The global optical brighteners market will expand at a 4.23% CAGR over the period between 2017 and 2023, rising from a valuation of US$1,334.6 million in 2017 to US$1,711.3 million by 2023.
Albany, NY -- (SBWIRE) -- 05/16/2018 -- Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled "Optical Brighteners Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2023" offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the Global Optical Brighteners market have been elaborated upon in the research report.
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The consumption of optical brighteners has witnessed a significant rise in the past few years owing to the flourishing growth of the textile industry, especially across developing economies such as India, China, Taiwan, Turkey, and Mexico. The rising demand for a variety of skin and sun care products has also boosted the consumption of a variety of optical brighteners globally. The market has, however, suffered a blow owing to a decline in the paper industry, which, until a few years ago, accounted for a large share of the total global consumption of optical brighteners.
This business intelligence report estimates that the global optical brighteners market will expand at a 4.23% CAGR over the period between 2017 and 2023, rising from a valuation of US$1,334.6 million in 2017 to US$1,711.3 million by 2023. In terms of volume, the demand in the optical brighteners market is projected to expand at a 4.0% CAGR over the said period, promising to generate a demand for 242.7 kilo tons of the specific materials.
Stilbene to Remain Most Preferred Brightening Agent Globally
Chemicals such as stilbene, diphenyl pyrazoline, coumarin, dicarboxylic acid, and cinnamic acid come under the purview of the products commercially available as optical brighteners in the global market. Of these, stilbene is the most widely used chemical globally, accounting for over 65% share in the global optical brighteners market in 2017.
Owing to the easy and widespread availability of several derivatives and isomers of stilbene that are used as optical brighteners, stilbene is expected to remain the dominant product segment in the global optical brighteners market over the period between 2017 and 2023. Both the Cis and Trns isomers of stilbene are used for manufacturing a large number of commercially used optical brighteners. Moreover, derivatives of stilbene, such as biphenyl-stilbenes and triazine-stilbenes are used as commercial grade optical brighteners across several applications. The global market for stilbene is expected to rise at a 4.7% CAGR from 2017 through 2023.
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Rapid Industrialization in Asia Pacific to Stimulate Consumption of Optical Brighteners
Asia Pacific is presently the largest regional market for optical brighteners. The regional accounted for more than two third of the global market's revenues in 2017. The continuous surge in production of raw materials and the flourishing end-use industries such as detergent, paper, plastics, and ceramics is key to the region's dominant position in the global optical brighteners market. The regional market is also expected to remain at the forefront of the global market in the near future, expanding at a healthy 5.2% CAGR from 2017 through 2023 in terms of revenue. Applications across the detergent industry contributed the largest share in the region's revenues in 2017 and the segment is expected to remain a key contributor to the market's growth over the forecasting horizon as well.
Europe and North America were the other important revenue contributors to the global optical brighteners market in 2014 and are expected to retain their positions from 2014 through 2023, but witness slight decline in their shares in the global market by 2023. Nevertheless, a plethora of growth opportunities across the detergent and textile industries will enable the optical brightener markets in North America and Europe to expand at higher CAGRs than the Asia Pacific market from 2017 to 2023, promising to attain a valuation of US$407.3 million and US$447.8 million respectively.
The competitive landscape of the global market for optical brightener features high consolidation, with the top four vendors, BASF SE, AkzoNobel N.V., Huntsman Corporation, and Eastman Chemical Company, reserving more than half of the total shares.
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