Phosphorescent Pigments Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, GCC), Application Development status, Price Trend, Competitive Market Share & Forecast, 2017 – 2024.
Phosphorescent pigments market will witness significant development in the forecast period due to its notable use in various end-use applications such as clock or watch dials, writing & printing inks, electronic instruments & dial pads, home appliances, camping equipment, textile printing & fabrics, outdoor path marking, lighting apparatus & switches, military applications, signboards, etc.
Phosphorescent Pigments Market will surpass USD 290 million by 2024; as per a new research report.
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Increasing use of consumer products applications such as printing on textiles, toys, shoes & other footwear, etc. will further boost the overall phosphorescent pigments market in the forecast period. Moreover, use of the product as an additive to plastics in order to increase the glow and aesthetic appearance will further enhance the phosphorescent pigments market.
Prevalence of fluorescent pigments in the photoluminescence industry, which readily emit light as absorbed from ambient radiation, may create a considerable threat of substitution for phosphorescent pigments. The emitted light by fluorescent pigments has a longer wavelength, and hence lower energy, than the absorbed radiation. Phosphorescent materials do not immediately re-emit the radiation it absorbs, and it may hinder the industry growth in the forecast period.
Based on product, phosphorescent pigments market is divided into two major categories, namely, strontium aluminate and zinc sulfide. In terms of volume, zinc sulfide segment will hold a slightly higher market share by the end of the forecast period driven by its conventional popularity. Strontium aluminate based product will grow at comparatively higher rate because of its superior properties in order to capture a significant market share owing to its increasing usage in signage boards.
Some key industry players in the phosphorescent pigments market include LuminoChem Ltd., Honeywell International, Glotech International, Nemoto Lumi-Materials, Allureglow International, Allureglow International, Glow Inc., RC Tritec, RTP Company, GTA, GloNation, Tavco Chemicals, Next Generation, United Mineral and Chemical Corp., and Radiant Color.
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Construction materials, plastics, printing inks, paints & coatings are the key end-user sectors for the global phosphorescent pigments market. The others segment includes minor sectors such as textile, digital electronics, rubber & films, etc. Paints & coatings industry finds application in various sectors such as automotive, aerospace, consumer goods, etc. Rising demand for glow paints with photo-luminescent properties will result in the increased phosphorescent pigments market demand by the end of the forecast timeframe. It is poised to hold a share of over a third of the overall industry by 2024.
Rising construction activities and automotive sales in the emerging economies of Asia Pacific and Latin America will generate substantial product demand in these regions. Rising aesthetically superior construction materials and auto parts demand is said to propel the phosphorescent pigments market demand in these regions. Asia Pacific is the leading region and will likely account for over 50% of the entire phosphorescent pigments market share by 2024.
Europe and North America will witness a moderate growth in the forecast period, where North America will exhibit growth at slightly higher CAGR than Europe. Middle East & Africa will witness growth due to the slow developmental activities in the African region.
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