The rising number of end-use industries, including plastics, paints & coatings, printing inks, rubber, paper & pulp, and others, is propelling the growth of the fluorescent pigment market. Another factor propelling the expansion of this market is the rising demand for these pigments in the automotive sector.
Additionally, the market participants in this sector should benefit from the growing usage of fluorescent pigments in cosmetics and personal care goods. The creation of new products with superior qualities as a result of increased research and development efforts by numerous companies has also expanded the range of applications for these products across numerous end-use sectors. It is anticipated that the demand for fluorescent pigments across a range of applications will increase as people become more aware of the benefits of using them over traditional pigments.
The market for fluorescent pigments is crucial because it offers producers the components, they need to produce brilliant colors for a range of goods and applications. Paints, plastics, printing inks, cosmetics, and other items frequently employ fluorescent pigments. The ability of this kind of pigment to absorb light and convert it into discernible hues is well recognized. Fluorescent pigments are therefore very desirable in applications where vivid colors are desired.
Additionally, compared to many of the options on the market, fluorescent pigments are frequently significantly more affordable. In order to produce brilliant colors without going over their budgets, manufacturers require this market.
The term "fluorescent pigments" refers to substances that display the ability to emit light when subjected to electromagnetic radiation of a different wavelength. There are both organic and inorganic forms of these colors. The most prevalent kind of fluorescent pigment is based on rare-earth elements like europium and terbium, which, depending on the pigment's makeup, emit blue, green, or red light. Fluorescent pigments are mostly utilized in the paint and coatings industry to create vivid, visible colors that are not possible to achieve with regular pigments. Textiles, polymers, and printing inks are some more applications. Additionally, fluorescent pigments are employed in security-related products like passports and banknotes.
Over the projection period, it is predicted that the global market for fluorescent pigments will grow at a 7.8% CAGR to reach a value of USD 29.27 billion by 2031. (2021-2031).
Highly visible and vibrantly colored objects for displays, signage and advertising are made using fluorescent pigments. Additionally, they are utilized in plastics, printing inks, paints & coatings, cosmetics, and other industries. The market is expected to experience significant expansion as a result of rising demand from the paints and coatings sector. The demand for fluorescent pigments is anticipated to increase in a number of end-use industries, including the printing inks and plastics industries, as a result of rising per capita disposable incomes and the growing trend of eco-friendly packaging. Further, new prospects for businesses in this sector have been created by technology developments like 3D printing.
The strict environmental requirements that are enforced on the production of fluorescent pigments are one of the market restraints. To comply with these rules, businesses must spend on a variety of technologies and procedures, which is anticipated to impede market expansion. Another factor limiting the expansion of this industry is the high cost of certain technologies and processes. Additionally, the availability of alternatives like phosphorescent and photochromic materials is anticipated to restrain market expansion. The market is anticipated to grow strongly throughout the projected period, despite a number of restraints. Additionally, the market is anticipated to develop as a result of the packaging industry's rising demand for fluorescent pigments.
BASF, Clariant, Hitachi Chemical Co. Ltd., Milliken & Company Inc., DyStar Group of Companies, Huntsman International LLC., Sun Chemical Corporation, and others are among the leading producers of fluorescent pigments. Additionally, manufacturers are constantly working to boost their production capacity in order to keep up with the market's increased demand for fluorescent pigment. Manufacturers are also concentrating on technology development to fulfill the unique needs of the customers.
The Thermoset Category emerged as the Most Lucrative Type
The market for fluorescent pigments has been divided into three types: thermoset, thermoplastic, and other types (aqueous dispersions, etc.). Thermoset type led the market in 2021 and will do so going forward, accounting for about 31% of all revenue. This can be ascribed to its exceptional qualities, which include strong lightfastness, good color strength, and temperature tolerance.
The Most Prominent Application is the Paints and Coatings Industry
The market has been segmented based on application into paints & coatings, printing inks, plastics, and other industries. The market dominance of the paints and coatings sector is anticipated as a result of rising demand from the furniture, construction, and automotive industries. This market is expanding as a result of the expanding trend of employing fluorescent colors in cosmetics.
The Asia Pacific Region to render Ample Financing Opportunities
The market for fluorescent pigments has been segmented regionally into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Due to rising urbanization and industrialization together with low manufacturing costs, Asia Pacific accounted for a significant portion of the worldwide fluorescent pigment market in 2020 and will maintain its dominance during the anticipated time frame. The regional market is also being boosted by the presence of major producers like Clariant AG and BASF SE. An additional factor supporting regional prosperity is the growing investment made in R&D projects by different businesses.
COVID-19 Impact and Market Status
The market for fluorescent pigments has been considerably damaged in 2020 by the COVID-19 pandemic epidemic. The pandemic has had an impact on the production and sales of fluorescent pigments because there has been a sharp reduction in demand from end-use industries such as paints & coatings, plastics, paper & printing, automotive, and others. Due to the nationwide lockdown implemented to stop the virus's spread, the supply chain has been interrupted. The progressive loosening of limitations is anticipated to assist resuscitate manufacturing operations and consumption in a number of industries, and the market is anticipated to have a recovery in 2021. Additionally, the demand for these pigments is anticipated to rise in the upcoming years due to the growing use of fluorescent pigments in numerous applications.
Recent Developments in the Fluorescent Pigment Market
• Merck KGaA, a German chemical, and pharmaceutical corporation introduced a cutting-edge digital printing pigment (DPP) portfolio in March 2021. The new product lineup is made to enable customers to raise the caliber of their prints by establishing clear color separations and enhancing opacity and stability. Additionally, the portfolio aims to give consumers the ability to save expenses for ink and color control.
• Sun Chemical Company, situated in North America, declared in April 2021 that a number of products, including textiles, plastics, and rubber, have been specified for use with its new fluorescent pigment line, OptiFluor. High levels of brightness and fluorescence are available widely and in a variety of hues with the OptiFluor range. Additionally, it aids in improving sight in both light and dark conditions.
Fluorescent Pigment Market Scope
|Revenue forecast in 2031
|USD 29.27 billion
|CAGR of 7.8 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|BASF, Clariant, Hitachi Chemical Co. Ltd., Milliken & Company Inc., DyStar Group of Companies, Huntsman International LLC., Sun Chemical Corporation, and others are among
Key Segments of the Fluorescent Pigment Market
Type Overview, (USD Billion)
• Thermoset Type
• hermoplastic Type
• Aqueous Dispersions
Application Overview, (USD Billion)
• Paints and Coatings Industry
• Printing Inks Industry
• Plastics Industry
Regional Overview, (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa