Market Segmentation:
The Global Fluorescent Pigment Market is broadly segmented on the basis of product type, application, and region. Based on the type, the market is categorized into inorganic fluors, optical whiteners, and daylight fluorescents, wherein, the optical whiteners segment is dominating the market on account of its higher degree penetration into the major applications such as textile, paper, and plastics. Additionally, they are the particular class of organic pigment which has very specific fluorescent properties. The production and measurement of optical whiteners (aka brighteners) is a multi-million dollar industry throughout the world. Collectively, the optical whitener segment is projected to retain its dominance in the market during the review period.
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Regional Analysis:
There are five major regions in the Global Fluorescent Pigment Market namely Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Asia Pacific is poised to dominate the market with over 35% share of the market, as of 2016. The region is expected to grow at the highest rate due to the increasing production and demand of the Fluorescent Pigment. The primary factors driving the growth of the market in this region are rising consumer awareness and favoring regulatory trends. South Korea, Japan, and China are the leading markets in this region. North America is holding the second major share of the market. The U.S is anticipated to hold the largest share in this market owing to the presence of some leading market players and substantial ends users such as the packaging industry and industrial safety applications. Europe is following North America in terms of market size, with Germany, the U.K, and France holding considerable shares of the market. This region is witnessing growth due to some strategic initiatives on part of regulatory agencies. The Middle East & Africa is a growing at the considerable growth rate, wherein the growth is majorly driven by the demand from paints & coating, along with the flourishing tourism industry. Latin America is anticipated to witness a rise in the regional market due to the pacifying political and reviving economic situation.
On the Basis of Application, the Global Fluorescent Pigment Market is classified into printing ink, paints & coatings, colored papers, textile, plastics, and others. Among these applications, printing ink segment is growing at the highest rate on account of growing demand of attractive and consumer appealing packaging. Surging trend of super market shopping, vast spread print media, and shifting consumer patterns are the major factors driving growth of this segment during the years to follow.
Market Overview:
Fluorescence is a process of re-emission of light of the desired wavelength. In this process, the light of a short wavelength in the electromagnetic spectrum is absorbed and re-radiated at higher wavelengths. Mostly, this re-radiation occurs within the visible range of the spectrum. Fluorescent Pigments are the illuminating color pigments which offer an attractive appearance. Luminescent materials do not require any artificially generated energy to reflect colored light and to give off fluorescent light. The re-emitted light from a fluorescent color adds to the light returned by simple reflection and gives a glow characteristic of daylight-fluorescent materials. According to the studies conducted with children and adults, the fluorescent products are noticed earlier and seen longer than their conventional colored counterparts. Nowadays, the fluorescents find their applications in various products such as plastic products, bright colored papers, safety jackets, highlighters, and illuminating paints among others. The Global Printing Ink Market for packaging is projected to expand at a CAGR of 6% due to the rising global demand for attractive and consumer appealing packaging, which provides nutritive and product information. The color, design, and appearance of the ink print act as a decisive factor when it comes to allure the customers. This is projected to boost demand for the ink resin in the coming years. However, there are some technical factors that are anticipated to hamper growth of the market such as the complex processing of Fluorescent Pigment, cost intensive nature of new technologies, and use of heavy metals in manufacturing florescent pigments.
Competitive Analysis:
- Radiant Color N.V. (Belgium),
- UKSEUNG CHEMICAL CO., LTD. (South Korea),
- LuminoChem Ltd. (Hungary),
- DAI NIPPON TORYO CO., LTD. (Japan),
- Huangshan Jiajia fluorescent material Co., Ltd. (China),
- Wanlong Chemical Co., Ltd. (China),
- Aron Universal Limited (India),
- J COLOR CHEMICALS (China),
- Vicom Corp. (Taiwan),
- MingHui Wuxi (China)
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COVID 19 Analysis
The impact of the global coronavirus pandemic is such that the government has imposed lockdowns and suspended the functioning of all the non-essential goods and items sector. Only the essential services, along with the medical and healthcare fraternity are the ones that are functioning in full capacity to cater to the rising number of coronavirus cases. There are many challenges that the healthcare department is facing and the dire need is for the inputs in the healthcare field and development of infrastructure on priority. The development for the other economic sectors is on hold and not ignored. The production units are suffering due to the unavailability of raw material for production. This is further harming the supply chain mechanism as well leading the way for losses to such sectors of the economy.
Hence, the government is chipping in efforts to provide aid to these sectors in the form of investment in the research and development sector. It will help in the product portfolio, development, and product launches that are likely to help the competitive players emerge as global leaders. Also, the focus is on the key market strategies that will help the market reach the predicted fluorescent pigment market valuation by the end of the forecast year of 2023.
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