Fluorescent Pigment Market Overview
The growth of the global fluorescent pigments market is thriving on the back of the growing research and development activities for the innovation and production of high-performance pigments which has helped significantly to develop pigments with characteristics bearing resistance to light, heat, organic solvents, humidity and others, coupled with the growing application of fluorescent pigments in the medical industry. Fluorescent pigments are used as markers for performing several microbiological activities in the healthcare industry. As such, it is widely used in agriculture, medical, biology or biochemistry labs.
The global fluorescent pigments market reached a value of around USD 1100 million in the year 2018 and is expected to garner a value of around USD 1800 million by the end of 2027 by registering a CAGR of around 6% during the forecast period, i.e. 2019-2027. Further, the worldwide market of fluorescent pigments is anticipated to achieve an incremental $ opportunity of around USD 110 million in the year 2027 as compared to the previous years.
Growth Highlights based on Region during 2018-2027
The global fluorescent pigments market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America fluorescent pigments is driven by nations such as U.S. and Canada, where U.S. held the dominant market share of around 59% in the year 2018. Additionally, the market in North America held a market share of around 33% in the year 2018 and is anticipated to cross a value of around USD 600 million by the end of 2027 by registering a CAGR of around 6% during the forecast period. Moreover, the market of fluorescent pigments in North America is expected to expand by observing the growth rate of around 1.6x throughout the assessment period, which in turn is estimated to have a positive effect on the demand for fluorescent pigments in the long run.
Further, Germany, U.K., France and Italy are some of the prominent countries that are driving the growth of the Europe fluorescent pigments market, where Germany accounted for the largest market share of around 22% in the year 2018. Additionally, the market in the nation is expected to cross a value of around USD 110 million by the end of 2027 by registering a CAGR of around 6% throughout the forecast period. On the other hand, France is anticipated to grow with the highest CAGR of around 7% over the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Type
The global fluorescent pigments market has been segmented on the basis of type into daylight fluorescents, optical whiteners and inorganic fluorescents. The optical whiteners segment with around 57% share in the year 2018 occupies the largest market of fluorescent pigments across the globe. Additionally, the optical whiteners segment is anticipated to cross a value of around USD 1050 million by the end of 2027 by registering a CAGR of around 5.5% over the forecast period. Further, the daylight fluorescents segment is estimated to grow with the highest CAGR of around 7% over the forecast period.
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Market Drivers and Challenges
Growth Indicators
Paints and pigments are increasingly used across end user industries including textile, construction and automobile industries owing to its durability, resistant to heat and other characteristic properties. Besides, numerous market players are increasingly focusing on to develop advanced fluorescent pigments from colorants, extenders and functional pigments, as well as develop customized pigments for various uses. Moreover, the increasing demand for fluorescent pigments from consumers owing to the availability of numerous product forms of fluorescent pigments as well as continuous research and developmental activities to develop new products by the utilization of fluorescent pigments is contributing to the rising demand for such pigments, which is also anticipated to drive the growth of the global fluorescent pigments market. Additionally, factors such as improving lifestyle of people, rising per capita income, and others are contributing to the increasing need amongst individuals for appealing products which are built with different colors. Further, developing technologies, such as 3D printing and continuous research and developmental activities are some of the additional factors anticipated to drive the growth of the global fluorescent pigments market.
Barriers
Presence of stringent regulatory norms across several nations for the marketing of these pigments especially for food coloring or any other chemical effect that can be harmful in nature are some of the factors anticipated to impact negatively towards the growth of the global fluorescent pigments market.
Top Featured Companies Dominating The Market
Some of the affluent industry leaders in the global fluorescent pigments market are Radiant Color NV., Ukseung Chemical Co., Ltd., LuminoChem Ltd., Sinloihi Co. Ltd., Huangshan Jiajia Fluorescent Material Co., Ltd., Wanlong Chemical Co., Ltd., Aron Universal Limited, J Color Chemicals, Vicome Corp. and Wuxi Ming Hui International Trading Co., Ltd.
