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There is a growing demand for phthalocyanine pigments formulated with environmentally friendly ingredients and production processes. Pigment manufacturers are focusing on minimizing waste generation, energy consumption, and emissions in their production processes. Phthalocyanine pigments are being used in high-performance coatings for corrosion protection, automotive finishes, and industrial applications.
Market size for phthalocyanine pigments was valued at around USD 27.8 billion in 2022 and is estimated to surpass USD 49 billion by 2032, owing to the product
Blue segment held a majority market value of USD 13.7 billion in 2022. The blue color is commonly used in architectural coatings, automotive finishes, and industrial coatings, driving demand for blue phthalocyanine pigments.
U.S. phthalocyanine pigments market accounted for a revenue of USD 5.7 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032, backed by the demand for architectural coatings from the construction of residential, commercial, and industrial structures.
Sudarshan Chemical Industries Ltd., Meghmani Pigments, Vibfast Pigments Pvt. Ltd., Trust Chem Co. Ltd., Sanyo Color Works Ltd., Nubiola Group, Sensient Technologies Corporation, Ferro Corporation among others.