NEW YORK, Oct. 21, 2020 /PRNewswire/ -- Optical brighteners are chemical compounds that absorb light in the violet and ultraviolet region of an electromagnetic spectrum. These brighteners witness high demand from chemical, paper, and textile industries, and this pattern is projected to continue through the forecast period. Growth in the laundry and cleaning sector, and rising application is cosmetic products is another key factor responsible for the growth of the optical brighteners market.
The global optical brighteners market is anticipated to expand at CAGR of 4.5 over the forecast period of 2020-2030, and reach a valuation of US$ 2.3 Bn by the year 2030.
Key Takeaways from Optical Brighteners Market Study
- Demand from cosmetic applications has further increased the consumption of a variety of optical brighteners. This is due their excellent whitening properties. Diphenyl pyrazoline and stilbene are the commonly-used optical brighteners by cosmetic product manufacturing companies, to enhance their product quality.
- Currently, optical brighteners find significant application in the manufacturing of detergents, soaps, and laundry products. The usage of optical brighteners in laundry products lends a fresh, clean, and bright look to apparel.
- During the forecast period, Asia Pacific is projected to be the fastest-growing optical brighteners market, due to significant growth in end-use industries such as paper, textiles, cosmetics, and personal care products. Unprecedented urbanization in China, India, and Southeast Asian countries, fast-changing lifestyles, and shifting consumer preferences will impart significant growth to the optical brighteners market in the region.
- North America and Europe are significant demand centres' in the optical brighteners market. However, manufacturers are required to meet comparatively stricter regulations, especially for products such as cosmetics and personal care items.
- Europe is the second-largest plastic producer in the world. Optical brighteners used in color masterbatches for plastic products are an important end-use application in the plastic sector in the region.
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"The COVID-19 pandemic is having an adverse impact on the growth of the optical brighteners market, mainly due to reduced activities in end-use industries. With manufacturing gradually increasing, the market will also slowly get back to its growth trajectory," says a PMR analyst.
Optical Brighteners Market Landscape
Manufacturers in the optical brighteners market are focusing on research & development activities to develop new products and also new applications for existing optical brighteners, which will help them increase their sales. Companies are focusing on long-term customer relationship management through agreements and contracts for long-term supply. Various companies are signing contracts and agreements with end users and distributors for the long-term supply of products. Moreover, companies are also expanding their production capacities as per demand dynamics. For example, in July 2019, BASF SE increased the production capacity of its Tinopal CBS optical brighteners at its production facility in Monthey, Switzerland.
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Leading manufacturers in the optical brighteners market are Huntsman Corporation, Clariant AG, BASF SE, Meghmani Organics Ltd, Kolorjet Chemicals Pvt. Ltd, Eastman Chemical Company, Paramount Minerals and Chemicals Limited, Zhejiang Transfar Foreign Chemical Co., Ltd, and Milliken & Company, amongst others
Optical Brighteners Market: Conclusion
Asia Pacific is expected to maintain its dominance in the global optical brighteners market during the forecast period, followed by Europe. Halt in economic activities brought about by the COVID-19 global pandemic has significantly impacted end-use sectors of optical brighteners, with textile and apparel sales hit particularly hard. However, the long-term impact is projected to be limited, as apparel, laundry, and personal care product sales are expected to be back on track sooner rather than later. Manufacturers need to keep innovation as their focal strategy to gain a competitive advantage in this fragmented optical brightener market.
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The global optical brighteners market research authored by Persistence Market Research analysts, offers an exhaustive study on global, regional, and country level analysis. The global optical brighteners market study includes pricing analysis, impact of macro-economic and forecast factors, ten-year market projections, and competition benchmarking. The report also entails company study, market structure analysis, and supply chain details. As per PMR's scope, the optical brighteners market has been segmented on the basis of product, application, and region.
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