The global optical brighteners market is expected to reach USD 1.11 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for optical brighteners from various industries including paper, personal laundry, textiles and cosmetics to improve illumination of the finished product is expected to be a principal factor in stimulating growth over the forecast period.
Increasing demand for whitening agents from the paper industry owing to their ability to impart superior brightness is expected to improve product penetration over the forecast period. Paper accounted for 35.8% of the global volume share in 2015. Growing consumer demand for paper from emerging economies including India and China is expected to propel expansion over the forecast period.
Textiles & apparels are one of the major end-uses of optical brighteners and are projected to witness significant growth at a 6.1% CAGR from 2016 to 2024. Increasing competitiveness among textile and garment manufacturers in Asia Pacific on account of high consumer demand has resulted in a significant rise in production volumes. This in turn has made a positive impact on the product demand owing to its ability to impart various shades of white to textiles & apparels which will influence industry expansion over the next few years.
Further key findings from the report suggest:
- European optical brighteners market is expected to grow at a CAGR of 6.4% from 2016 to 2024 in terms of volume. Germany, France and Italy are expected to be key markets on account of a positive outlook of the cosmetics industry. Penetration of optical brighteners has increased significantly in personal care products such as soaps and shampoos which have resulted in improving market dynamics of the product in Europe.
- Asia Pacific is expected to witness the fastest growth over the projected period. Increasing production volumes of textile and paper in India, Thailand and China is likely to propel expansion of the product over the next eight years. The market is predicted to reach a value of USD 312.3 million by 2024. Cost effective production approach of optical brightener manufacturers in the region has been a major incentive for growth.
- The demand for optical brighteners in consumer products was 59.4 kilo tons in 2015. Various government policies including FDI and “Make in India’’ is expected to drive the Indian paper and textile industries. Rising demand for detergents &soaps in countries including India, China, U.S., and Saudi Arabia will play a significant role in influencing growth over the forecast period.
- Key industry players include Huntsman International LLC, Archroma, RPM International Inc., Aron Universal Limited, Teh Fong Min International Co., Ltd., Keystone Inc., BASF SE, Deepak Nitrite Limited and 3V Incorporation. Companies in this sector are increasing their production capacities to expand their business presence and gain market share.