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.
SWOT Analysis
Strength: Solvent Red is used as a coloring agent in various industrial applications like plastics, paints and varnishes which contributes to its wide demand. The easy availability of raw material for manufacturing Solvent Red makes it a cost-effective product. Research and development of eco-friendly Solvent Red products will boost its application in industries.
Weakness: Stringent regulations regarding the use of aromatic amines can hamper the production of Solvent Red. Volatility in raw material prices poses uncertainty in the market. Presence of substitute products limits the scope of market expansion.
Opportunity: Growing construction and automotive industries in Asia Pacific creates new areas of usage for Solvent Red in manufacturing plastics and paints. Adoption of bio-based Solvent Red can penetrate new environment-friendly sectors. Rising disposable incomes will escalate the demand for consumer goods containing Solvent Red as a dye.
Threats: Health hazards associated with the exposure to Solvent Red during production acts as a constraint. Implementation of bans on azo dyes affects the sales of Solvent Red. Competition from local players erodes profit margins.
Key Takeaways
The Global Solvent Red Market Growth is expected to witness high. Regional analysis related content comprises Regional analysis related content: Asia Pacific dominates the global Solvent Red market with over 35% market share as of 2023. Strong growth of end use industries like construction, automotive and packaging in India and China drives the consumption of Solvent Red in the region. North America and Europe also hold significant shares owing to the expansion of dye manufacturing industry.
Key players related content: 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. The market leaders focus on new product launches and capacity expansions to solidify their positions.
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