Petroleum dyes market is segmented by types such as ethyl, azo and fluorescent. On the basis of its form it is classified into powder, solvent and liquid. It is available in various colors including red, yellow, purple, black and green. The compound is used in various applications that comprises of gasoline, diesel, aviation and marine fuel.
Petroleum Dyes Market size will depict a healthy CAGR between 2017and 2024. The product is a colored perfumed compound that is added to gasoline and its derivatives for generating color. It is an unsaturated compound, soluble in water and has intense color. The substance can be natural or synthetic, they are in powder form and has higher value than liquid formulation. It is widely used in gasoline, diesel, marine and aviation fuels to give intense color and solubility in the machine.
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Crucial driving factor of petroleum dyes market is surging aviation industry by over 3% CAGR in the forecast timeframe. Rising passenger traffic in aviation industry will subsequently increase the aviation turbine fuel consumption and positively influence petroleum dyes market. The compound is used to identify fuel adulteration, corporate identity and mixing & blending errors. It is useful in identifying leakage of pipelines, containers and other material handling equipment that stores the fuel.
Increasing global marine transportation is anticipated to propel petroleum dyes market in near future. Water transportation has become major linkage across various regions, goods are transported from sea routes for its affordability and shorter distance. Nearly all the countries are connected through sea with each other. Marine industry growth can be predicted through annual growth rate of its insurance sector, which is 2.5% and is expected to boost product usage.
Flourishing vehicle sales has pumped up the petroleum dyes market. It is extensively consumed in gasoline and diesel for coloring. Surging population and increasing disposable income is boosting vehicles demand amongst youngsters. Further, these dyes are used in various automobiles as a coloring agent owing to its better solubility.
Challenges in petroleum dyes market include downfall in the oil and gas investment industry. Oil and gas exploration expenditure has fallen by over 25% globally and has impacted gasoline products. Being the basic ingredient in gasoline, diesel and other derived products, the compound demand is hampered with the decline in related industry during past few years.
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Asia Pacific, led by India and China are densely populated countries worldwide. India is expecting high growth in the aviation industry, as it has projected an increase in passenger traffic by more than half of existing fleet in next 20 years. Growing population, increase in disposable income are some of the factors driving the sector. China will register a significant growth in petroleum dyes market owing to its ever-increasing population and improved transportation of passenger and goods.
Europe will register decent growth in the petroleum dyes market. Marine transportation majorly strengthens the region’s economy. In 2014, over 50% of Europe’s external freight trade was shipped by sea routes and over 350 million passenger board and disembark in the port every year. Increasing demand for maritime will subsequently boost petroleum dyes market in next seven years. MEA, especially Saudi Arabia is the highest consumer, producer and exporter of oil and gas products. The country is gifted with huge number of oil and gas reserves that increases their usage and boost up product demand in the region.
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Significant producers in petroleum dyes market are retort chemicals, BASF, United color manufacturing, Orient Chemical industries, A.S Harrison and Pvt. Ltd., Steiner SAS, ADCO, Innospec Inc., The Dow Chemical, John Hogg & Co.Ltd., and Authentix. In 2014, BASF increased its price for pigment and colorants worldwide. Rise in products like azo has influenced the petroleum dyes market. Preliminary factor for elevating the price was market competition, high raw material costs as well as high cost of environment, health, safety and maintenance.
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