Phosphorescent Pigments Market Analysis

Phosphorescent Pigments Market Analysis

The phosphorescent pigments market is segmented on the basis of product as zinc sulfide and strontium aluminate. Zinc sulfide activated with copper or silver was initially the most commonly used phosphorescent pigment. It has largely been replaced by strontium aluminate activated with a rare earth metal as it has luminance which is approximately 10 times greater than zinc sulfide.
 

The strontium aluminate segment is said to grow at a CAGR higher than zinc sulfide due to its superior qualities and competitive pricing. Increasing application of strontium aluminate in various end-user industries, and replacement of zinc sulfide with strontium aluminate will propel the segment in the coming seven years.
 

Paints & coatings, printing inks, plastics, and construction materials are the major end-user industry segments for the phosphorescent pigments market. Some of the minor end-user sectors include textiles, rubber, digital electronics, etc. and have been considered in the others segment. Rising use of the product in processing of inks required for offset printing, screen printing, and flexographic printing will further foster the industry in the coming years. Printing inks segment accounted for over a fifth of the global market in 2016 and will witness substantial growth in coming years.
 

The paints & coatings industry has been one of the key end-users of phosphorescent pigments valuing to over USD 65 million in 2016. Growing demand for photo-luminescent paints is expected to drive the phosphorescent pigments market during the forecast period owing to their extensive consumption for manufacturing glow in the dark paints that are applied on escape pathways in aircrafts, and also in interior decoration in residential and commercial constructions.
 

Considering geography, Asia Pacific holds a major share of close to 50% in the global phosphorescent pigments market. Notable growth in the regional paints & coatings industry coupled with the increase in the construction activities will drive the phosphorescent pigments industry demand in the region in the upcoming years. The regional market is led by China, which generated a revenue of over USD 40 million in 2016 and will witness high growth driven by the developing plastics and electronics industries.
 

North America and Europe together accounted for close to 40% share in the global phosphorescent pigments market. Mature end-user industries in Europe and shift towards the East will result in a sluggish growth rate in the phosphorescent pigments industry in the European countries. North America, on the other hand, will witness growth at a CAGR around 4.5% owing to the large number of commercial buildings in the U.S.. Latin America will witness growth with a CAGR close to 5% from 2017 to 2024.