The overall competitive landscape of the global phosphorescent pigment market is seen to be a fragmented one and is typified with the existence of several big players in the market. It can be seen from the competitive scenes of the global market for phosphorescent pigment that these companies hold a majority share in the global market. Some of the key players in the global market for phosphorescent pigment include names such as Honeywell International Inc., GloTech International Ltd., Nemoto Lumi-Materials Co. Ltd., Badger Color Concentrates Inc., Kremer Pigmente GmbH & Co. KG., LuminoChem Ltd, and Allureglow International. These big players are now concentrating on activities such as research and development related to the phosphorescent pigment with a view to stay ahead of their competition. The companies in the market are also making a change in their approach of business expansion in terms of geography with the help of associations, mergers, and takeovers of regional local players.
There are multiple factors that are responsible for driving the overall growth of the global market for phosphorescent pigments. In a recent development, phosphorescent pigment are found to have ability to extent the possibilities of LiFi networks, as per the report published by Jawaharlal Nehru Center for Advanced Scientific Research in Bengaluru, India. This research was headed by K.S. Naryan and it analyzed the impact of luminescent surfaces such as phosphorescent pigments on the noise properties of system of visible light communications. The residual glow created from phosphors could even be modified to send a signal after the main LED source has been shut down. Such new trends and developments are significantly helping in the overall development of the global market and are projected to propel its growth over the course of the given forecast period of 2017 to 2026.
The overall valuation of the global market for phosphorescent pigment stood at US$500.4 mn in the year 2016. This valuation of the market is expected to grow and touch a figure worth around US$753.2 mn by the end of year 2026. This growth of the is expected to be achieved with the help of an impressive CAGR of 4.7% over the course of the given forecast period of 2017 to 2025.
What are Reasons behind Strong Development of Global Market?
The global market for phosphorescent pigment is expected to witness a strong growth over the course of the given forecast period owing to a growing used of phosphorescent pigment in a wide range of end use sectors such as home appliances, clock dials, watchers, writing inks, printing, switches, signboards, lighting apparatus, camping equipment, and electronic dial pads and instruments among others.
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In addition to this, the applications of various customer centric products such as printing on toys, footwear, clothes, textiles among others are also expected to drive the overall uptake of phosphorescent pigment during the coming years of the forecast period and thus, driving the all-round growth of the market. Moreover, phosphorescent pigment is also utilized as an additive to plastics in order to enhance the aesthetic looks and glow of different plastic products, and thus is expected to drive its growth in the next few years.
What Factors are Helping Asia Pacific Market to Grow?
From a geographical standpoint, the global market for phosphorescent pigment can be segmented into key regions such as Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. Of these, the global market is expected to be dominated by Asia Pacific region over the course of the given forecast period. The region is expected to dominate both in terms of volume and value. China is projected contribute majority of share of the market for phosphorescent pigment. Fast paced urbanization and increasing awareness related to the sustainability of phosphorescent pigment is projected to drive the growth of the market in the region.