Neon Paint Market is Estimated To Witness High Growth Owing To Trends In Increased Demand From Advertising Industry
Market Overview:
Neon paints are fluorescent paints that glow brightly when exposed to a
black light or UV light source. They come in various vibrant colors like pink,
green, yellow, blue, etc. When applied on surfaces like walls, metal, wood,
ceramic and more, they illuminate the area in striking neon hues. They add
aesthetic appeal and grab attention for applications in signage, murals,
artwork, graffiti, and general décor purposes.
Market key trends:
The increasing demand for neon paints from the advertising industry is
expected to drive the market growth over the forecast period. Advertising
agencies are extensively utilizing the glow-in-the-dark property of neon paints
in signboards, billboards, displays and other promotional materials to attract
consumers. These paints make signs more visible even in low-light conditions.
Moreover, growing do-it-yourself (DIY) culture and creative decor ideas have
boosted the consumption of neon paints among hobbyists and artists. They are
using these for homemade crafts, drawings, wall arts, clothing, shoes and more.
Rising focus on aesthetically pleasing interiors especially in bars,
restaurants and raves have also augmented the product adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as
manufacturing neon paint requires significant investment in R&D and
production infrastructure. However, the market is growing at a steady pace
attracting new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high
as there are many established players offering a variety of products at
competitive prices. Buyers can negotiate for better prices and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
raw materials required for neon paint production such as pigments and chemical
compounds have a few major suppliers globally.
Threat of new substitutes: The threat of substitutes is low as there are
limited alternatives available for achieving the vibrant colors and glow effect
provided by neon paints.
Competitive rivalry: High as the market is growing and saturated with many
global and regional players competing on pricing, quality, and innovation.
SWOT Analysis
Strength: Well-established brands with diverse product portfolios, global
distribution networks, and robust R&D capabilities. Neon paints are
suitable for a variety applications like signs, artwork, professional
decoration.
Weakness: Fluctuating raw material prices can impact profit margins.
Environmental regulations on chemical components may restrict usage in some countries.
Opportunity: Rising trends of DIY activities and customization is boosting
demand for neon paints online. Population growth in developing regions will
propel the decorative and commercial construction sectors.
Threats: Availability of cheaper alternatives like fluorescent and glow-in-dark
paints. Economic downturns may negatively impact discretionary spending on
artistic and decorative items.
Key Takeaways
The global Neon
Paint Market Demand is expected
to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due
to increasing trends of home customization and unique commercial signage. The
market size for neon paints was valued at US$ 394.6 Mn in 2023 and is projected
to reach over US$ 700 Mn by 2030.
Regionally, North America dominates the global neon paint market owing to
rising do-it-yourself (DIY) projects among individuals and growing popularity
of neon signs in Bars and restaurants in countries like the US and Canada. The
Asia Pacific neon paint market is anticipated to exhibit the highest growth
during the forecast period, expanding at a CAGR of over 9%, attributable to
rapid urbanization, rising disposable incomes, and increasing demand from
thriving construction industries in China, India, and Southeast Asian
countries.
Key players operating in the neon paint market are Montana Colors, Liquitex,
DecoArt, Inc., Posca (Mitsubishi Pencil Co., Ltd.), Rust-Oleum Corporation,
PEBEO, Kobra Paint, Angelus Brand, Createx Colors, Jacquard Products.
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more:
https://dailyprbulletin.com/architectural-industry-to-boost-the-growth-of-neon-paint-market/ |
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