India Prussian Blue Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for Prussian Blue in India is expected to grow at a CAGR of more than 1% during the forecast period. Major factors driving the market studied are increasing demand for decorative paints from the construction sector and the product’s cheap and non-toxic nature. On the flipside, COVID-19’s impact on the economy, is the major restraint, which is expected to hinder the growth of market.

Key Highlights

• Increasing usage in battery applications is expected to offer various lucrative opportunities for the growth of market.
• By application, paints segment is expected to dominate the market owing to the increasing usage of prussian blue pigments in decorative paints industry.
• By state, Maharashtra is estimated to account for the largest share.

Key Market Trends

Paints Industry to Dominate the Market

• Prussian blue pigment is a dark blue pigment developed by the oxidation process of ferrous ferrocyanide salts, an inorganic complex salt containing two differently charged iron ions Fe2+ and Fe3+ and the negatively charged hexacyanoferrate ions [Fe(CN)6]4-. The overall formula is usually written as Fe4[Fe(CN)6]3 - x H2O. There are also variants containing other positive ions, such as potassium K+ or sodium Na+.
• It is a microcrystalline blue powder that is insoluble in nature and tends to form a colloid. It is structurally complex in nature that defies the routine crystallographic analysis. It is one of the affordable, nontoxic, and intensely colored pigments, which is widely used in different sectors from paints.
• Moreover, Prussian blue appears as a reddish-blue powder and can be used in marine paints and printing inks. It has a bulk density of 0.4-0.45 and a pH value of 3.5.
• Some of the properties of the Prussian blue are: the pigment is decomposed by dilute alkalis to form brown iron hydroxide, it is resistant against dilute mineral acids and withstands temperatures up to 140 °C, it is compatible with many pigments that are not alkaline, and thus, should not be mixed with lead white and calcium carbonate, and in pure form, it is a permanent pigment, but its lightfastness diminishes when mixed with other pigments.
• The major consumer of Prussian blue in India is the decorative paints industry. Companies, such as Asian paints, provide paints based on Prussian blue pigments.
• The demand for decorative paints in India is expected to increase at a CAGR of over 6.5% over the next five years, 2020-2025. This is expected to increase the demand for Prussian blue pigment in India.
• Moreover, the residential property sales in the major metropolitan cities of the country is likely to increase the demand for decorative paints during the forecast period.
• However, the COVID-19 outbreak has had an impact on various sectors of the country, including the construction sector, which is likely to influence the consumption in the market studied during the forecast period.
• Hence, the aforementioned factors are contributing to the increasing demand for Prussian blue in paints industry during the forecast period.

Maharashtra is Expected to Account for the Largest Share

• The major consumers of the Prussian blue are the paint and ink manufacturers. In India, Maharashtra has a largest market share, with an estimated share of more than 12% in 2019.
• Some of the manufacturers of Prussian blue in the Maharashtra are Beta Blue Pigment Manufacturers & Suppliers in Nagpur, Gaurav Chemicals in Mumbai, Anupam Colours & Chemicals Industries in Mumbai, Rang Udhyog in Mumbai, Anupam Colours & Chemicals Industries in Mumbai, Riddhi Chemicals in Mumbai, Kunder Chemicals Pvt. Ltd in Mumbai, Dycon Chemicals in Mumbai, and Vatsalya Enterprise in Pune.
• Some of the ink manufacturers in the state are Varsha Printing Inks Manufacturing Company, Manufacturer in Mumbai, Maharashtra, Toyo Ink India Private Limited,Bombay Wellprint Inks Pvt. Ltd, and Inks India, in Mumbai, Maharashtra.
• Hence, the Prussian blue market in India is expected to grow at a steady rate during the forecast period.

Competitive Landscape

The India Prussian Blue market is consolidated with top players accounting for a major share of the market. Some of the key companies in the market include Colour India, Bhavna Industries, Sona Synthetics Products, Anupam Colours & Chemicals Industries, and Dycon Chemicals.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support