Neon Paint Market is Estimated To Witness High Growth Owing To Trends In Increased Demand From Advertising Industry

Neon Paint Market

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.

Read more:

https://dailyprbulletin.com/architectural-industry-to-boost-the-growth-of-neon-paint-market/