Published: Nov, 2018
According to a report by Transparency Market Research (TMR), the global optical brighteners market is expected to witness a significant rise in the past years because of the growth of the textile industry that is flourishing by the day. The level of competition among the players is tough as major vendors collectively contribute almost about half of the share whereas the other vendors are focusing on merger and acquisition strategies in order to maintain their foot in the market. There is always a competition amongst vendors to prove their excellence among the rest and hence, the market may in future see notable growth rates.
Some of the prominent participants of the global optical brighteners market are Paramount Minerals and Chemicals Limited, Huntsman Corporation, Khyati Chemicals Private Limited, Daikaffil Chemicals India Limited, Blankophor GmbH& Co. KG, Paramount Minerals and Chemicals Limited, and Eastman Chemical Company. The textile industry is seeing rapid growth especially in emerging nations like that of Mexico, Taiwan, Turkey, China, and India. This, in turn is helping companies to expand their business in other geographical areas of the world.
As per the TMR reports, the global optical brighteners market is prognosticated to reach a valuation of US$1,711.3 million by the end of 2023 from US$1,334.6 million as per the 2017 records. The forecast period is set to 2017 to 2023 and the market is presumed to show a promising CAGR of 4.0% and volume of 242.7 kilo tons. As per segmentation by product, stilbene is seen to be dominating the market with a total share of 65% as per the 2017 records and continue to dominate the market over the forecast period. This is because of the easy and widespread availability of stilbene in the market.
From a geographical perspective, the global optical brighteners market is seen to be dominated by Asia Pacific region accounting for almost about more than 60 per cent of the total share in the global market as per the 2017 records. There has been increase in production of raw materials and the end-use industries as well such as ceramics, plastic, paper and detergent in the market which is considered as a key factor in the growth of the optical brightener market in the region.
Textile Industry Dependency to Propel Market Growth
The global market for optical brighteners is driven by factors like the easy availability of most of its products and raw materials like isomers of stilbene used for manufacturing optical brighteners. Adding to that, the application of detergent industry is also on its high revenue generation phase as per the 2017 records.
The textile industry has been consuming optical brighteners since long time and is largely dependent on it. Due to the flourishing growth of the textile industry, the optical brighteners market is seen to be increasing remarkably especially in emerging economies of India and China along with other developing nations of the world. The Indian Ministry of textiles is predicting the blooming advancement of the textile industry that may in future contribute to generating larger revenues, and thus, make Asia Pacific region, among the top most regions in the optical brighteners market.
Diminishing Paper Industry to Hamper Market Growth
Stringent rules imposed by the government on restricted usage or total ban of certain chemicals, may hamper the overall optical brighteners market. Since some chemicals can be extremely dangerous if not handled with care and may pose a threat to health of the consumers, these rules have been imposed by the government which, in the long term, may arrest market growth. Apart from that, the paper industry that is seen to be weakening is also set to create obstacles in the growth of the optical brighteners industry because it was studied as a key consumer of optical brighteners. With the introduction of tablets and smartphones, along with the increasing usage of computers and tablets and other such smart technologies, the amount of paper requirement has reduced as compared to the traditional days where paper was an important part of life. This in turn has created bars in the growth of the optical brightener industry as well.
However, the flourishing cosmetic industry can create lucrative opportunities for the optical brighteners industry at an international level. There has been a huge acceleration in demand for skin care and sun-care products which requires optical brighteners as a part of their chemical composition, thus opening doors of further progress for the global optical brighteners market in the long run.
The above presented review is based on a TMR report, titled, “Optical Brighteners Market (Material - Stilbene, Coumarin, Diphenyl Pyrazoline, Dicarboxylic Acid, and Cinnamic Acid; Application - Textile, Detergents, Paper, Cosmetics, Plastics, and Ceramics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2023”.
The global optical brighteners market can be segmented as follows:
Global Optical Brighteners Market by Chemical
- Diphenyl Pyrazoline
- Dicarboxylic Acid
- Cinnamic Acid
Global Optical Brighteners Market by Application
Global Optical Brighteners Market by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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