Albany, NY -- (SBWIRE) -- 11/17/2017 -- In the highly consolidated global Optical Brighteners Market, the top four vendors, including BASF SE, AkzoNobel N.V., Huntsman Corporation, and Eastman Chemical Company, accounted for over 54% share in the market in 2015, states TMR in a recent report. BASF SE, the leading company of these four, accounted for nearly 22% of the market in the same year.
Key players in the market are focusing on expansion across lucrative emerging markets in Asia Pacific. BASF SE, for example, inaugurated a new research and development center in Navi Mumbai, India in March 2015; it already has a sprawling chemical production complex at Dahej in Gujarat, India. Mergers and acquisitions with specialty chemical manufacturers in developing regions, focus on the production of organic products, and production of quality intermediates are among other prominent strategies adopted by key vendors in the market.
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Booming Textile and Cosmetics Industries to Provide Substantial Growth Opportunities
The textile industry is one of the most prominent consumers of a variety of optical brighteners. In the past few years, the flourishing growth achieved by the textile industry, especially across emerging economies such as India and China, has greatly influenced the total global demand for optical brighteners. According to the Indian Ministry of Textiles, the textile industry in the country is expected to expand at a strong CAGR of 11% over the period between 2009 and 2020, aiding the increased consumption of optical brighteners in the Asia Pacific market.
The market for optical brighteners is also expected to substantially benefit from the booming cosmetic industry globally. Rising disposable incomes and a vast surge in the global demand for skincare and suncare products have encouraged the growth of the global cosmetics market in the past few years. Being another prominent consumer of optical brighteners, the growth of the cosmetics industry has in turn also boosted the overall global intake of optical brighteners.
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Stringent Government Regulations and Declining Paper Industry to Hinder Market's Growth
Stringent government regulations pertaining to the usage or exclusion of certain chemicals in consumer products owing to their potential health hazards on the user have resulted in complete bans on certain chemicals or have restricted the usage per product of some. This has significantly affected the global market for optical brighteners in the past few years.
Along with this, the declining paper industry has also had severe implications on the overall development of the global optical brighteners market. The rising use of smart technologies such as computers, smartphones, and tablets across a number of industrial applications and processes have significantly reduced the amount of paper that was traditionally required to maintain records. The paper industry being one of the key consumer of optical brighteners, decline in its growth prospects has also dented growth opportunities of the global optical brighteners market.
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Asia Pacific to Play Pivotal Part in Growth of Global Optical Brighteners Market
Transparency Market Research states that the market will exhibit a 4.1% CAGR from 2015 through 2023. At this pace, the market, which had a valuation of US$1.12 bn in 2014, is expected to rise to US$1.71 bn by 2023. In terms of volume, the market is expected to expand at a 3.8% CAGR over the said period. Of the key chemicals used as optical brighteners, the segment of stilbene accounted for over 65% of the global market in 2014 and is expected to retain its dominance in the next few years as well. Geography-wise, Asia Pacific accounted for a 38% of the global market's revenues in 2014.