Global Luminous Paints Market - 2020-2027
Luminous paints, as the name indicates, are the type of coatings that generates light. The luminous paints have gradually used as propounding technology and getting opportunities in the field of commercial applications. Due to their long durability and robust intensity, these paints create many opportunities for work areas with low light levels and are appropriate replacements for sources that consume electric power or batteries. Luminous paints or luminescent paints are mostly used to fire exits, mark runways, highways, or any other areas that are in dark or dim light conditions. Luminous paints market provides a variety of products that are used in children's projects, including toys, furniture, and many relevant products.
The global luminous paints market size was worth US$ XX million in 2020 and further predicted to reach US$ XX million by 2027, at a CAGR of XX% during the forecast period (2020-2027).
Increasing rate of infrastructure projects in commercial buildings is one of the main factor expected to drive the luminous paints market growth over the forecast period. The rising demand for luminous paints is also witnessed by developments in electronic gadgets that do not need electrical power for surface screen visibility in any kind of lighting condition and atmosphere. However, the high cost of luminous paints as compared to other available alternatives in the market may restraint in market growth.
Increasing infrastructural projects of commercial buildings
Considering the current market, the development in infrastructure in commercial places are increasing. The luminous paints are water-resistant, oil-resistant, dust resistant, and other corrosive materials. It is easy to manage and also cost-effective as compared to other coatings and paints. The development of countries is also focused on infrastructure and commercial buildings, so they use luminous paints due to development of commercial buildings this factor is driving the market growth over the forecast period.
Rising demand for luminous paints
According to the current market trends, the peoples are using easily manageable products such as dustproof, waterproof, oilproof, and others. The cost of luminous paints is also the main factor of rising demand, and also easy availability of products. The use of luminous products in such as exit signs, warnings, regulatory and mandatory signs used on roadways, airports, in mines, etc. moreover these factors indicates the growth of the market in the forecasting period.
COVID-19 Impact Analysis
COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Also, the lockdown policies have strengthened the demand for chemicals and material products under paint and coating across the globe. Therefore, the manufacturers are started investing to increase the production capabilities to meet the global market's updated demand.
Despite the pandemic, there is growth in the overall chemicals and material products under paint and coating, which is expected to drive the Luminous Paints market size in the global market during the forecast period.
Based on the technology, the Luminous Paints market has been classified into fluorescent paint, phosphorescent paint, and radio luminescent paint.
Radio luminescent segment accounted for the highest market share in the global market
In past years, the radioluminescent paint segment was expected to account for the largest share in terms of value, owing to other technology-based segments. Due to its glow and seen by longdistance, this type of paints are glowing after reflecting certain lights such as sunlight, vehicle lights and other lights. This is expected to impel the demand for radioluminescent segment in the global luminous paints market. Moreover, increasing demand for radioactive substance paints further drives the radioluminescent segment in the global Luminous Paints market during the forecast period.
Based on the application, the luminous paints market has been classified into commercial building, health care, transport, military, hospitality, defense and instrumentation, and others.
Transport segment dominated the global Luminous Paints market
In the past few years, the transport segment dominated the other segments in the global market, due to the development in countries and mostly in developing countries. Its usage in transport such as mark runways, highways, fire exits or any other areas with dark or dim light conditions, and it glows after reflecting the light. It is also expected that the chemicals and material application are expected to grow with a significant CAGR of the transport application in the global market during the forecast period.
Based on geography, the study analyzes the Luminous Paints market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia Pacific leads the global market throughout the forecast period
Asia Pacific dominates the global Luminous Paints market in terms of value and volume due to the presence of leading manufacturing companies and easy accessibility of premium quality Luminous Paints ingredients based on chemical & material products. It is also leading due to the growth in demand for radioactive substance products.
The Asia Pacific is estimated to grow at the Luminous Paints market's highest growth rate during the forecast period. The growth of the region is primarily driven due to increasing development in infrastructure and consumption of these products. The global companies are investing in the region to increase the export from the low-cost area, which is further expected to increase the Luminous Paints consumption in the domestic region during the forecast period.
The Luminous Paints market is highly competitive, owing to the presence of big food brands. The key Luminous Paints players which are contributing to the growth of the global market include GBC Safety Glow, Wildfire Lighting, Noxton Company, Glow Luminous Paint, Teal & Mackrill Ltd, Lumilor, PUFFDINO Trade Co., Ltd., Defense Holdings, Inc, DayGlo Color Corp., Darkside Scientific LLC, ADS Group, GloTech International Ltd., Rosco Laboratories, Inc., GloNation LLC, Indra Glowtech Private Limited, among others. The major players are adopting new product launch and expansion strategies for global growth in the Luminous Paints market.
GBC Safety Glow
Overview: GBC safety glow is engaged in manufacturing and distribution; it is an architecture and planning company. Its products include photo-luminescent products, UV-reactive products, life-safety solutions, emergency egress systems, glowing solutions, blacklight solutions, manufacturing, and installation. The company offer its products in ADA signage, photoluminescent, and UV reactive. It has operations in Africa, Asia Pacific, Central and Eastern Europe, Latin America, Middle East, North America, and Western Europe. It is headquartered in Wisconsin, United States.
Product Portfolio: The company's portfolio comprises photo-luminescent products, UV-reactive products, life-safety solutions, emergency egress systems, glowing solutions, black light solutions, manufacturing, and installation.
The global Luminous Paints market report would provide access to an approx. 64 market data table, 52 figures and 270 pages.
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