Phthalocyanine Blue Market Size Report, Share, Growth, Global Forecast From 2023 To 2030

Phthalocyanine Blue Industry Prospective:

The global phthalocyanine blue market size was worth around USD 2.5 billion in 2022 and is predicted to grow to around USD 3.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.5% between 2023 and 2030.

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The report analyzes the global phthalocyanine blue market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the phthalocyanine blue industry.   

Phthalocyanine Blue Market: 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.

Key Insights

• 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.

Phthalocyanine Blue Market: Growth Drivers

Growing demand from the paints and coatings industry drives the market growth

Phthalocyanine blue is widely used in the paints and coatings industry due to its vibrant blue color, excellent colorfastness, and durability. As the construction and automotive sectors continue to expand globally, the demand for paints and coatings is also increasing, thereby driving the demand for phthalocyanine blue. For instance, according to the Construction Association, the U.S. economy greatly benefits from the construction industry. The sector employs more than 7.8 million people, has over 753,000 employers, and builds structures worth close to $1.8 trillion annually. One of the biggest consumers of manufacturing, mining, and various services is the construction industry.

Moreover, as per International Trade Administration, the focus of China's 14th Five-Year Plan is on new urbanization, energy, water, and transportation infrastructure projects. The 14th Five-Year Plan period (2021–2025) would see an estimated total investment in new infrastructure of almost $ 4.2 trillion. The new plan aims for the renovation of more than 350 million square meters of buildings and the construction of more than 50 million square meters of net zero energy consumption structures. It also emphasizes nine critical areas for energy efficiency and green building development. Thus, the aforementioned stats of various regions will drive the phthalocyanine blue market growth during the forecast period.

Phthalocyanine Blue Market: Restraints

Price volatility of raw materials is a major restraint that hampers the market growth    

The production of phthalocyanine blue requires specific raw materials, and fluctuations in the prices of these materials can impact the overall cost of production. Price volatility of key raw materials, such as phthalonitrile and copper, can create uncertainty and affect the profitability of manufacturers and suppliers in the phthalocyanine blue market. For instance, by the end of 2021, the spot price for copper is predicted by the World Bank to be $8,500 per metric ton on average. The cost is anticipated to drop to $7,500 in 2022 after rising to $8,250 by 2035. In addition, the Australian Department of Industry, Science, Energy, and Resources anticipates a substantial increase in copper prices to $8,257 in 2021, followed by a minor decline to $7,724 in the next two years, then a subsequent increase to $8,876 by 2026.

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.

Phthalocyanine Blue Market: Challenges

The availability of alternatives poses a major challenge to the market growth

Although phthalocyanine blue offers superior color stability and durability, there are alternative blue pigments available in the market. Pigments such as ultramarine blue, cobalt blue, and cerulean blue are viable substitutes for phthalocyanine blue in certain applications. The availability and competitive pricing of these alternatives can pose a challenge to the market growth of phthalocyanine blue.

Phthalocyanine Blue Market: Segmentation

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

Based on the product type the phthalocyanine blue industry is bifurcated into photovoltaics, research and development, inks, and quantum computing. The photovoltaics segment is expected to capture the largest market share over the projected period. Phthalocyanine blue is used in the production of solar cells, specifically in thin-film photovoltaic technologies like organic photovoltaic (OPV) and dye-sensitized solar cells (DSSC). It is utilized as a light-absorbing material or as a component of the photoactive layer in these cells. The vibrant blue color of phthalocyanine blue allows for efficient light absorption, thereby enhancing the energy conversion efficiency of solar cells. On the other hand, the quantum computing segment is expected to grow at a moderate rate during the projected period. Phthalocyanine blue can be used as a coating or passivation material for quantum dots to enhance their stability and performance. By incorporating phthalocyanine blue into the quantum dot structure, it may be possible to improve the quantum dot's optical properties, such as light absorption and emission, which are crucial for quantum computing applications. Thereby, driving the segment growth.

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.

Phthalocyanine Blue Market: Report Scope

Phthalocyanine Blue Market: 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.

Phthalocyanine Blue Market: Competitive Analysis

The global phthalocyanine blue market is dominated by players like:

• 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.

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

By Region

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