Transparency Market Research delivers key insights on the global phosphorescent pigments market. In terms of revenue, the global phosphorescent pigments market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global phosphorescent pigments market.
Factors Affecting Phosphorescent Pigments Market
The global phosphorescent pigments market is broadly affected by several factors, including usage of phosphorescent pigments in various end-use industries such as paints & coatings, plastics, printing inks, and textiles. The rise in the global demand for paints & coatings and plastics has led to significant growth in the usage of phosphorescent pigments.
The increase in production and demand for paints is expected to be the primary driver for the expansion of the global phosphorescent pigments market. Photoluminescent paints are applied in highlighting electrical or plumbing conduits, load-bearing structures, behind unfinished drywall, etc. The surge in the demand for phosphorescent pigments in photoluminescent paints and various other coatings is propelling the demand for phosphorescent pigments in the plastic sheets & films industry.
Phosphorescent Pigments Market: Dynamics
A highly important property of pigments is display of high brilliancy and long-lasting emission; however, some pigments emit light as phosphorescent pigments and are radioactive in nature. Therefore, they are likely to affect human health and surroundings. Phosphorescent pigments are not harmful for human health, as they do not contain radioactive components. Therefore, factors mentioned above are estimated to boost the phosphorescent pigments market in the near future.
Phosphorescent inks are further used on magazine covers and mailings in order to attract customers. Fluorescent inks and pigments are employed to enhance printed materials such as invitation cards, envelops, and greeting cards. Bright phosphorescent pigments and inks are utilized to overprint another color. They are also used individually for higher impact.
Phosphorescent pigments are used to provide colorants for flexographic inks, gravure inks, screen inks, and lithographic inks. These inks are applied by using vivid felt pens and highlighters, reflective & vibrant oils, and rich and varied pastels. Manufacturers are focusing on the textile industry, as the share held by this end-use industry in the phosphorescent pigments market is likely to increase during the forecast period.
Phosphorescent Pigments Market: Prominent Regions
Asia Pacific holds the major share of the global phosphorescent pigments market. The market in the region is anticipated to expand at a CAGR of more than 5.6% during the forecast period. Increase in demand for paints and coatings and plastics is driving the phosphorescent pigments market in Asia Pacific.
China is a key country of the phosphorescent pigments market in Asia Pacific. It held major share of the phosphorescent pigments market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a key region of the global phosphorescent pigments market. Germany led the phosphorescent pigments market in Europe in 2020. The increase in the demand for phosphorescent pigments in the automotive sector is driving the market in Germany.
Source: TMR