Dye Stuff Market- Segmentation
The segmentation of the global dyestuff market has been done on the basis of composition, form, process, types, applications, and region. By composition, the market is divided between inorganic and organic dyestuff. By form, the market is segmented into synthetic dyestuff and natural dyestuff. By type, the market is segmented to include nitroso dyes, cyanine dyes, azo dyes, anthraquinone dyes, and others. By process, the market is categorized into acid dye, direct dye, reactive dye, disperse dye, vat dye, cationic dye, sulfur dye, and others. By application, the market is segmented into leather dye, textile dye, paper dye, wood dye, and others.
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The Asia Pacific accounts for the largest region in the global market with China leading the market with India following. India leads the market in the production of reactive dyestuff, while China, Taiwan, and South Korea are leaders in disperse dyes. The region has a flourishing textile industry and has a long history with the use of natural dyes which has evolved to where the industry stands today. Growing demand for textiles from a massive consumer population with increasing disposable incomes is expected to be a significant driver of the market. The Asia Pacific is followed by Europe and North America which are the second and third largest regional segments in the global market.
Latin America and the Middle East and Africa have similar growth patterns, and these regions are witnessing consistent growth due to dye stuff applications in paper, wood, leather, and others.
Dye Stuff Market- Key Players
Increased conformity of market players to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. The expansion of a strong value chain is additionally motivating the development of the market. The growth of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants. Substantial cuts in administrative costs are inducing further expansion of the market. The effective implementation of strategies is likely to stimulate the market in the coming years.
The central players shaping the dye stuff market are Lanxess AG (Germany), BASF SE (Germany), Clariant International Ltd. (Switzerland), Orion Colorchem Industries (India), Setaş Color Center (Turkey), Synthesia, a.s (Europe), Synthetic Corporation (South Korea), Avocet Dye & Chemical Co. Ltd (UK), Huntsman Corporation (Texas), Arkema SA (Europe), and others.
Market Research Future has discovered that the global dyestuff market is expected to grow at a healthy CAGR of 8.3% during the assessment period from 2016 to 2023. The growth of the market at the projected rate is expected to yield a market value of USD 258.79 Mn by the end of 2023. Dyestuff refers to a substance that lends color to various substrates. They are highly useful in various end-use industries.
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There are namely two types of dyestuff, natural and synthetic. Dyestuff has been used for hundreds of years and has predominant use in the textile sector. The textile industry is truly massive and is growing at a rapid pace. Textile is used in the production of home furnishing, garments, and a number of other items. Consumers prefer and look for a wide variety of color and designs in this sector, and as such, the use of dyestuff for various desired effects is rather high. The growth of the textile industry is mainly due to the expansion of the global population as well as the growing urbanization across the world. Urban consumers often have a preference for trendy clothing of a variety of styles and colors, thus driving the growth of the dyestuff market. Additionally, the growth of other industries where dyestuff is in high demand is also expected to drive the market. Such industries include leather, paper, wood, and several others. The advancement in technology is expected to reveal market opportunities in the coming years.
Notably, the market is held back by concern regarding the hazardous nature of synthetic dyestuff on the environment. Increasingly stringent regulations regarding the same will likely hinder market growth over the assessment period.
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