Press release
Latin America Phosphorescent Pigments Market will witness growth with a CAGR close to 5% from 2020 to 2024 | Radiant Color, United Mineral and Chemical Corp., Next Generation, Tavco Chemicals, GloNation
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Top Key Players in The Market are:
Radiant Color, United Mineral and Chemical Corp., Next Generation, Tavco Chemicals, GloNation, GTA, RTP Company, RC Tritec, Glow Inc., Lightleader, and Allureglow International
To obtain luminous paints and coatings, zinc sulfide is generally doped with copper or strontium aluminate, and then combined with several transparent resins and binders. These paints are then applied to traffic and emergency exit signs to offer visibility in the dark. It is estimated that global phosphorescent pigments industry size will exceed US$290 million by 2024.
Shifting focus towards the substitution of phosphorescent pigments with fluorescent paints and coatings, which have a longer wavelength and the ability to emit light immediately, might slightly hamper the industry growth. Fluctuations in zinc sulfide prices might also affect the product demand up to certain extent.
However, widespread use of the product in different signboards found on highways, express roads, and flyovers will accelerate the business growth. Increased spending and growing focus on road infrastructure development projects will undeniably present favorable opportunities for phosphorescent pigment manufacturers around the world.
Based on product, phosphorescent pigments industry share is segmented into zinc sulfide and strontium aluminate. Zinc sulfide is the most commonly used pigment on account of easy availability and lower costs compared to strontium aluminate. However, strontium aluminate is anticipated to record a higher growth rate in the near future as it has as much as ten times greater luminous power than zinc sulfide.
Phosphorescent pigments market share is expected to witness robust demand from plastic applications over the next few years. Luminous pigments are generally combined with different resins such as polyethylene, propylene, acrylonitrile butadiene styrene, and polyvinyl chloride to provide a luminous effect to automotive interiors, wheel coatings, packaging materials, and military equipment.
In addition, properties such as high emission time, excellent temperature stability and non-radioactivity of the product helps provide long-lasting luminous effect for imitation leather products and plastic films, complementing phosphorescent pigments industry outlook.
Asia Pacific region will dominate global phosphorescent pigments market accounting for over half the global share. These materials are prominently used to high-quality construction materials and automotive parts with enhanced aesthetic appeal. A significant rise in construction activities and automotive production will be the major factor propelling the regional growth.
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Other notable applications of phosphorescent pigments include craft paints, fishing lures, clock and watch dials, lighting apparatus, home appliances and switches, camping equipment, outdoor pathway marking, silkscreen printing on textiles or posters, remote control keypads, as well as indicator and instrument panels used in aircraft and automotive sectors.
On the basis of end-user, phosphorescent pigments market share is classified into paints & coatings, construction materials, printing inks, plastics, and others which includes rubber, textiles, and electronics. The material finds extensive application in safety passages, factories, ships, stations and public buildings to help people find emergency exits in dark environment. Construction materials segment will register lucrative gains during the forecast timeframe.
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