The market for phosphorescent pigments is expected to grow at a CAGR of more than 4% during the forecast period. Major factors driving the market studied is rising demand from paints & coatings, increasing product application in signage boards.
- Increasing usage of phosphorescent pigments as an additive to plastics is likely to act as an opportunity.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Paints & Coatings Dominating the Phosphorescent Pigments Market Growth
- Phosphorescent pigments play a key role in the formulation of paints and coatings. They help in providing key characteristics to paints and coatings, such as color, durability, chemical inertness, and surface protection. The most important characteristic of a pigment is imparting color to the paint.
- In paints & coatings, phosphorescent pigments are used as coloring elements and have a special place in this industry.
- The paints & coatings industry uses a wide array of pigments, some of which are used to manufacture paints for a variety of applications, such as automobiles, buildings, and hardware
- For instance, In the automotive sector, phosphorescent pigments are used in interior and exterior parts of the vehicle as they impart protection and visual appeal.
- Phosphorescent pigment not only gives the paint its color and finish but also protect sthe surface underneath from corrosion and weathering and holds the paint together.
- With the growing industries such as building and construction, the demand for Phosphorescent coatings is likely to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
- In terms of consumption, Asia Pacific was the largest market for phosphorescent pigments. China alone contributes to over 50% of the Asia-Pacific phosphorescent pigments market.
- The phosphorescent pigments market in Asia-Pacific is very fragmented as most of the production is done by small-scale manufacturers.
- Asia-Pacific produces and exports Phosphorescent Pigments due to the high availability of raw materials, developed technologies; and cheap labor.
- Furthermore, the usage of phosphorescent pigments is widely used in industries such as textile, building, and construction, etc.
- With the growing industries such as building and construction in China, India, Japan, etc. the demand for Phosphorescent coatings is likely to increase over the forecast period.
The phosphorescent pigments are fragmented. Some of the major players include Nemoto & Co.,Ltd., GloTech International Ltd , Allureglow International, LuminoChem Ltd., and Honeywell International Inc., among others.
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