Solvent Red dyes are widely used to color various commodities including textiles, paper, leather, coatings, plastics, printing inks, and more. They provide bright color shades and have good light fastness. The global Solvent Red Market is estimated to be valued at US$ 2.18 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Increasing Product Applications
The Solvent Red market is witnessing high growth attributed to increasing usage of Solvent Red dyes in various end-use industries such as textiles, leather, printing inks, and plastics. Solvent Red dyes are increasingly being used for coloring synthetic fabrics, plastics, and paper products owing to their brightness, wide color range, solubility in various organic solvents, and good fastness properties. The rising demand from textile industry for bright and long-lasting dyes is a key factor augmenting the growth of global Solvent Red market. Further, the steady growth of end-use industries is estimated to propel the product demand during the forecast period.
Segment Analysis
The global solvent red market can be segmented based on product type and application. Based on product type, the disperse solvent red market dominates and accounts for over 35% share of the total market. Disperse solvent red dyes are highly soluble and stable colorants that offer bright coloration to polyester and nylon. They have good dispersibility in hydrophobic solvents and resistance to alkalis, acids, and bleaching.
Key Takeaways
The Global Solvent Red Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to grow from US$ 2.18 Bn in 2023 to over US$ 3 Bn by 2030, increasing at a CAGR of 4.5%.
Regional analysis
Asia Pacific accounts for the largest share in the global solvent red market currently. Countries like China, India, and Japan are the major producers and consumers of solvent red dyes. The presence of a strong textile industry along with low production costs has made APAC an attractive market for solvent red manufacturers. The region's share is expected to increase further over the coming years to account for over 40% of the global market by 2030.
Key players
Key players operating in the solvent red market include Mitsubishi Chemical, Gabriel Performance Products, LLC, DIC Corporation, Kukdo Chemical, Georgia-Pacific (GP) Chemicals, SpecialChem, Brenntag Asia Pacific Pte. Ltd., SHOWA DENKO K.K., ICL Phosphate Specialty, and Merck KGaA. Mitsubishi Chemical is a leader in solvent red production, offering a wide portfolio of disperse and acid dyes for textiles and other applications. Gabriel Performance Products is another prominent player manufacturing specialty dyes and pigments for plastics, coatings, and fibers.
Explore more information on this topic, Please visit -
https://www.insightprobing.com/solvent-red-market-size-and-trends-analysis/
The decline in crude oil prices and disruption in the supply chain impacted the market.
(Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Huntsman Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK).
The company is mainly focused on its downstream business segment as it has a strong revenue-generating segment with high return-on-investment.
It is focusing on expansion as the key growth strategy.
In October 2018, Shell commissioned a new solvent desphalter unit at its Pernis refinery in order to meet the demands of cleaner transport fuels and reduce environmental impact.
This expansion helped the company to manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol, and oxo-alcohols.In October 2014, the company launched natural gas based paraffinic solvents and fluids and is the first organization globally to offer Gas-to-Liquid (GTL) solvents.
