Fluorescent Paint Market Expected to Reach $677.9 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Fluorescent Paint Market," The fluorescent paint market was valued at $357.3 million in 2021, and is estimated to reach $677.9 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031.

Fluorescent paint consists of fluorescent pigments. These pigments are formulated to absorb ultraviolet (UV) radiation and emit it as visible light. When exposed to UV light, the painted surface seems to glow as a result. There are numerous applications for fluorescent paints, including safety devices, commercial buildings, road line markers, and facilities. Typically, these colors are derived from organic molecules like dyes or polymers.

Fluorescent paint is a specialty color pigment that is utilized in a variety of applications to enhance the visual attractiveness of items. Fluorescence is the process through which short-wavelength light travels through the visible portion of the electromagnetic or ultraviolet spectrum. This is absorbed and subsequently emitted using longer wavelengths. The spectrum of the re-radiation is often in the visible range.

The usage of fluorescents applies to a wide variety of products, including brightly colored paper, consumer plastic products, highlighters, safety jackets, paints, as well as clothes. The completed research concludes that these hues have a broader appeal and hence generate greater demand compared to their competing hues. These items can be used as an accent and as a contrast to muted hues. In addition, it is a component in traditional pigments that help lighten dark tones.

There is an increase in demand for fluorescent paint, which is a crucial factor in extending the fluorescent paint market's growth potential for end-users. The growth of the market for fluorescent paint will be boosted by the expansion of the global market for printing inks used for product packaging. This is mostly due to the increasing need for labeling and packaging items that provide nutritional information about products. The color and appearance of these items are crucial in attracting a big number of buyers.

There are several obstacles associated with the processing and handling of these fluorescent paints, as well as the introduction of affordable new technologies in the fluorescent paint market. In addition, there is a problem posed by the extensive usage of heavy metals in the production of these pigments. All these factors have a major influence on the market's growth.

In the coming years, the global need for fluorescent paint is expected to increase. Additionally, the rise in per capita income contributes to the improvement of people's standard of living. This is especially prevalent in the populations of developing nations, where consumer opinion is shifting toward the use of items with beautiful packaging and visual appeal. Initiatives are being developed to meet the needs of market end-users. This offers lucrative market opportunities.

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.

On the basis of type, the fluorescent paint market is categorized into inorganic fluorescents, optical whiteners, and daylight fluorescents. Daylight fluorescents is projected to be the fastest-growing segment and has garnered the highest share in the fluorescent paint market.

On the basis of application, the fluorescent paint market is categorized into safety equipment, commercial buildings, road line markings, facilities, and others. safety equipment is projected to be the fastest-growing segment and road line markings has garnered the highest share in the fluorescent paint market.

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.

Key findings of the study

• 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.

COVID-19 analysis

• During the covid-19 outbreak, there was a decline in building industry demand. Regulations mandating social distancing and labor shortages disrupted construction efforts.
• In addition, there was a shortage of construction raw materials, which hindered infrastructure and commercial development projects. According to the World Bank, the global construction industry experienced a decline of approximately 3.1% in 2020, the biggest contraction since 2008. As a result, the application of fluorescent paint, such as paints, coatings, emergency signs, and others, decreased as the building industry’s expansion slowed, limiting the demand for the fluorescent paint market during the covid-19 pandemic.
• The development of the other economic sectors is halted but not disregarded. Due to the lack of available raw materials for manufacture, the industrial units are suffering. This is damaging the supply chain system and paving the road for economic losses in certain areas.
•  Therefore, the government is investing in the research and development industry to help these industries. It will contribute to the product portfolio, product development, and product launches that are likely to assist the competitive players in becoming global leaders. The major market strategies that will enable the market to achieve the anticipated market value for fluorescent paint by the conclusion of the forecast year are also a key area of focus.