The Phosphorescent Pigments Market is set to grow from its current market value of more than $200 million to over $290 million by 2024; as reported in the latest study by Global Market Insights, Inc.
Phosphorescent pigments, generally zinc sulfide doped with copper or strontium aluminate, are combined with various binders and transparent resins to produce luminous paints and coatings which are applied to traffic & emergency exit signs and low lighting escape systems to provide visibility in dark environment. These are primarily used in signboards, warning and exit signs, mining and firefighting safety gears for its strong capacity of absorbing, storing and emitting light for long time period. These characteristics increase the product use on express roads, highways, flyovers, etc. The escalation in road development activities will spur the phosphorescent pigments market growth.
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Plastics industry deemed to be the profitable quotient for the phosphorescent pigments market as they are combined with various resins such as polyethylene, polyvinyl chloride, propylene, acrylonitrile butadiene styrene to provide luminous property to wheel coatings, automotive interiors, military equipment, packaging materials, and novelty toys. High emission time, non-radioactivity, temperature stability of the phosphorescent pigments provides long lasting luminous effect to the plastic films and imitation leathers which will further boost the product market in next seven years down the line.
Phosphorescent pigments also find application in fishing lures, craft paints, clock & watch dials, home appliances, lighting apparatus and switches, automotive and aircraft indicator and instrument panels, outdoor pathway marking, camping equipment, remote control keypads and silkscreen printing on posters and textiles. The increasing usage of these regular use commodities will substantiate a significant development in the phosphorescent pigments market in coming years.
Primary hindrance to the product market growth is the substitution of phosphorescent with fluorescent pigments which have long wavelength and immediate emit light property. Moreover, fluctuations in zinc sulfide prices may also hamper the product market during the forecast years.
On the basis of product, the phosphorescent pigments market is bifurcated into strontium aluminate and zinc sulfide. Zinc sulfide is the most commonly used pigment, owing to low price and easy availability, as compared to strontium aluminate and has a higher industry share. On the contrary, strontium aluminate is likely to have a high growth rate owing to its 10 times high luminous power than zinc sulfide. Replacement of zinc sulfide and increasing use of strontium aluminate will fuel the product market in coming years.
Based on end-user, the phosphorescent pigments market is diversified into construction materials, paints & coatings, plastics, printing inks and others including electronics, textile, rubber, etc. These materials are applied in safety passage, factories, stations, ships, public buildings, etc. to help people to find the rescue way in dark environment. Construction materials such as decorative pieces will account for a significant market share owing to buying power of consumers around the globe.
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Growing automotive production and construction activities in Asia-Pacific region will provide the region more than half of the global market share. The product use to manufacture automobile parts and construction materials with better quality and aesthetic look will spur the phosphorescent pigments market in next seven years down the line.
Some renowned market players providing immense contribution to the phosphorescent pigments market are Honeywell, Nemoto Lumi-Materials, LuminoChem Ltd and Glotech International. Other notable players include Lightleader, Radiant Color, Tavco Chemicals, RTP Company, United Mineral and Chemical Corp., Allureglow International, and RC Tritec.
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