Phthalocyanine Blue Market Size To Hit $3500 Million By 2030, Growing At 4.5% Cagr - Exclusive Report By Zion Market Research

(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, United States, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Phthalocyanine Blue Market By Product Type (Photovoltaics, Research And Development, Inks, And Quantum Computing), By Application (Solar Cell, Paints, And Pigments), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global phthalocyanine blue market size & share in terms of revenue was valued at USD 2500 million in 2022 and it is expected to surpass around USD 3500 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.5% during the forecast period 2023 to 2030.”

What is Phthalocyanine Blue? How big is the Phthalocyanine Blue Industry?

Phthalocyanine Blue Report Coverage & Overview:

Phthalocyanine Blue is a vibrant and intense blue pigment widely used in various industries, including the manufacturing of paints, inks, plastics, and textiles. It belongs to the family of phthalocyanine compounds, which are synthetic pigments with exceptional color stability and lightfastness. The term "phthalocyanine" refers to a class of organic compounds characterized by a large macrocyclic structure composed of four isoindole units linked together by nitrogen atoms. Phthalocyanine Blue specifically denotes a blue variant of the phthalocyanine pigment family. Phthalocyanine Blue offers several advantages over other blue pigments. It has a strong tinting strength, meaning that a small amount of the pigment can produce a significant coloration. It also possesses excellent resistance to light, heat, chemicals, and weathering, making it highly durable and suitable for outdoor applications. Additionally, it exhibits good transparency and can be easily dispersed in various mediums.

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Global Phthalocyanine Blue Market: Growth Dynamics

The expansion of the market is being driven by the paints and coatings industry's increasing demand.

Because of its brilliant blue colour, outstanding colorfastness, and long-lasting nature, phthalocyanine blue is a pigment that finds widespread application in the paint and coatings industry. The demand for paints and coatings is expanding along with the global expansion of the construction and automotive industries, which is boosting the demand for phthalocyanine blue. For instance, research conducted by the Construction Association found that the construction industry provides significant benefits to the economy of the United States. This industry provides work for more than 7.8 million people, is comprised of more than 753,000 businesses, and yearly constructs buildings with a value of about $1.8 trillion. The construction sector is one of the largest consumers of goods produced in factories and mines as well as a variety of services.

In addition, the 14th Five-Year Plan of China prioritises the development of new infrastructure projects in the areas of urbanisation, energy, water, and transportation. This information comes from the International Trade Administration. During the time period covered by the 14th Five-Year Plan (2021–2025), a projected total investment of nearly $4.2 trillion would be made on brand new infrastructure. The new plan intends to renovate more than 350 million square metres of existing buildings and to construct more than 50 million square metres of structures that have a net zero energy use. In addition to this, it places an emphasis on nine vital areas for the development of green buildings and energy efficiency. Consequently, the expansion of the phthalocyanine blue market throughout the course of the forecast period will be driven by the statistics shown before regarding various areas.

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Report Scope

Report Attribute	Details
Market Size in 2022	USD 2500 million
Projected Market Size in 2030	USD 3500 million
CAGR Growth Rate	4.5% CAGR
Base Year	2022
Forecast Years	2023-2030
Key Market Players	Unilex Colours & Chemicals Ltd., Qualitron Chemicals, Alliance Organics LLP, Kolorjet Chemicals Pvt Ltd., Kesar Petroproducts Ltd., Ramdev Chemical Industries, DHANVEEN PIGMENTS PVT LTD., Shanghai Sunwise Chemical Co. Ltd, Nantong Hermeta Chemicals Co. Ltd, Krima Sil Pvt. Ltd., VIVIFY COMPANIES, AArbor Colorants Corporation, Tokyo Chemical Industry Pvt. Ltd. and Phtholo Science among others.
Key Segment	By Type, By Application, and By Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options	Request customized purchase options to meet your research needs. explore purchase options

Phthalocyanine Blue Market: Segmentation Analysis

The global phthalocyanine blue industry is segmented based on product type, application, and region.

Based on the product type There are four distinct sub-industries that make up the phthalocyanine blue market: photovoltaics, research and development, inks, and quantum computing. Over the course of the time in question, it is anticipated that the photovoltaics sector will seize the highest market share. In the manufacturing of solar cells, particularly thin-film photovoltaic technologies such as organic photovoltaic (OPV) and dye-sensitized solar cells (DSSC), phthalocyanine blue is utilised as an essential component. In these cells, it is incorporated either as a component of the photoactive layer or as a light-absorbing material of its own right. The brilliant blue colour of phthalocyanine blue enables for efficient light absorption, which in turn increases the solar cells' capacity to convert light energy into usable energy.

On the other hand, during the period in question, it is anticipated that the quantum computing section will expand at a rate that is around average. In order to improve the quantum dots' stability and overall performance, phthalocyanine blue can be applied to them as a coating or employed as a passivation material. Incorporating phthalocyanine blue into the structure of the quantum dot may make it possible to increase the optical properties of the quantum dot. These features, such as light absorption and emission, are essential for the applications of quantum computing. Therefore, contributing to the expansion of the segment.

Based on the application, the global phthalocyanine blue industry is bifurcated into solar cells, paints, and pigments. The solar cells segment is expected to grow at the highest CAGR over the forecast period. the growth in the segment is attributed to the increasing growth in the solar sector. For instance, according to data from the U.S. Energy Information Administration, residential solar power installations increased by 34% from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2021. Thus, this fact supports the market growth over the forecast period.

The global Phthalocyanine Blue market is segmented as follows:

By Product Type

• Photovoltaics
• Research and Development
• Inks
• quantum computing
  

By Application

• Solar Cell
• Paints
• Pigments

Browse the full “ Phthalocyanine Blue Market By Product Type (Photovoltaics, Research And Development, Inks, And Quantum Computing), By Application (Solar Cell, Paints, And Pigments), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at

Competitive Landscape

Some of the main competitors dominating the global Phthalocyanine Blue market include -

• Unilex Colours & Chemicals Ltd.
• Qualitron Chemicals
• Alliance Organics LLP
• Kolorjet Chemicals Pvt Ltd.
• Kesar Petroproducts Ltd.
• Ramdev Chemical Industries
• DHANVEEN PIGMENTS PVT LTD.
• Shanghai Sunwise Chemical Co. Ltd
• Nantong Hermeta Chemicals Co. Ltd
• Krima Sil Pvt. Ltd.
• VIVIFY COMPANIES
• AArbor Colorants Corporation
• Tokyo Chemical Industry Pvt. Ltd.
• Phtholo Science among others.

Key Insights from Primary Research :

• As per the analysis shared by our research analyst, the global phthalocyanine blue market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030).
• In terms of revenue, the global phthalocyanine blue market size was valued at around USD 2.5 billion in 2022 and is projected to reach USD 3.5 billion, by 2030.
• The increasing various end-use industry including construction, automotive, solar, and others is expected to fuel the phthalocyanine blue market growth over the forecast period.
• Based on the product type, the photovoltaics segment is expected to capture the largest market share over the projected period.
• Based on the application, the solar cells segment is expected to grow at the highest CAGR over the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Phthalocyanine Blue industry?
• What are the main driving factors propelling the Phthalocyanine Blue Market forward?
• What are the leading companies in the Phthalocyanine Blue Industry?
• What segments does the Phthalocyanine Blue Market cover?
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Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product Type, By Application, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis :

The Asia Pacific is expected to capture the dominant market share over the forecast period

The Asia Pacific is expected to capture the dominant global phthalocyanine blue market share over the forecast period. The region is known for its strong manufacturing base across various industries, including automotive, electronics, packaging, and textiles. These industries require phthalocyanine blue pigments for coloring and enhancing the aesthetic appeal of their products. The presence of large-scale manufacturing facilities and the growing export-oriented production in the region support the demand for phthalocyanine blue. Moreover, the rising disposable incomes and the growing middle-class population in the region have led to increased consumer spending on products like paints, coatings, textiles, and consumer goods. Phthalocyanine blue pigments are extensively used in these industries to meet the demand for vibrant and visually appealing products. The expanding consumer market in the region contributes to the growth of the phthalocyanine blue market.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Phthalocyanine Blue Market: Opportunities

Expansion of end-use industries in emerging economies offers an attractive opportunity

The rapid industrialization and urbanization in emerging economies, such as China, India, and Brazil, have led to significant growth in end-use industries like construction, automotive, packaging, and textiles. For instance, according to information from the Ministry of Industry and Information Technology, approximately 26 million vehicles, including 21.48 million passenger cars, were sold in 2021, an increase of 7.1% from the previous year. Moreover, as per the Society of Indian Automobile Manufacturers, a total of 38,90,114 passenger vehicles were sold overall, up from 30,69,523. In comparison to the prior year, sales of Passenger Cars climbed from 14,67,039 to 17,47,376, Utility Vehicles from 14,89,219 to 20,03,718, and Vans from 1,13,265 to 1,39,020 units in FY-2022–23. This, in turn, boosts the demand for phthalocyanine blue in these regions.

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