May 29, 2024
Solvent Red Market

Solvent Red Market is Expected to be Flourished by Rising Demand from Textile Industry

Solvent Red, also known as Solvent Red 27, is an azo dye that imparts bright red color. It is primarily used in dyeing of textiles such as polyester, cotton, wool and silk fabrics. Solvent dyes are largely preferred over other dyes in the textile industry due to their superior lightfastness and washfastness properties. They penetrate deep into fabrics and create vibrant color that lasts for a long period of time without fading. Additionally, solvent red dyed textiles demonstrate excellent rubfastness and do not cling onto or transfer color onto other materials.

The global Solvent Red market is estimated to be valued at US$ 2.52 million in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Rising demand from the textile industry is expected to be a key driver for the solvent red market during the forecast period. Growing population and increasing per capita disposable income in developing regions such as Asia Pacific and South America has boosted the sales of colored apparel, home textiles and other goods containing dyed fabrics. This in turn is fueling the need for effective textile dyes such as solvent red. Furthermore, solvent red demonstrates high color yields and penetration even at low concentrations. It provides long-lasting and consistent red shades and is economical for mass production of red colored textiles. These advantages are increasing its adoption among textile manufacturers.

Segment Analysis

The global solvent Red market is dominated by the water-based solvent Red segment. Water-based solvent Red pigments are environment friendly with low volatility organic components. Rise in demand for eco-friendly pigments from paints & coatings industry is driving the dominating share of water-based solvent Red segment in the market. Low toxicity and recyclability properties of water-based solvent Red makes it suitable for various industrial applications.

PEST Analysis

Political: Regulations favoring use of eco-friendly pigments promote solvent Red market growth. However, intermittent trade wars can disrupt supply chains.

Economic: Rise in construction and automotive industries accelerating solvent Red demand. Investment in infrastructure development boost solvent Red consumption. Current inflation can marginally impact market volumes.

Social: Increasing health awareness positively impacting biodegradable solvent Red adoption. Rapid urbanization enhancing decorative paints usage.

Technological: New dispersion techniques improving lightfastness and color strength of solvent Red pigments. Continuous product innovation to suit emerging industrial standards.

Key Takeaways

The Global Solvent Red Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rise in infrastructure development and automotive production. The global Solvent Red market is estimated to be valued at US$ 2.52 million in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.

Regional analysis

The Asia Pacific solvent Red market accounted for over 35% of the global share in 2024 majorly driven by China and India. Rise in construction activities and growth in automotive sector driving solvent Red consumption in the region. South East Asian countries are also emerging high potential markets.

Key players

Key players operating in the solvent Red market are NeuroSky Inc., Posit Science Corporation, BrainHQ, Synaptitude. Key players are focusing on new product launches catering to industrial standards to strengthen market position. Companies also pursuing inorganic growth strategies to expand geographic presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it