During the forecast period, the market for phosphorescent pigments is anticipated to expand at a CAGR of more than 4.5%. Rising demand for paints and coatings and growing product application in signs boards are the major forces propelling the market under study. Increasing the use of phosphorescent pigments as a plastics additive may present an opportunity. Fluorescent pigments are typically capable of absorbing both visible and non-visible electromagnetic waves and radiations, and then emitting the absorbed energy at the desired wavelength. When the expected wavelength of light is released upon these pigments, they also emit a fairly exact hue. On a commercial scale, the fluorescent pigment has been used in formulations of paint and coating solution, inks, and fabrics, to name a few. Organic and inorganic fluorescent pigments are utilized commercially and are generated from various components. By mixing various metal oxides, inorganic fluorescent pigments are generated. Using both natural and synthetic components, organic fluorescent pigments are synthesized. Both types are commercially available in powder and dispersion form, with compositions customized to the end-user industry's specifications. Due to their amazing features, such as resistance to poor weather conditions, high temperatures, and heat and chemical resistance, the vast majority of fluorescent pigments are capable of withstanding demanding applications. These properties make it possible to utilize these brilliant pigments in a variety of applications. Similarly, these fluorescent pigments are employed as coloring agents in the car industry for technical plastics. Some of the key players in the phosphorescent pigments market are NemotoLumi-Materials Company Limited, Huangshan Jiajia Fluorescent Material Co. Ltd, Dane Color UK Ltd., Aron Universal Ltd, Lynwon Group, Day-Glo Color Corp., SINLOIHI Co. Ltd, UK SEUNG Europe GmbH, Kolorjet, Kremer Pigment, China Wanlong Chemical, Dainichiseika Color& Chemicals Mfg.
Significant Market Opportunities to Boost Market During the Forecast Period
The market for phosphorescent pigments will increase exponentially in the future due to their increasing usage in sign boards and consumer items. The substance, often known as "glow in the dark" pigments, is typically composed of copper-doped zinc sulfide crystals. This luminescence is due to the peculiar characteristics of crystalline zinc sulfide. Copper causes the crystals to absorb light and radiate it gradually over time, producing a dim phosphorescent sheen. Nemoto& Company of Japan later began manufacturing phosphorescent pigments incorporating alkaline earth metals, such as strontium, under the brand name LumiNova. These pigments are brighter and more durable than standard zinc sulfide-based goods. The market for phosphorescent pigments will be driven in the near future by the increasing use of the product in multiple emergency exit signboards and low-level illumination escape systems, as a result of building and construction regulations. The product has significant uses in safety signboards, such as fire exits, escapes, etc., that must be visible in foggy and dim situations. Copper-activated zinc sulfide powder and strontium aluminate powder are utilized in the manufacturing of the product. Zinc sulfide is utilized extensively in the fabrication of semiconductor materials. Therefore, zinc demand and zinc ores influence the price of zinc sulfide. The higher cost of strontium aluminate compared to its replacements may impede the growth of the phosphorescent pigments market during the forecast period.
Paints & Coatings Dominated the Market in 2021
Phosphorescent pigments are crucial to the formulation of paints and coatings. They contribute to paints and coatings' essential properties, such as color, durability, chemical inertness, and surface protection. The most significant quality of a pigment is its ability to lend color to paint. Phosphorescent pigments are employed as coloring agents in paints and coatings and have a specific role in this industry. The paints & coatings sector employs a vast assortment of pigments, some of which are utilized to produce paints for diverse purposes, including automobiles, buildings, and hardware. For example, in the automotive industry, phosphorescent pigments are utilized on the inside and exterior of vehicles to provide protection and aesthetic appeal. Phosphorescent pigment not only imparts color and sheen to paint but also protects the underlying surface from corrosion and deterioration and binds the paint together. Over the projected period, the demand for phosphorescent coatings is likely to increase as industries such as building and construction expand.
Asia-Pacific Remains as the Global Leader
The regional market is dominated by China, Together, North America and Europe held over 40% of the global phosphorescent pigments market in 2021. The mature end-user industries in Europe and the move towards the East will result in a sluggish growth rate for the European phosphorescent pigments market. Asia-Pacific is anticipated to account for about 50% of the worldwide phosphorescent pigments market by 2025. Asia-Pacific is anticipated to hold the greatest share of the market because of the rapidly expanding paints & coatings sector and the rise in construction activity in the area, with China serving as the regional growth engine and offering lucrative potential prospects throughout the projected period. China alone accounts for more than fifty percent of the Asia-Pacific phosphorescent pigments market. The Asia-Pacific phosphorescent pigments market is highly fragmented, with the majority of manufacturing carried out by small-scale firms. The Asia-Pacific region produces and exports phosphorescent pigments due to the abundant availability of raw ingredients, established technologies, and inexpensive labor. Demand for phosphorescent coatings is anticipated to expand over the forecast period due to the expansion of industries such as building and construction in China, India, and Japan.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Phosphorescent Pigments market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Type
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
