Albany, NY -- (SBWIRE) -- 04/11/2019 -- Thanks to the presence of a significantly large pool of established players, the global phosphorescent pigments market is demonstrating a highly fragmented and competitive business landscape, finds Transparency Market Research (TMR) in a new report. The leading vendors of phosphorescent pigments, namely, GloTech International, Honeywell International, LuminoChem, Nemoto Lumi-Materials, Kremer Pigmente, Badger Color Concentrates, and Allureglow International, are focusing substantially on R&D activities in the field of phosphorescent pigments in an effort to overshadow their rivals. These enterprises are also projected to focus on regional expansion to strengthen their presence over the next few years, states the research report.
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As per TMR's projections, the opportunity in the worldwide phosphorescent pigments market, which was worth US$500.4 mn in 2016, is anticipated to expand at a CAGR of 4.70% during the period from 2017 to 2025 and touch the mark of US$753.2 mn by the end of the period of the forecast. Strontium aluminate and zinc sulphide are the two main products available in this market. The price of strontium aluminate is much higher than zinc sulphide pigments. Regionally, the market is segmented into the Middle East and Africa, Asia Pacific, North America, Europe, and Latin America. Among these, Asia Pacific has surfaced as the key contributor to the global market. Researchers at TMR anticipate this scenario to remain so over the forth coming years. Europe is also projected to report significant rise in its market for phosphorescent pigments in the near future, notes the research study.
global-phosphorescent-pigments-market.jpgWidening Application Base of Phosphorescent Pigments to Support Market's Growth
"The rising utilization of phosphorescent pigments in a number of end users, such as the writing and printing inks, watch and clock dials, home appliances, home appliances, electronic instruments and dial pads, fabrics, camping equipment, signboards, and the switches and lighting apparatus industries, is the key factor behind this noticeable growth of the global market for phosphorescent pigments," says a TMR analyst. Apart from this, the rising applications of these pigments in a number of consumer products, such as printing on toys, footwear, and textiles, is also propelling this market considerably.
Over the forthcoming years, the increasing usage of phosphorescent pigments as additive to plastics in order to enhance the aesthetic appearance of plastic products is likely to support the worldwide market for phosphorescent pigments, states the market report.
Advent of Fluorescent Pigments as Substitutes to Hamper Progress
On the other hand, the rising preference for fluorescent pigments, readily emitting light as absorbed from the ambient radiation, in the photoluminescence sector may hamper the growth of the phosphorescent pigments market across the world. Since the light emitted by fluorescent pigments has an elongated wavelength, it is lower on energy than the absorbed radiation.
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As phosphorescent materials do not re-emit the absorbed radiation immediately, this factor may hinder the growth of this market in the years to come, states the research report.