Global Fluorescent pigment Media Market Highlights 2020-2028
The global fluorescent pigment market attained revenue of USD 374.8 Million in 2020 and is estimated to garner USD 543.6 Million in 2028 by growing at a CAGR of 4.9% over the forecast period i.e., 2021-2028. The fluorescent pigments are used for security, coding, identification, and anti-counterfeiting, in currency notes, lottery tickets, credit cards, emergency signs, security passes, and others. Other than currency and security applications, fluorescent pigments are also used in restaurants, hotels, discotheques, nightclubs, and several other places due to the glowing effect across the globe. These tend to be modified in a manner, which can change the character to detectable and measurable levels. The increase in luminescent usage excited by UV and IR is increasing due to security printing and counterfeiting prevention. The other use includes brand protection and security of the product by creating invisible security marks and features and identifying and preventing the loss.
Global Fluorescent Pigment Market Segmentation Regional Synopsis
Geographically, the global market is segmented into five major regions comprising North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among the markets in these regions, the Asia Pacific fluorescent pigment market is estimated to hold leading market share throughout the forecast period by attaining a revenue of 106.7 USD Million in 2021 and 158.2 USD Million in 2028, and growing at a CAGR of 5.8%, due to the increasing frauds in identification certificates and banking bonds. In 2018, Chinese police seized a million fake identity documents after an investigation and this racket was operating across 20 provinces. The fake papers include various certificates ranging from resident’s identity cards to birth certificates, passports, English test certifications, and driving licenses. Owning to the above fraud, the Chinese government is trying to improve fluorescent pigment quality used in identification certificates.
China in the Asia Pacific region is expected to garner a revenue of 24.9 USD Million in 2021 while the number for Japan is projected to be 20.1 USD Million for the same year. Countries like South Korea, Japan, and China are very advanced in terms of manufacturing pigments used for currency and security purposes. The region has the headquarters of some of the largest fluorescent pigment manufacturers, such as Huangshan Jiajia fluorescent material Co., Ltd., Wanlong Chemical Co., Ltd., UKSEUNG CHEMICAL CO., LTD., and others. Counterfeit currency crimes in Japan and South Korea are very low due to the use of fluorescent pigments in the currency. The fluorescent pigments were also used extensively to prevent counterfeiting of currency after demonetization in India, as during demonetization, the crimes related to fake currency rose drastically.
North America market is projected to hold second leading stance by garnering a revenue of 128.7 USD Million in 2021 and 178.7 USD Million in 2028 owing to the large manufacturers in the region and increasing counterfeiting activities. According to US Federal Reserve, more than USD 2 trillion of Federal Reserve notes are in circulation in the country, and approximately 0.1% of these are fake. Several anti-counterfeiting technologies, such as advanced digital printing technologies, are used to overcome such activities. In North American region, the United States is projected to generate significant growth opportunities for the market growth by attaining a revenue of 75.7 USD Million in 2021 due to significant manufacturers presence.
The growing consumption of fluorescent pigments in the US is due to the circulation of counterfeit currency that impacts the economy significantly. Fake currency leads to an unauthorized increase in the money supply. The different fluorescence of security thread used in the US currency is yellow, green, red, and blue for USD 50, USD 20, USD 10, and USD 5 currency denominations, respectively. These fluorescent threads are used to evaluate the authenticity of the US currency using fluorescent instrumentation.
While, Canada is projected to reap 53.0 USD Million in revenue during the same year. the increase in the demand for fluorescent pigment for printing currency leads to the growth of the fluorescent pigment market for security and currency application. According to the Bank of Canada, the circulation of fake Canadian dollars in the country is increasing extensively, leading to the development of different technologies to combat counterfeiting. Currency counterfeiting comes under section 462 of the criminal code of the National Anti-Counterfeiting Bureau (NACB). The notes in the country use micro printing using fluorescence pigment for security against counterfeiting. Additionally, the presence of major players Honeywell International Inc., Angstrom Technologies Inc., Jet-made Canada Inc., Brilliant Group, Inc., Dayglo Color Corp., A.S. Paterson Company Limited, and others in this region has created significant growth opportunities for the market. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers and Challenges Impacting the Growth of the Global Fluorescent Pigment Media Market
- Increasing counterfeiting activities
- Increasing demand for fluorescent pigment for printing currency
- Processing challenges while handling the fluorescent colors, cost intensive new technologies
- Presence of stringent regulatory norms across several nations for the marketing of these pigments
Global Fluorescent pigment Media Market Segmentation Synopsis
The global fluorescent pigment market is segmented by product type into organic fluorescent pigment and, inorganic fluorescent pigment, and by application, the market is segmented into currency, identification certificates, banking bonds, legal documents, tax banderols, others. Under product type, the organic fluorescent pigment segment accounted for highest share throughout 2021-2028, and is further estimated to carry this position and attain 78.63% of the market share in 2021. The organic fluorescent pigment segment attained revenue of USD 306.8 Million in 2021 and is estimated to garner USD 422.5 Million in 2028. The organic fluorescent pigments are also referred to as daylight fluorescent pigments. They are luminescent materials that do not require any artificially generated energy to reflect colored light and emit fluorescence light.
The fluorescent pigments comprise organic dyed polymers formulated as a solvent for fluorescent dyestuff. The glowing characteristic is provided by the daylight fluorescent material when light emits from the added fluorescent color. Organic fluorescent pigments are non-toxic in nature and are used due to their ability to draw in attention and very high visibility. These pigments are used in advertising, protective clothing, documentations, inks, biomedical applications, and others. Among the application, the currency segment is estimated to garner highest market revenue by the end of 2028.
The currency uses various covert and overt features such as water markers, serial numbers, low vision numerals, marks of the manufacturing house, micro-printing, and security threads that glow under the ultraviolet light. The short and long wavelength of fluorescent pigments is used in the printing of currency. The security ink is used for curing the fake printing of the currency notes. The currency segment attained revenue of USD 133.2 Million in 2021 and is estimated to garner USD 176.3 Million in 2028.
Additionally, different regions have different level of penetration of market segments. For instance, in North America, the market size for organic fluorescent pigments and currency segment were USD 101.7 Million and USD 43.9 Million, respectively. Additionally, in APAC, the market size for organic fluorescent pigments and currency segment were USD 83.7 Million and USD 36.4 Million, respectively.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global fluorescent pigment media market that are included in our report are Radiant Color NV, Hangzhou Aibai Chemical Co. Ltd., Organic Dyes and Pigments LLC, Luminochem Ltd., Ukseung Chemical Co. Ltd, Aron Universal Limited and others.
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