What Is The Scope Of The Global Luminous Paint Market?
Luminous paint, also known as glow-in-the-dark paint, is a type of paint that exhibits luminescent properties,which emits light without consuming energy from an external light source. This is made possible by phosphorescent or photoluminescent pigments, which capture and then emit light energy. Phosphorescent pigments release light slowly, while photoluminescent pigments emit light instantly when exposed to light.
Luminous Paint Global Market Report 2024 provides data on the global luminous paint market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The luminous paint market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Luminous Paint Market Expected To Grow In Size And Annual Rates?
The luminous paint market has grown significantly, from $14.01 billion in 2023 to $15.38 billion in 2024, with a CAGR of 9.8%. This growth in the historical period is attributed to increased consumer awareness, military and defense applications, demand from the automotive and healthcare sectors, and the construction industry. The market is expected to grow further to $22.5 billion by 2028 at a CAGR of 10%. This growth will be driven by developments in tourism and entertainment industries, adherence to environmental regulations, demand across diverse end-use industries, a focus on safety, and rapid urbanization. Emerging trends include expansion within the construction industry, growth in decorative and artistic applications, a push for eco-friendly formulations, increased adoption in the automotive sector, and integration with smart technologies.
What Main Forces Are Fueling Expansion In The Luminous Paint Market?
The rising demand for commercial infrastructure projects is expected to support the growth of the luminous paint market. These projects involve large-scale construction initiatives for commercial properties such as offices, retail spaces, and hotels. Urbanization, technological advancements, and a focus on sustainability are driving the need for modern infrastructure. Luminous paints are valued for enhancing safety and aesthetics in commercial settings, providing visible signage, emergency lighting, and decorative elements. For instance, the Northern Ireland Statistics and Research Agency reported a 6.5% growth in the construction industry between the first quarters of 2022 and 2023, with notable increases in housing and infrastructure subsectors. These trends are boosting demand for luminous paints.
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What Are The Primary Segments In The Global Luminous Paint Market?
The luminous paint market covered in this report is segmented –
1) By Type: Fluorescent Paint, Phosphorescent Paint, Radio Luminescent Paint
2) By Material: Zinc Sulfide Powder, Calcium Sulfide Powder, Strontium-90 (Sr-90), Tritium (H-3) And Promethium (Pm-147), Radium-226 (Ra-226), Other Materials
3) By Application: Escape Routes, Emergency Signage, Cosmetics, Home Decor, Other Applications
4) By End Use Industry: Transportation Industry, Medical And Healthcare Industry, Building And Construction, Defense Industry, Oil and Gas Industry, Other End-Users
Which Key Trends Are Driving Changes In The Luminous Paint Market?
In the luminous paint market, companies are focusing on developing luminescent photoactive materials to enhance product performance and versatility. These materials improve brightness, longevity, and functionality, catering to the growing demand for innovative glow-in-the-dark products in various industries, such as safety signage and decoration. In January 2022, Luminochem, a Hungary-based company, launched unique luminescent photoactive materials and markers, focusing on organic fluorescent security pigments and near infra-red absorbing materials, boosting their product portfolio.
What Is The Leading Region In The Luminous Paint Market?
Asia-Pacific was the largest region in the luminous paint market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the luminous paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
