The global optical brighteners market has been envisaged to hold a significantly consolidated characteristic in a publication by Transparency Market Research (TMR). Eastman Chemical Company, Huntsman Corporation, AkzoNobel N.V., and BASF SE have been researched to be the top four companies that accounted for a more than half of the total market shares in 2017. In the same year, BASF SE took a leading position among the four companies while securing a close to one-fourth of market shares.
As per TMR’s report, there could be a 4.23% CAGR registered between 2017 and 2023 as the global optical brighteners market heads toward the achievement of an expected revenue valuation of US$1,711.3 million by the completion of 2023. By chemical, the market has been foreseen to witness the dominance of stilbene, which could also expand at a 4.7% CAGR. By region, Asia Pacific could take the driver’s seat while rising at a 5.2% CAGR during the course of the forecast period.
Important players operating in the market could increasingly focus on geographical expansion across several developing regions such as Asia Pacific. For instance, a new research and development center had been inaugurated in India by BASF SE in 2015. The company already has another chemical production complex installed in another state of the country. Some of the other strategies adopted by key market players have been anticipated to be the production of quality intermediates, manufacture of organic products, and mergers and acquisitions with specialty chemical producers in emerging countries.
Prospering Textile Industry Paves Smooth Road for Players
A variety of optical brighteners has been largely consumed in the textile industry since years. As a result, the demand for optical brighteners has significantly increased in the past few years because of the thriving growth of the textile industry, especially in China and India amongst the developing countries of the world. The rising consumption of optical brighteners in Asia Pacific could be supported by the flourishing advancement of the textile industry as made evident by the prediction of the Indian Ministry of Textiles. According to the Ministry, the textile industry could grow strong in India while registering a CAGR of 11.0% between 2009 and 2020.
Stilbene has been foretold to create ample of opportunities for players making business in the world optical brighteners market. This could be due to a range of isomers and derivatives of stilbene available for manufacturers. For instance, both the Trans and Cis isomers have been engaged for the commercial manufacture of optical brighteners.
Restrictions on Usage of Specific Chemicals Slow Down Demand
Ban on the use of certain chemicals or their restricted usage per product owing to tight government regulations and potential health hazards has been projected to dampen the growth of the international optical brighteners market. The weakening paper industry could have a negative influence on the overall development of the market since it has been studied to be a key consumer of optical brighteners. The amount of paper traditionally used for maintaining records has seen a noticeable decrease with the increasing usage of tablets, smartphones, computers, and other smart technologies.
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However, on the global platform, the booming cosmetics industry could create scores of lucrative prospects in the international optical brighteners market. The market could be substantially benefited with the rise of the cosmetics industry due to the massive surge in the demand for sun-care and skincare products internationally.
The information presented in this review is based on a Transparency Market Research report, titled, “Optical Brighteners Market (Material – Stilbene, Coumarin, Diphenyl Pyrazoline, Dicarboxylic Acid, and Cinnamic Acid; Application – Textile, Detergents, Paper, Cosmetics, Plastics, and Ceramics) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023