Press release
2024 Luminous Paint Market Report : Market Size, Growth Drivers, And Key Trends
Luminous Paint Global Market Report 2024
According to The Business Research Company's, The luminous paint market size has grown strongly in recent years. It will grow from $14.01 billion in 2023 to $15.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to consumer awareness and preference, military and defense applications, demand from automotive sector, healthcare sector requirements, demand from construction industry.
The luminous paint market size is expected to see rapid growth in the next few years. It will grow to $22.5 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to growth in tourism and entertainment industry, environmental regulations and sustainability, demand from end-use industries, increasing awareness of safety, urbanization and population growth. Major trends in the forecast period include expansion in construction industry, rise in decorative and artistic uses, focus on eco-friendly formulations, increased adoption in automotive sector, integration with smart technologies.
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Market Drivers and Trends:
The increasing demand for commercial buildings infrastructure projects is expected to propel the growth of the luminous paint market going forward. Commercial building infrastructure projects refer to large-scale construction initiatives to develop, renovate, or expand commercial properties such as office buildings, retail centers, hotels, and mixed-use developments. Infrastructure projects in commercial spaces are growing due to increasing urbanization, rising demand for modern office spaces, technological advancements requiring updated building systems, and a focus on sustainability driving energy-efficient upgrades and renovations. Luminous paints enhance safety and aesthetics in commercial buildings by providing visible signage, emergency lighting, and decorative elements, aiding in wayfinding and branding. For instance, in June 2023, according to the quarterly construction inquiry published by the Northern Ireland Statistics and Research Agency, an Ireland-based public authority, from the first quarter of 2022 to the first quarter of 2023, the overall construction industry expanded by 6.5%, with the housing sector of construction increasing by 11.1% and the infrastructure subsector by 3.7%. Therefore, the increasing demand for infrastructure projects in commercial buildings is driving the growth of the luminous paint market.
Major companies operating in the luminous paint market are developing luminescent photoactive materials to enhance the performance and versatility of their products. Luminescent photoactive materials enhance luminous paints' brightness, longevity, and versatility for applications in safety signage, decorative elements, and novelty products, catering to the growing demand for innovative glow-in-the-dark solutions across various industries. In January 2022, Luminochem, a Hungary-based company engaged in innovative luminescent photoactive materials, developed and manufactured unique luminescent photoactive materials and markers, with a focus on organic fluorescent security pigments and dyes and near infra-red absorbing materials. This launch improves the growth of the product portfolio.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Rust-Oleum Corporation, Rosco Laboratories, DayGlo Color Corp., Tec Star LLC, Star Nail International LLC, Lumiflon America Inc., Teal and Mackrill, ADS Group, Glow Inc., Defense Holdings, GloTech International, Glow Tec UK Ltd., PUFFDINO Trade Co. Ltd., Art 'N Glow LLC, EverGlow NA Inc., Glow Products Canada Inc., Glow-Mania LLC, Glowway Oy, Jolie Paint LLC, Lumilor LLC, Luminova Corporation, Luminox USA Inc., Noxton Company, SolarColorDust LLC, Wildfire Lighting
Luminous Paint Market 2024 Key Insights:
• The luminous paint market size is expected to see rapid growth in the next few years. It will grow to $22.5 billion in 2028 at a compound annual growth rate (CAGR) of 10%.
• Rising Demand for Infrastructure Projects in Commercial Buildings Drives Growth
• Innovations in Luminescent Photoactive Materials Driving Luminous Paint Market Growth
• Asia-Pacific was the largest region in the luminous paint market in 2023, and is expected to be the fastest-growing region in the forecast period
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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