Phosphorescent Pigments Market Size, Shares, Growth, Segment 2025
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The market for world phosphorescent pigments was worth around US$500.4 mn in the year 2016, and is predicted to reach a value of around US$753.2 mn over the tenure of forecast that stretches from the year 2017 to 2025. The market for phosphorescent pigments is foreseen to expand at a steady CAGR of 4.7%.
Increased Usage in a Wide Variety of Industries to Spearhead Market Growth
The market for phosphorescent pigment is predicted to experience significant growth owing to increasing usage of phosphorescent pigments in various end use segments such as printing and writing inks, home appliances, watch and clock dials, electronic dial pads and instruments, camping equipment, fabrics, switches and lighting apparatus, signboards and so on.
In addition to the all the above-mentioned usages, applications in various consumer products like printing on footwear, toys, textiles and the like are also expected to boost the market for phosphorescent pigment. Furthermore, phosphorescent pigment is also used as an additive to plastics in a bid to augment the aesthetic appearance and glow of the plastic product and as such, it is expected bolster the market growth.
Availability of fluorescent pigments in the industry of photoluminescence, that readily release light just as assimilated from the ambient radiation, may lead to the possibility of emergence of substitutes for phosphorescent pigments. The light thus emitted by fluorescent pigments come with longer wavelength, and thus with lower energy than the assimilated radiation. Phosphorescent materials do not instantly re-emit the absorbed radiation, and thus such a factor could result in hindering market growth.
Asia Pacific to Play Dominant Role in the Market for Phosphorescent Pigments
When geographical segments are taken into consideration, the market for international phosphorescent pigments market has been catalogued into Middle East and Africa, Latin America, Europe, Asia Pacific and North America.
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When geographical segmentations are taken into consideration, Asia Pacific emerges as a clear leader and is foreseen to continue with its regional supremacy throughout the period of forecast. The region is expected to lead both in terms of value and volume. China alone account for a lion’s share of the market for phosphorescent pigments. Rapid spread of urbanization and growing awareness pertaining to sustainability is expected to drive the market. Most of the demand for phosphorescent pigments arises out of its usage in coatings and paints industry.
Apart from Asia Pacific, Europe is also expected to witness substantial growth in the market for phosphorescent pigments. In Europe, Germany is foreseen to register high growth and account for a large share in Europe. The well-established paint and coating industry in the country is estimated to be the main reason behind such a growth of the market in Germany.
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