PUBLISHER: Allied Market Research | PRODUCT CODE: 1239453
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239453
The fluorescent paint market attained $357.3 million in 2021 and is projected to reach $677.9 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
Fluorescent paint is a form of coating that emits visible or colored light when exposed to light. Fluorescent paints are utilized in paints and coatings, plastics, fabrics, paper goods, and leather goods, among others. It comprises two components, fluorescent paint that absorbs ultraviolet or blue light and re-emits it as visible light with a different wavelength (color). This sort of paint color emits light without the aid of an external source.
Fluorescent paint refers to paint that can absorb both visible and non-visible electromagnetic waves and radiation and then swiftly release the absorbed energy at the required wavelength. When the light of the expected wavelength is released onto this paint, it also emits a very particular hue. On a commercial scale, fluorescent paint has been utilized in a variety of applications, including the formulation of paint and coating solutions, inks, and textiles, to mention a few. There are two forms of fluorescent paint used commercially: organic and inorganic, which are derived from distinct sources. Organic fluorescent paint is made from natural and synthetic basic materials, while inorganic fluorescent paint is synthesized by combining various metal oxides. Both varieties are commercially accessible in powder and dispersion form, with formulations tailored to the requirements of the end-user industry.
Optical whitening agents are chemicals used in the paper industry to enhance the paper's inherent whiteness. After absorbing light in the ultraviolet and violet spectrum (usually between 340 and 370 nm), these chemical compounds emit light in the blue spectrum (typically 420-470 nm). In addition to paper, they are utilized in plastics, textiles, and laundry detergents. They are also known as optical brighteners and artificial whiteners. On the dry end, the wet end, or both ends, optical whiteners can be used. Optical or fluorescent brighteners must be included in the wet end of the stock to obtain internal brightness. Paper makers typically employ fluorescent brighteners for surface coating the dry end of the size press or calendar stack. Dry-end treatment is less expensive than wet-end treatment because the chemical is sprayed on the fiber's outside rather than its interior to reflect UV radiation in the dry end. However, some manufacturers process both the wet and dry ends together. Consequently, the broad applicability and use of optical or fluorescent brighteners in the coated or uncoated paper industry are anticipated to propel the fluorescent paint market.
Fluorescent paints are used for theatrical lights, paints, and other lighting purposes. Fluorescent paints' expensive raw materials are a major hindrance in the global fluorescent paints market. Zinc sulfide or zinc prices are increasing due to robust market demand. The analysis from the International Monetary Fund predicts that zinc prices would increase from $2,828 per ton in 2021 to $2,859 per ton in 2022. In addition, the International Lead and Zinc Study Group (ILZSG) projects that by 2022, the worldwide demand for refined zinc is expected to increase to 14.41 million tons. In addition, the government's severe limitations on titanium dioxide, a raw material for fluorescent paints, are anticipated to impede the expansion of the fluorescent paints market. In February 2020, the EU designated titanium dioxide as a carcinogen under CLP standards. Thus, stringent environmental regulations for raw materials impede the expansion of the fluorescent paints industry.
The usage of fluorescent paint in inks, varnishes, markings, and signs is expanding its aerospace and defense applications. The fluorescent paint offers airlines brilliant color, reflection, and brightness. To improve the tail rotor's visibility during low-light or nighttime operations, an airline applies phosphorescent paint. In addition, fluorescent paints are employed on aircraft because they absorb light during the day and emit visible light in low-light or nighttime environments. Increasing airline operations and production post-pandemic are also propelling the bright pigments market. According to the Aerospace Industries Association (AIA), the aerospace & defense industry's sales income reached $909 billion in 2019, a 6.7% rise from the previous year. Thus, the expanding aerospace and military industry is driving the market for fluorescent paint and providing tremendous opportunities for global expansion.
The fluorescent paint market is segmented into type, application, and region. Depending on the type, the market is divided into Inorganic fluorescents, optical whiteners, and daylight fluorescents. On the basis of application, it is categorized into safety equipment, commercial buildings, road line markings, facilities, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global fluorescents paint market are: Radiant Color N.V., LuminoChem, Ronan Paints, Glow Paint Industries, GLOWTEC LTD, Krylon Products Group, DayGlo Color Corp, Brilliant Group, Inc., Aron Universal Limited, Vicome Corp. Other players operating in the market are Midstar, Xcolor, DANE Color Group and Solar Color Dust.
On the basis of type, the daylight fluorescents segment is expected to grow at a CAGR of 7.0%, in terms of revenue, during the forecast period.
Depending on application, the safety equipment segment is expected to grow at a CAGR of 7.4%, in terms of revenue, during the forecast period.
Region-wise, Asia-Pacific garnered the highest share in 2021 in terms of revenue.