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Luminous Pigment Market Overview
The Luminous Pigment Market size is estimated to reach a value of US$2.1 billion by the end of 2027 after growing at a CAGR of around 4.9% from 2022 to 2027. The luminous
pigments are synthetically made organic and inorganic compounds that emit visible
light or long-wave UV radiation. It is made up of phosphors such as strontium,
cadmium sulfides, zinc sulfide and others. Various luminous pigments contain
radiant energy sources such as radioactive isotopes for applications at low light such as backlights, signs and others. Radioluminescence, fluorescent
paint and phosphorescent paints are used for applications in buildings, emergency
signs, inks, oil rigs and others. The high demand of luminous pigments in
navigation systems and the construction sector is driving the market. Furthermore,
increasing application in medical, aerospace & defense owing to its superior
features such as heat resistance, excellent light and improved adhesion will
provide major growth opportunities to the luminous pigments industry.
COVID-19 Impact
The disruptions
and growth slowdown was faced by the luminous pigments market during the covid-19
outbreak. The halt in production, logistics disturbances and declining demand
in the covid-19 affected the market. The luminous pigment has applications in
construction, medical, aerospace & defense and other end-use sectors. The
demand in the construction sector saw a fall during the outbreak. The social
distancing regulations and workforce shortages led to disruption in
construction activities. Moreover, the supply of construction raw materials was
down, thereby hindering the infrastructural and commercial building projects.
According to the World Bank, the global construction sector saw a decline by
around 3.1% in 2020, which is considered the worst contraction since 2008. Thus,
with the fall in the growth of the construction sector, the application of luminous
pigments such as paints, coatings, emergency signs and others saw a decline,
thereby restricting the demand for the luminous pigments industry in the
covid-19 outbreak.
Report Coverage
The “Luminous
Pigment Market Report – Forecast (2022-2027)” by IndustryARC covers an in-depth
analysis of the following segments of the luminous pigment industry.
By Type: Phosphorescent, Radioluminescent and Fluorescent.
By Form: Powder and Liquid.
By Raw Material: Zinc Sulfide,
Calcium Sulfide, Strontium Aluminate, Alkaline Earth Silicate, Chromates and
Others.
By Application: Road Lines, Emergency Signs, Medical Instruments, Oil Rigs, Stadiums and Others.
By End-use
Industry: Construction (Residential, Commercial
(Hospitals, Educational Institutes, Retail Centers and Others) and Industrial),
Medical, Oil & Gas, Aerospace & Defense and Others.
By
Geography: North America (the USA, Canada and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile and Rest of South America), Middle East
(Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa,
Nigeria, Rest of Africa).
Key Takeaways
- The luminous pigment market size is growing due to high demand in lighting and painting applications in construction, aerospace & defense, medical and other end-use industries.
- The Asia Pacific held a dominant share in the luminous pigment market due to rising construction and infrastructure sector, medical and aerospace & defense productions, thereby boosting the demand of luminous pigments in the market.
- The powdered luminous pigment experiences a high demand in the market due to its rising demand in printing, coatings, inks and paints uses across various industrial verticals.
Figure: Asia Pacific Luminous Pigment Market Revenue, 2021-2027 (US$ Billion)
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Luminous Pigment Market Segment Analysis – by Form
By form, the powder segment held the largest luminous pigment
market share and will grow at 7.1% during the forecast period. The powdered
luminous pigments are available in different colors based on the raw material
used. The powder form offers high visible light energy, selective absorption and high yield. The powdered luminous pigments are used for paints, inks,
plastics and coatings use in various end-use industries, majorly in the
construction sector. The excellent heat resistance, light resistance and cost-efficient features make it an ideal option for architectural coatings, highways,
plastics and others. Furthermore, the growing demand for powder form for
coloring in buildings and other commercial construction projects is boosting
the market. According to the Department for Promotion of Industry and Internal
Trade (DPIIT), the FDI for construction and infrastructural projects accounted
for USD 25.38 billion between June 2000 to June 2021. Thus, with an increase in
production and demand of powder luminous pigments across various industrial
verticals, majorly in construction, the global luminous pigment industry will
grow in the coming years.
Luminous Pigment Market Segment Analysis - by End-use Industry
By end-use industry, the construction segment held the largest luminous pigment market share and will grow at a CAGR of around 8.4% during the forecast period. Luminous pigments have growing applications in the construction sector for road lines, signs, surface coatings, colorants in building structures and others. The luminous paints emit visible lights or long-wave UV radiations. The phosphorescent pigments made from zinc sulfide emit green color, thereby making it ideal for use in emergency signs, marking lines on roads and decorative use in buildings. Furthermore, fluorescent paints containing radioactive isotopes are used in the facades and roofing applications in commercial buildings. According to the World Bank, the value added in the global construction sector accounted to USD 22.03 trillion in the year 2020. Thus, the rising demand of luminous pigments for applications in the construction sector such as highways, commercial buildings, construction materials and others will offer major growth opportunities in the luminous pigments market during the forecast period.
Luminous Pigment Market Segment Analysis – by Geography
The Asia pacific held the largest market share and is expected to grow at a CAGR of 8.2% in the luminous pigment market during the forecast period. The growing application of luminous pigments in construction, aerospace & defense and medical sector in this region is offering high demand for the luminous pigments market. The growth of construction and infrastructural activities boosted the application of luminous pigments in commercial buildings for paints, inks, emergency signs and others. According to the National Bureau of Statistics of China, the contribution of construction industry output to the GDP of China saw an increase of 6.2% in 2020, compared to the previous year. Furthermore, the growth in construction activities in the APAC region created high demand for the luminous pigments industry. Moreover, the growing application of luminous pigments in the medical sector in the Asia-Pacific boosted the growth of the market. The rise in pharmaceuticals and medication production led to the high usage of luminous inorganic pigments in medicines to provide opacity and color. Thus, with the growing construction sector and flourishing medical industry in APAC, the demand for the luminous pigments market will rise during the forecast period.
Luminous Pigment Market – Drivers
Increasing application in the aerospace & defense industry
The luminous pigment has growing application in the aerospace & defense sector owing to its use in paints, inks, coatings, markings and signs. The luminous pigments offer vibrant color, reflectivity and brightness to the airlines. The phosphorescent paint coating is applied in airlines to enhance the visibility of the tail rotor in low-light or dark operations. Furthermore, fluorescent paints are used in aircraft owing to their light absorbing features during daylight and offers visible light in low-light or dark environment. Moreover, the growing airlines functioning and production post-pandemic are driving the luminous pigments industry. According to the Aerospace Industries Association (AIA), the sales revenue of the aerospace & defense sector accounted for USD 909 billion in 2019, showing a 6.7% increase compared to the previous year. Thus, the growing aerospace & defense industry is driving the market of luminous pigments market and offering major growth opportunities in the market.
High demand from the construction sector
The demand
for luminous pigment in the construction sector for applications in building
paints, coatings, sign markings, road lines and others is rising. The luminous
pigments or paints are used in commercial buildings for coatings, markings,
decoration and sign markings. The fluorescent paints have applications for
artificial lighting such as theatrical lighting, posters and others in the
construction sector. According to the United States Census Bureau, construction spending in the United States was USD 1,677 billion in January 2022,
showing an increase of 1.3% compared to the value in December 2021. Furthermore,
the rising construction and infrastructural projects is driving the market of
luminous pigments, thereby offering growth opportunities to the industry
players in the market.
Luminous Pigment Market – Challenges
Rising prices of raw materials and environmental regulations
The luminous pigments are used for various lighting applications such as
theatrical lighting, paints and others. The high costs of raw materials for luminous pigments are a major challenge in the global luminous pigments market.
The zinc sulfide or zinc prices are rising due to strong demand in the
market. The International Monetary Fund report forecasts the rise in zinc
prices from USD 2,828 per ton in 2021 to USD 2,859 per ton in 2022. Furthermore,
the International Lead and Zinc Study Group (ILZSG) state the rise in global
demand for refined zinc to 14.41 million tons in 2022. Moreover, the stringent
regulations set by the government on titanium dioxide, which is a raw material for luminous pigments, are likely to hinder the growth of the luminous pigments
market. For instance, the EU classified titanium dioxide as a carcinogen under
the CLP regulations in February 2020. Thus, the strict environmental regulation
for raw materials is creating a challenge for pigment production and growth.
Luminous Pigment Industry Outlook
The top 10 companies in the Luminous Pigment industry are:
- BASF
- Rosco
- Teal & Mackril
- Noxton
- Lumilor
- Puff Dino
- Ready Set Glo.
- GloNation LLC
- AcmeLight
- EverGlow NA, Inc.
Recent Developments
- In July 2021, the Heubach Group and SK Capital Partners announced the agreement to acquire Clariant's pigment business. This will boost the portfolio & innovation and increase in annual sales of the company.
- In June 2021, the DIC Corporation made the acquisition of the global pigment operations of BASF Colors & Effects (BCE) from BASF in order to boost the portfolio and customer base.
- In October 2019, AkzoNobel planned to acquire the business of decorative paints and pigment business of Titan S.A.U, with the aim to boost the growth of the paints & coatings, pigments and paint business.
Relevant Reports
Report Code: CMR 39079
Report Code: CMR 45277
Report Code: CMR 12468
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