR of approximately 4.9% over the forecast period and expected to reach at US $1740 million in 2024, from US $1310 million in 2019.
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Ankur Gupta, Head Marketing & Communications