The global solvent red market is estimated to be valued at US$ 2.52 Mn 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.
SWOT Analysis
Strength: Solvent red has an extensive usage in plastics, polyamide, polyester and nylon industries. It has excellent stability and resistance to light, heat and other conditions. Solvent red provides intense colors which attracts the customers. Its low production cost makes it affordable.
Weakness: Solvent red is susceptible to chemical and microbial degradation. Strict environmental regulations in some regions hampers its usage. Limited number of suppliers increases the dependency on few players.
Opportunity: Growing population and rapid urbanization increases the demand for colored plastics, textiles and packaging materials. This drives the solvent red market. Rising focus on environmentally friendly dyes offers opportunities to develop bio-based solvent red.
Threats: Restrictions on certain azo dyes impacts the solvent red market. Volatility in raw material prices poses threats. Development of alternative eco-friendly colors also threatens the solvent red market.
Key Takeaways
The Global Solvent Red Market Demand is expected to witness high growth. The market size is projected to reach US$ 2.52 Mn by 2024 from US$ 1.88 Mn in 2020, growing at a CAGR of 8.4% during the forecast period.
Asia Pacific dominates the global solvent red market and accounts for over 40% share. Rising demand from China, India and other developing nations propels the solvent red market in Asia Pacific. North America and Europe also have significant market share owing to established plastic, textile and packaging industries.
Key players operating in the solvent red market are NeuroSky Inc., Posit Science Corporation, BrainHQ, Synaptitude and Lumos Labs. NeuroSky and Posit Science are technology leaders engaged in neuroplasticity-based digital solutions for cognitive health. BrainHQ and Synaptitude provide brain training and assessments online and via apps. Lumos Labs focuses on cognitive assessment tools for diagnosis. The key players are investing in R&D to develop new product lines catering to changing customer needs. Partnerships with distribution networks help the players expand global footprint.
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