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.
Albany, NY -- (SBWIRE) -- 12/13/2016 -- 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.
Transparency Market Research estimates that the global optical brighteners market will expand at a 4.1% CAGR over the period between 2015 and 2023, rising from a valuation of US$1.12 bn in 2014 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.
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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 2014.
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 2015 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 4.1% CAGR from 2015 through 2023.
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 over 38% of the global market's revenues in 2014. 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% CAGR from 2015 through 2023 in terms of revenue. Applications across the detergent industry contributed the largest share in the region's revenues in 2014 and the segment is expected to remain a key contributor to the market's growth over the forecasting horizon as well.
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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 2015 to 2023, at an estimated 8.1% and 7.3%, respectively.
The competitive landscape of the global market for optical brighteners features high consolidation, with the top four vendors, BASF SE, AkzoNobel N.V., Huntsman Corporation, and Eastman Chemical Company, accounted for over 54% share in the market in 2015. Other prominent vendors operating in the global optical brighteners market include Daikaffil Chemicals India Limited, Deepak Nitrite Ltd., Kolor Jet Chemical Pvt. Ltd., Eskay Dyestuffs & Organic Chemicals Pvt. Ltd., Blankophor GmbH & Co. KG, Eastman Chemical Company, Meghmani Dyes and Intermediates Ltd., Zhejiang Hongda Chemicals Co. Ltd., Khyati Chemicals Private Limited, and 3V Sigma.