Photoluminescent Powders Market size is forecast to reach $970.6 million by 2025 after growing at a CAGR of 4% during 2020-2025. Photoluminescent powders, are essentially microscopic photo-luminescent crystals, which absorb invisible UV energy from existing light sources and then re-emit most of that energy as visible light. The growth of the market of photoluminescent powders is expected to be driven by the high demand from the infrastructure industry.
Asia-Pacific dominates the photoluminescent powders market owing to increasing application in the paints and coatings industry coupled with construction industry.
Rise in the demand from the infrastructure industry will drive the growth of the market in the forecast period.
High cost of the product will hinder the growth of the market in the forecast period.
By Type-Segment Analysis
Water based of Photoluminescent powders held the largest share in the of photoluminescent powders market in 2019 as it is used in Photoluminescent paint. Photoluminescent paints, also known as glow in the dark paints, contain a photoluminescent powder that charges in the sunlight and can glow in the dark for up to several hours. These paints are prepared as a combination of resins and pigments. Photoluminescent paints can be used for a range of applications such as on roads, highways, expressways, ducts and bridges. The most commonly used pigment type in photoluminescent paints is strontium aluminate or zinc sulfide. The particle size of the pigment also plays a crucial role in the duration of the glow. The larger the particle size, the longer the luminesce, as compared to smaller-sized particles. The basic mechanism of photoluminescent paints involves the emission of light in the dark through the energy stored from ultraviolet radiations. Paints are extensively used in the architectural sector for both exterior and interior applications. The paints and coatings industry is undergoing a period of significant consolidation to promote development, boost efficiencies and obtain greater returns from consumers. Consumers and socio-ecological problems play a major part in shaping the paints and coatings sector. Sustainability is emerging as a critical factor during input selection, leading to inclusion of renewable raw materials, new eco-friendly technologies, and responsible manufacturing practices. This factor will drive the growth of the market in the forecast period.
By Application-Segment Analysis
Highways and Expressways held the largest share in the photoluminescent powders market in 2019 in terms of application. Photoluminescent powders are used in the edges of roads to enable better visibility for drivers and thus, ensure driver safety. Photoluminescent powders are increasingly being used for warning and exit signals in the highways. The growth of photoluminescent powders market can be taken as directly proportional to the growth of infrastructure industry. By 2020, construction output is estimated to grow by 70% to $12.7 trillion and will account for 14.6% of the world output with some of the larger emerging markets such as China, India, Russia, Brazil and Poland driving growth, along with U.S. Global GDP growth of 3.5% and 3.6% is expected in 2017 and 2018 respectively. However the meteoric growth that outpaces global GDP will be concentrated in countries like China, India and U.S. India will overtake Japan as the third-largest construction market with annual growth averaging 7.4% annually in infrastructure. Government buildings and public institutions are other major consumers of photoluminescent powders for fire safety, which is further projected to boost the market of photoluminescent powders.
By End Use-Segment Analysis
Defense Sector is the primary market for the photoluminescent powders in 2019 growing at CAGR of 6.5%. The growth can be mainly attributed to increasing technological innovation and advancement. The Photoluminescent illuminators is now replace the radioactive tritium illuminators in hand navigation compasses that presently use tritium illuminators. The Illuminated weapons sights provide an enhanced capability to acquire and engage targets, particularly in low-light levels. Currently, tritium is used exclusively as a persistent, non-electric source of illumination in military sights because of its simplicity and low weight. However, tritium presents numerous safety concerns and logistic problems due to its radioactivity. Various nations are now concentrating on developing the protection systems for themselves as well as to trade with other militaries. The United States represents nearly 60% of the total market, with the rest coming from allied nations around the world. These large, stable markets have enduring demand driven by geopolitical and security challenges. The growth in the defense budget across various nations is the major driver in the growth of the market in the forecast period. According to the Stockholm International Peace Research Institute (SIPRI) the total defense spending globally in the year 2019 was $1917 billion USD compare to $1855 billion USD in 2018. The increase in the global defense spending is a major factor leading to the growth of photoluminescent powders in terms of volume across the globe. The COVID-19 outbreak has exposed several challenges for the defense sector. The Production facilities and supply chains are affected. Demand for defense equipment and related services are go down. Supply side shocks are perhaps some of the most visible effects of the pandemic’s impact on the defense sector. The impact of COVID-19 will directly affect the market growth of photoluminescent powders in the year 2020. But after this year it will grow at a steady rate in 2021-2025.
APAC dominates the photoluminescent powders market with a share of 40% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. 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 strong and healthy growth in construction sector is associated with growing population and middle class economy, which tend to drive APAC residential construction market further. The increasing number of new building constructions, along with the rise in the number of renovation projects has further propelled the market. This factor will drive the market of photoluminescent powders in the forecast period.
Drivers- Photoluminescent Powders Market
Rise in the use of photoluminescent signs will drive the market
All building codes require the installation of fire extinguishers at various locations throughout the structure, and these extinguishers must be signed properly. High performance photoluminescent signs and back plates ensure that your extinguishers can be found during an emergency, saving life and property. When the fire catches the building the electrical systems fails due to heat and there is no visibility due to the mist. At that situation the photoluminescent signs will glow in the dark or mist and the people can follow the signs to exit from the buildings. This can save lots of life and it is widely used in US and European countries. This factor will drive the growth of the market in the forecast period.
Challenges- Photoluminescent Powders Market
Failure of Photoluminescent Powders in the moisture and rainy condition
One of the major challenges faced by the photoluminescent powder market is the failure of photoluminescent powder coatings to perform efficiently in high moisture and rainy conditions. In that situation the photoluminescent powder will absorbs the water and therefore its energy storage capacity is demolished. That’s why it cannot glow the light in the rainy night. In some situations, drivers need to turn off the headlights to see the glow in the dark lines, which might increase the chances of accidents. The immense glow of light will create difficulty to the drivers which are driving in night especially in the highway or expressway. The vehicle light and the photoluminescent light create an invisibility which might be a factor of many road accidents. This factor will hinder the growth of the market in the forecast period.
High cost of Photoluminescent Powders will hinder the growth in the forecast period
The high cost of these Photoluminescent Powders as compared to the other lighting Options has given the alternative to the architect. Also in the North America and Europe are anticipated to witness moderate growth in the global photoluminescent powders market, owing to the stringent regulations regarding the emission of harmful VOCs. This factor will hinder the growth of the market in the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the photoluminescent powders market. In 2019, the market of photoluminescent powders has been consolidated by the top five players accounting for XX% of the share. Major players in the photoluminescent powders market are GloNation LLC., Nemoto & Co., Ltd., GloTech International Ltd, Glowing Gecko, Allureglow International and Others.