In the highly consolidated global market for optical brighteners, the top four
vendors, including BASF SE, AkzoNobel N.V., Huntsman Corporation, and Eastman
Chemical Company, accounted for over 54% share in the market in 2015, states
TMR in a recent report. BASF SE, the leading company of these four, accounted
for nearly 22% of the market in the same year.
Key
players in the market are focusing on expansion across lucrative emerging
markets in Asia Pacific. BASF SE, for example, inaugurated a new research and development
center in Navi Mumbai, India in March 2015; it already has a sprawling chemical
production complex at Dahej in Gujarat, India. Mergers and acquisitions with
specialty chemical manufacturers in developing regions, focus on the production
of organic products, and production of quality intermediates are among other
prominent strategies adopted by key vendors in the market.
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Booming Textile and Cosmetics Industries to
Provide Substantial Growth Opportunities
The textile industry
is one of the most prominent consumers of a variety of optical brighteners. In
the past few years, the flourishing growth achieved by the textile industry,
especially across emerging economies such as India and China, has greatly
influenced the total global demand for optical brighteners. According to the
Indian Ministry of Textiles, the textile industry in the country is expected to
expand at a strong CAGR of 11% over the period between 2009 and 2020, aiding
the increased consumption of optical brighteners in the Asia Pacific market.
The market for optical
brighteners is also expected to substantially benefit from the booming cosmetic
industry globally. Rising disposable incomes and a vast surge in the global
demand for skincare and suncare products have encouraged the growth of the global
cosmetics market in the past few years. Being another prominent consumer of
optical brighteners, the growth of the cosmetics industry has in turn also
boosted the overall global intake of optical brighteners.
Stringent Government Regulations and Declining
Paper Industry to Hinder Market’s Growth
Stringent government
regulations pertaining to the usage or exclusion of certain chemicals in
consumer products owing to their potential health hazards on the user have
resulted in complete bans on certain chemicals or have restricted the usage per
product of some. This has significantly affected the global market for optical
brighteners in the past few years.
Along with this, the
declining paper industry has also had severe implications on the overall
development of the global optical brighteners market. The rising use of smart
technologies such as computers, smartphones, and tablets across a number of
industrial applications and processes have significantly reduced the amount of
paper that was traditionally required to maintain records. The paper industry
being one of the key consumer of optical brighteners, decline in its growth
prospects has also dented growth opportunities of the global optical
brighteners market.
Asia Pacific to Play Pivotal Part in Growth of
Global Optical Brighteners Market
Transparency Market
Research states that the market will exhibit a 4.1% CAGR from 2015 through
2023. At this pace, the market, which had a valuation of US$1.12 bn in 2014, is
expected to rise to US$1.71 bn by 2023. In terms of volume, the market is
expected to expand at a 3.8% CAGR over the said period. Of the key chemicals
used as optical brighteners, the segment of stilbene accounted for over 65% of
the global market in 2014 and is expected to retain its dominance in the next
few years as well. Geography-wise, Asia Pacific accounted for a 38% of the
global market’s revenues in 2014.
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This review of the
global optical brighteners market is bases on a recent market research
published by Transparency Market Research, titled “Optical Brighteners Market
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015
- 2023.”
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