HS Code:
Mono or diphthalimido methyl copper phthalocyanine, with the chemical name [2-(29H, 31H-phthalocyaninylmethyl) -1H -isoindole-1,3 (2H)-dionato (2-)-N29, N30, N31, N32] copper (CAS No. 42739-64-0), falls under HS Code 3204.19.50. This compound belongs to the category of synthetic organic coloring matter and preparations based thereon, specifically phthalocyanine derivatives used as pigments or dyes in industries such as textiles, plastics, inks, and coatings. These compounds are valued for their vibrant color, chemical stability, and resistance to light and heat, making them critical in industrial applications.
Total Trade Volume
Approximately $50 million USD
Data from 2022
Source
Estimated data based on UN Comtrade and ITC Trade Map
$15 million USD
30% of total trade of total trade
Increasing
$10 million USD
20% of total trade of total trade
Stable
$8 million USD
16% of total trade of total trade
Increasing
$7 million USD
14% of total trade of total trade
Increasing
$5 million USD
10% of total trade of total trade
Stable
Average Rate
6.5% ad valorem
Highest Rate
10% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Growing demand in eco-friendly coatings
Increased adoption of phthalocyanine derivatives in sustainable paints and coatings due to stricter environmental regulations.
2021-2023
Rising production in Asia-Pacific
Shift of manufacturing hubs to countries like China and India due to lower production costs and high demand in regional markets.
2020-2022
Technological advancements in pigment synthesis
Improved production efficiency and color consistency driving market competitiveness and application diversity.
2019-2023
The European Union updated its REACH regulations, imposing stricter guidelines for the import and use of phthalocyanine derivatives to ensure environmental safety.
June 2023
Potential increase in compliance costs for exporters to the EU, but also an opportunity for manufacturers with sustainable practices.
A recent adjustment in the US-China trade agreement reduced tariffs on certain chemical products, including phthalocyanine compounds, to promote bilateral trade.
March 2023
Expected increase in export volumes from China to the US, potentially affecting market dynamics in North America.
A major chemical manufacturer opened a state-of-the-art facility in India for producing phthalocyanine pigments, aiming to cater to the growing South Asian market.
January 2023
Likely to boost Indiaโs export capacity and reduce regional dependency on imports from Europe and Japan.