Optical Brighteners Market: Textile Industry's Demand to Bolster Growth Opportunities

In the highly consolidated global optical brighteners market, the leading four companies held nearly 54% of its overall share in 2015. These companies were Eastman Chemical Company, Huntsman Corporation, AkzoNobel N.V., and BASF SE. Of these, BASF SE, accounted for about 22% of the overall market in the same year, finds Transparency Market Research (TMR) in a recent study.

A majority of the prominent names in the global optical brighteners market are looking towards expanding their footprint across emerging markets in Asia Pacific. For instance, BASF SE, recently inaugurated a new research and development unit in Navi Mumbai, India in 2015. Besides this it already has a chemical production facility at Dahej in Gujarat, India. The companies are also focusing on acquiring specialty manufacturers across emerging regions, besides producing organic products and quality intermediates.

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Growth Witnessed in Textile Industry behind Asia Pacific’s Dominance as Regional Market

Among the end users, textile industry has emerged as the most prominent customers for reporting the highest demand for various optical brighteners. The flourishing growth exhibited by the textile industry especially across emerging countries such as India and China has thus greatly influenced the overall demand witnessed in the optical brighteners market. As per the Ministry of Textiles in India, the industry is forecast to expand at a healthy 11% CAGR between 2009 and 2020, thereby creating immense scope for the consumption of optical brighteners in Asia Pacific. The region has therefore emerged as the dominant market for optical brighteners in 2014, with a share of nearly 38% in the global market. However, TMR forecasts the developed markets in North America and Europe to report higher CAGR during the course of the forecast period.

In terms of application, the report forecasts not textile but the detergents segment to remain dominant through the forecast period. It is expected to reach a valuation of US$639.7 mn by the end of 2023. Other prominent application segments in the market are paper, cosmetics, and ceramics.

Rising Demand for Skincare Products to Boost Growth

The global optical brighteners market is expected to gain significantly from the booming cosmetic industry worldwide. The rising disposable income of consumers around the world, coupled with the exponentially increasing demand for sun care and skincare products, has bolstered opportunities for enterprises operating in the optical brighteners market. Cosmetics industry is one of the key consumers of optical brighteners, therefore, growth witnessed in the industry will accelerate the pace of gains for the optical brighteners market in response.

Declining Paper Industry Dented Opportunities for Optical Brighteners Market

Despite witnessing opportunities worldwide, stringent regulations continue to pose threat to the global optical brighteners market. Laws curbing the usage or exclusion of a few chemicals used in consumer products sighting their potential health hazards have been creating hurdles for the market. This has remained a key restraint for the global optical brighteners market over the past few years.

Besides this, the market is also experiencing the negative implications of the declining paper industry. Proliferation of smart technologies such as smartphones, computers, and tablets across the globe and in diverse industrial applications has negatively impacted the overall demand for paper used in traditional record-keeping. The paper industry is one of the key end users in the optical brighteners market hence, decline in its operations has dented overall opportunities for the global optical brighteners market.

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This release was published on openPR.