The global photoluminescent products market to grow at a CAGR of 3.31% during the period 2017-2021.
Global Photoluminescent Products Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the increasing application in aviation industry. The global aviation industry is expected to grow rapidly after facing a sluggish growth in 2014 and 2015, owing to the change in the Chinese economy, coupled with the decelerated economic growth in countries, such as Brazil and Russia, in 2015. Airlines, aircraft manufacturers, and part suppliers benefitted from the dip in oil prices as it led to the reduction of air fares.
According to the report, one of the major drivers for this market is the augmented infrastructural development in APAC. Photoluminescent products are widely used during construction activities to indicate hazardous areas in the process environment. These products conserve energy, owing to their self-luminous characteristic. These products come in the form of exit signs, fire equipment identification, traction tape, directional visual aids, and marking tapes.
Further, the report states that one of the major factors hindering the growth of this market is the lack of product differentiation leading to threat of rivalry. The global photoluminescent products market is fragmented, with the presence of several local, regional, and international players. These vendors have a well-diversified distribution network worldwide. Several new vendors are entering the market to provide better quality photoluminescent products at competitive prices. The entrance of new vendors in the market will alter the market dynamics with regard to price. Major vendors are being forced to use a low-price strategy to gain a larger market share or retain their position in the market. However, this low pricing strategy affects the overall profit margin of suppliers and manufacturers worldwide.