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Optical Brightener Market 2024-2033: Production Analysis, Growth Strategy, Industry Insights And Major Players
Optical Brightener Market Share
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According to The Business Research Company's, The optical brightener market size has grown strongly in recent years. It will grow from $1.19 billion in 2023 to $1.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to growing textile industry, expansion in paper and packaging, advancements in formulations, consumer preference for bright colors, globalization of markets, innovations in specialty products.
The optical brightener market size is expected to see strong growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing use in plastics and polymers, stringent environmental regulations, rising disposable income, increasing applications in automotive industry, customization for unique applications. Major trends in the forecast period include technological advancements in formulations, shift towards environmentally friendly options, application in cosmetics and personal care products, focus on brightness and color enhancement, application in printing inks, collaborations and partnerships.
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Market Drivers and Trends:
The rise of cosmetics industry is expected to propel the growth of optical brightener market going forward. Consumers seek cosmetics that provide a flawless complexion, reduce the signs of aging, and create a youthful and radiant look. Optical brighteners are crucial ingredients in achieving these effects. As the cosmetics industry expands to meet these demands, the use of optical brighteners in products like foundations, concealers, hair care, and anti-aging formulations is on the rise. Regulatory support for the safe use of optical brighteners in cosmetics, coupled with the need for product differentiation in a competitive market, further drive their incorporation in cosmetic formulations. For instance, in February 2023, according to L'Oréal S.A., a France-based personal care products company, sales of consumer products increased from 11.8% to 14.6% and active cosmetics sales increased from 28.0% to 30.6% from the 3rd quarter of 2022 to the 4th quarter of 2022. Therefore, the rise of cosmetics industry is driving the growth of optical brightener market.
Strategic partnerships and collaborations are a key trend gaining popularity in the optical brightener market. Major companies operating in the market are focused on strategic agreements and mergers to meet customer demand. For instance, in May 2022, Brenntag Specialties a Germany-based chemical distribution got into a new agreement with Archroma a Switzerland-based specialty chemical and optical brightener producer for the expansion of its portfolio of products in-home care and household, industrial & institutional (HI&I) cleaning laundry products and detergents. Through this acquisition, Brenntag Specialties aims to expand in the USA and Canada.
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Major Key Players of the Market:
BASF Colors & Effects GmbH, Huntsman International LLC, Eastman Chemical Company, Archroma, Clariant AG, RPM International Corp., Keystone Aniline Corporation, Aron Universal Ltd., Brilliant Colors Inc., 3V Company Inc., The Fong Min International Company Limited, Kolorjet Chemicals Pvt. Ltd., Dayglo Color Corp., BoldChem Technology Co. Ltd., Beijing Odyssey Chemicals Co. Ltd., Hebei Xingyu Chemical Co. Ltd., Nantong Huanuo Pigment Co. Ltd., Shandong Joy-ring Chemical Co. Ltd., Shanxi Colorshine Chemical Industry Co. Ltd., Dystar Singapore Pte Ltd., Everlight Chemical Industrial Corporation, Lanxess AG, Ciba Specialty Chemicals, Bayer AG, Dow Chemical Company, Evonik Industries, Solvay SA, Shandong Lukang Pharmaceutical Co. Ltd., Shandong Yisheng Chemical Co. Ltd., Zhejiang Wanjie Co. Ltd.
Optical Brightener Market 2024 Key Insights:
• The optical brightener market size is expected to see strong growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Expansion Of Manufacturing Sector To Drive Market Growth
• Strategic Partnerships And Collaborations Reshaping The Optical Brightener Market
• Asia-Pacific dominated the optical brightener market and is expected to be the largest market in 2023
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