Fluorescent Pigments Market Size, Share, Growth, and Industry Analysis by Type (Thermoset, Thermoplastic & Other) By Application (Painting & Coatings Industry, Printing Inks Industry, Plastics Industry & Other) & Regional Forecast to 2028

Updated On: 15 May 2023

REPORT OVERVIEW

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The global fluorescent pigments market size was USD 354.9 million in 2022. As per our research, the market is expected to reach USD 612.1 million in 2028, exhibiting a CAGR of 9.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with fluorescent pigments industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Fluorescent pigments are luminous substances that emit fluorescent light naturally without the need for external energy sources. Under normal lighting conditions and from ambient UV produced during the day, fluorescent powder glows brightly. When activated by ultraviolet (UV) radiation or other light sources, these pigments are made to emit visible light. A stunning visual appearance might result when the emitted light is frequently brighter and more intense than the absorbed light.

They are frequently utilized in a variety of products, including cosmetics, inks, paints, textiles, and plastics. When exposed to UV light, such as those used in nightclub or stage lighting, they can produce vivid colors that are very striking. Due of their difficulty in replication and ease of UV detection, fluorescent pigments are also utilized for security and anti-counterfeiting applications. It's important to note that these pigments shouldn't be confused with phosphorescent pigments, which emit light as well but do so even after the light source has been turned off.

COVID-19 Impact: Industry Imbalance Causes Market Distortion

For chemicals and advance materials, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for material in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of chemicals are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall chemicals and advanced materials industry. This has partially impacted the fluorescent pigments market. 

LATEST TRENDS

"Automotive Sector to Boost the Market Growth"

The automobile sector is the major trend boosting the market. Fluorescent pigments are widely utilized in a variety of products, including textiles, polymers, printing inks, paints and coatings, and others. Over the upcoming years, it is anticipated that the global market will expand steadily. Fluorescent pigments are also widely utilized in the automotive industry, where they are added to paint and varnishes to improve vehicles' appearance and visibility. The use of these pigments in the automotive industry is anticipated to increase in response to the rising demand for electric and hybrid vehicles. There is a rising need for eco-friendly and low-VOC pigments as a result of rising environmental concerns and laws. To address this need, the manufacturers are concentrating on creating ecologically responsible and sustainable products. The usage of these pigments in construction is anticipated to increase with the rise in demand for environmentally friendly and energy-efficient structures. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is the automotive sector. These new developments are mostly to blame for the market's overall growth.

SEGMENTATION

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• By Types

Based on type, the market is classified into Thermoset, Thermoplastic & Other.

• By Application

Based on the market is categorized into Painting & Coatings Industry, Printing Inks Industry, Plastics Industry & Other.

DRIVING FACTORS

"Advanced Technology that Gives the Market Extra Boost"

Technology innovation is the main driver growing the market. These pigments now function better and can be used in more applications because of technological developments in their manufacture. For instance, the creation of pigments that are UV-curable has made it possible for them to be used in printing inks and coatings, while the creation of pigments with nanoscale dimensions has enhanced their optical qualities. The rising need from end-use industries including the automotive, construction, and packaging sectors is what is driving the demand for these pigments. Another factor influencing the market is the development of sustainable and eco-friendly pigments. Low-VOC, non-toxic pigments that are safe for both the environment and human health are in greater demand. Manufacturers are concentrating on creating environmentally friendly items that generate less waste and have a smaller carbon footprint. As a result, the growth, and the increasing advance technology industry will boost the industry. It will contribute to the expansion of the chemicals & advanced materials industry and it will improve the fluorescent pigments market growth.

"High Performance Pigments to Encourage Market Expansion"

Another market-driving element is the demand for high-performance pigments that provide improved color strength, durability, and resistance to weathering and chemicals. In many different applications, including automobile coatings, printing inks, and textiles, exceptional pigments are in high demand. The demand for these pigments is also being driven by the rising popularity of LED lights. To improve the color and brightness of LED lights, they are utilized. The demand for these pigments is anticipated to increase as LED lighting is used in more applications. Over the course of the forecast period, the market is anticipated to grow as a result of all these advanced features. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"Safety Concerns to Impede Market Expansion"

Safety Concerns are the impediment to the market. Chemicals that can be hazardous to one's health and safety are used to make the colors. Customers may be discouraged from utilizing them as a result, especially in sectors where worker safety is of utmost importance. This obstacle prevents the market from growing.  This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for fluorescent pigments is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the fluorescent pigments market share is the growing demand of product in the painting & coatings industry, printing inks industry & plastics sector is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• RPM International (U.S.)
• Nanochemitek (China)
• Vicom Group (Barcelona)
• Aron Universal Ltd (India)
• Ukseung (South Korea)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost fluorescent pigments industry share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.