by Solvent Red dye finds wide applications in the textile industry for dyeing polyester and nylon fabrics. It imparts excellent color retention and wash-fastness properties to the fabrics. Solvent Red is used to dye polyester fibers, nylon, acrylic fibers, and vinyl materials. It produces bright shades of red color and is highly compatible for use on synthetic textiles. The global textile industry has been growing steadily over the past few years owing to increasing demand for inexpensive apparel and home furnishings. Developing economies with thriving textile sectors such as India and China have been the major drivers of the industry’s growth.
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 Dynamics:
Growth of the textile industry is one of the major drivers propelling the growth of the global solvent red market. According to data from Indian Brand Equity Foundation (IBEF), India’s textiles industry contributed 2% to India’s GDP, 7% of industry output in value terms and 12% to the country’s export earnings in 2018-19. Additionally, increasing population and consumer spending have fuelled the demand for inexpensive apparel, home furnishings, and other textile products across emerging nations. This growing demand for textiles serves to boost utilization of solvent dyes such as solvent red for dyeing purposes.
Another driver augmenting the market growth includes expanding applications of solvent red in new areas including electronics. Solvent Red 27 dye has been found effective for color patterning of plastic components in electronic devices. It displays excellent opacity and brightness when printed on plastics by screen and flexographic printing. This increasing usage of solvent red dyes beyond conventional textiles is expected to support market growth over the forecast period.
Segment Analysis
Solvent Red market is segmented into solvent red 13, solvent red 24, solvent red 26, solvent red 49, solvent red 207, solvent red 216 and others. Among these, solvent red 26 dominates the market with around 30% share due to wide applications in plastics, printing inks, coatings, food, cosmetics and others. It is cost effective and offers bright red color which makes it highly favorable for use.
PEST Analysis
Political: No major Trade tariffs or regulations affecting the import and export of solvent red across regions.
Economic: Steady growth in end use industries such as plastics, printing inks and coatings driving demand. Growing economy in Asia Pacific region is a key growth factor.
Social: Increasing demand for attarctive packaging, printing and coatings especially in food and cosmetics sectors.
Technological: Advancements in solvent dye manufacturing process allowing mass production at competitive costs helping market expansion.
Key Takeaways
The Global Solvent Red Market Demand is expected to witness high growth. Asia Pacific is the largest and fastest growing market for solvent red due to strong growth in end use industries. China accounts for around 35% of global demand owing to presence of manufacturing bases of key players and industrial growth.
Regional analysis comprises
The Asia Pacific region is dominating as well as the fastest growing regional market for solvent red. Strong growth in end use industries such as plastics, printing inks, coatings, food and cosmetics in China and India is driving demand. China accounts for over one-third of global solvent red consumption.
Key players
Key players operating in the Solvent Red market are 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. These players are focusing on capacity expansion and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
