Phosphorescent Pigments Market Size Forecast to Reach $251.6 Million by 2026
Phosphorescent Pigments Market size is forecast to reach $251.6 million by 2026, after growing at a CAGR of 4.7% during 2021-2026. Phosphorescence is a kind of photoluminescence. Growing demand for inorganic pigments such as zinc sulfide and strontium aluminate due to its characteristics such as strong capacity of absorbing-storing-emitting light, for many very different technical and artistic purposes is estimated to boost the market. Also, the increasing usage of the phosphorescent pigments in various emergency exit signs and low-level lighting exhaust systems as a result of mandatory building and construction guidelines will push the demand for phosphorescent pigments and would drive the market growth in upcoming years. Furthermore, the accelerating demand for phosphorescent pigments in the plastic industry for plastic sheets and film formulation is anticipated to drive the phosphorescent pigments industry in the forecast era.
Impact of Covid-19
Owing to the covid-19 pandemic, the demand for phosphorescent pigments declined in the year 2020. The current pandemic situation has led to weakened demand for phosphorescent pigments from various sectors. For the industry, the path to growth recovery depends heavily on the length of the constraints imposed and their effect on global economic activity.
Phosphorescent Pigments Market Segment Analysis – By Type
Inorganic pigments held the largest share in the phosphorescent pigments market in 2020. Compared to other phosphorescent pigments, inorganic pigments are more stable and durable and are used where high durability is needed, such as in the outdoor paints. The demand for phosphorescent pigments is segmented on the basis of the products such as zinc sulfide and strontium aluminate. Zinc sulfide activated with copper or silver was initially the most widely used phosphorescent pigment. It has been largely substituted by a rare earth metal activated strontium aluminate, which has a luminance approximately 10 times higher than zinc sulfide. Thus, with the increasing demand for inorganic pigments for several applications the phosphorescent pigments market is estimated to experience growth in the forecast period.
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Phosphorescent Pigments Market Segment Analysis – By Application
Paints and coatings held the largest share with 25% in the phosphorescent pigments market in 2020 and are projected to grow at a CAGR of 4.4% during the forecast period 2021-2026. Phosphorous pigments play a vital role in the formulation of paints and coatings. Phosphorescent pigments are used as coloring elements in paints and coatings and have a special place in this industry. They help to provide main characteristics for paints and coatings, such as color, toughness, chemical inertness and surface protection. The paints & coatings industry uses a wide range of pigments, some of which are used in the manufacture of paints for a variety of applications, such as cars, buildings and hardware. Also, the rising demand for photoluminescence paints for the application on escape pathways in aircrafts is expected to drive the demand for phosphorescent pigments. Thus, the rising demand for phosphorescent pigments in the paints and coatings industry is expected to drive the market growth in the forecast period.
Phosphorescent Pigments Market Segment Analysis – By End Use Industry
Building and construction sector held the largest share in the phosphorescent pigments market in 2020. Phosphorescent pigments apart from providing color and finish to the paint, also protects the surface underneath from weathering and corrosion and holds the paint together. Owing to which it is widely used in the building and construction industry. Since strontium aluminate pigments offer excellent luminescence properties such as green phosphorescence with long lifetime and high quantum efficiency, good chemical and thermal stability, environmental friendliness and non-toxicity, it is widely used as luminous paints in buildings. In addition, the increasing use of photoluminescence paints for the production of dark paints applied to interior decoration in residential and commercial buildings is estimated to drive the market growth in the predicted period.
Phosphorescent Pigments Market Segment Analysis – By Geography
The Asia Pacific region held the largest share with 37% in phosphorescent pigments market in 2020. Globally, demand for phosphorescent pigments is dominated by the Asia-Pacific region due to the rising building and construction, automotive, and electronic industries. Asia Pacific constitutes a major share of the global phosphorescent pigments market, due to easy availability of raw materials at competitive prices in the region. Rapid growth of the building and construction, and automotive industry in China, India, and South Korea is projected to propel the demand for phosphorescent pigments in the near future. According to the OICA, the production of cars by 2020 gradually increased from 26,84,192 in first quarter to 1,32,21,849 in third quarter, in China. Thus, the demand for the precious metal catalysts market is therefore anticipated to increase in the forecast period because of the mentioned factors.
Phosphorescent Pigments Market Drivers
Growing Demand for Phosphorescent Pigments from the Textile Industry
In the textile industry, phosphorescent pigments are distinguished by their ability to absorb and retain natural or artificial light and then emit it in the form of visible light in the dark. Phosphorescent pigments may also be added to fabrics that have been combined with a printing binder. As color and shimmer play a very significant role in fashion, phosphorescent pigments can also be used on textiles. ‘Glow in the dark’ fabrics are made of the same type of yarn or thread. The chemical processes undergone by the fabric ensure that their special attribute remains intact even after washing and ironing. Clothes made of phosphorescent pigments are used in night joggers, campers for tents, as party costumes, t-shirts and children’s jump suits, bed sheets and blankets, and other household textile applications. Also, the growing demand for phosphorescent pigments in the production of safety jackets is estimated to further drive the market growth. With the growing demand for phosphorescent pigments in textile industry the market is estimated to rise over the forecast period.
Increasing Demand for Phosphorescent Pigments in Plastics
Plastics find major applications in the market for phosphorescent pigments as they are used in the formulation of plastic sheets and film. In the absence of light, the substance improves the glowing properties of the plastics. Lack of radioactive components, long emission duration, high durability, outdoor use and excellent particle temperature resistance ensure maximum luminous effect on plastic sheets. Significant uses of phosphorescent pigments in plastics include vehicle interiors, novelty toys, military vehicles, emergency signs and packaging. Thus, the rising demand for phosphorescent pigments in plastics for various applications is expected to drive the phosphorescent pigments market growth during the forecast era.
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Phosphorescent Pigments Market Challenges
Rising Demand for Alternatives Will Hamper the Market Growth
Fluoroscent pigments acts as an alternative for phosphorescent pigments in various applications. Compared to phosphorescent pigments, the light produced by fluorescent pigments contributes to the light returned by clear reflection to provide the brightness characteristic of fluorescent materials. Use of phosphorescent pigments can be uncertain in various applications. For instance, one cannot be absolutely sure about the brightness level of a phosphorescent substance or its light emission period. While most phosphorescent items are accurately measured to have a specific degree of light for a few minutes or hours, fluorescent materials can be suited more for conditions that need consistent results or long-term usage. Hence, the rising usage of fluoroscent pigments will further create hurdles for the phosphorescent pigments market growth in the forecast period.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the phosphorescent pigments market. Major players in the phosphorescent pigments market are Nemoto & Co.,Ltd., GloTech International Ltd , Allureglow International, LuminoChem Ltd., Kremer Pigmente GmbH & Co. KG, Badger Color Concentrates Inc., and Honeywell International Inc.,among others.
Key Takeaways
Increasing demand for phosphorescent pigments in the automotive industry applications will drive the market growth. For instance, the growing usage of phosphorescent pigments in the interior and exterior of the vehicles offer safety and visual appeal.
Phosphorous pigments are commonly used for decorative usage in the form of paints and coatings and in the manufacture of glow-in-the-dark toys. It is also used in a variety of generic phosphorescent safety signs and directional markers, particularly in low-light environments such as subways and underground parking spaces.
Increasing adoption of alternatives such as fluoroscent pigments instead of phosphorescent pigments is further anticipated to create hurdles in the phosphorescent pigments market growth over the forecast period.
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