Global Pigment Red 31 Market to Reach USD 2.5 Billion by 2032, Driven by Demand in Construction, Automotive, and Plastics Industries

The global Pigment Red 31 Market is experiencing significant growth, propelled by increasing demand across various sectors, including construction, automotive, plastics, cosmetics, and pharmaceuticals. Pigment Red 31, known for its vibrant hue, high heat resistance, and color stability, is becoming an essential component in multiple industrial applications.

Market Overview

According to recent industry analyses, the global Pigment Red 31 market was valued at approximately USD 1.59 billion in 2023 and is projected to reach USD 2.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.16% during the forecast period (2024–2032) . This robust growth is attributed to the compound's expanding applications and the development of innovative formulations enhancing its performance.

Key Market Drivers

Rising Demand in Construction and Automotive Sectors: The increasing urbanization and construction activities are driving the demand for durable and aesthetically pleasing coatings, where Pigment Red 31 is extensively used. Additionally, advancements in automotive paint technology focusing on durability and visual appeal are further fueling market growth.

Expansion of the Plastics Industry: Pigment Red 31 is widely utilized as a colorant in plastics, particularly in the production of automotive parts, consumer goods, and packaging materials. The growing demand for lightweight and durable plastics in various industries is contributing to the market's expansion.

Emerging Applications in Cosmetics and Pharmaceuticals: The unique properties of Pigment Red 31, including high heat resistance and color stability, make it a promising colorant in cosmetics and pharmaceuticals. The expansion of these industries presents new opportunities for market growth.

Shift Towards Sustainable and Eco-Friendly Pigments: Stringent environmental regulations and the increasing adoption of green manufacturing practices are influencing the market. Pigment Red 31, being a non-toxic and environmentally friendly colorant, is gaining preference over traditional pigments.

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Market Segmentation

By Application:

Paints and Coatings

Plastics

Printing Inks

Textiles

Paper

By Form:

Powder

Granules

Slurry

Paste

By Color Index:

PR 101

PR 112

PR 123

By End-Use Industry:

Automotive

Construction

Packaging

Consumer Products

Electronics

By Region:

North America

Europe

Asia Pacific

South America

Middle East and Africa

Regional Insights

North America: Leading the market due to the presence of major automotive and construction industries, along with stringent environmental regulations promoting the use of eco-friendly pigments.

Europe: Experiencing steady growth driven by technological advancements and the increasing demand for high-quality pigments in various applications.

Asia Pacific: Expected to witness the highest growth rate, fueled by rapid industrialization, urbanization, and significant investments in automotive and construction sectors in countries like China and India.

Key Players

Heubach

Clariant

BASF

Zeon Corporation

Evonik

Kobo Products

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Future Outlook

The Pigment Red 31 market is poised for sustained growth, driven by continuous technological advancements and the increasing emphasis on high-performance, sustainable materials across various industries. Manufacturers are exploring the development of eco-friendly and efficient formulations to cater to the growing demand.

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