Market Overview:
Neon paint is a type of paint that emits bright colors when illuminated with a black light or ultraviolet light. It contains phosphors and fluorescent pigments that absorb UV light from the black light and re-emit visible light. Neon paints are available in various colors such as red, orange, yellow, green, blue, purple, etc. Neon paints find wide applications in signage, theatrical/stage props, interior designing, road safety markings, automotive customization, among others. The bright fluorescent colors and glow in the dark properties of neon paints make them attractive for various advertising and branding applications.
Market key trends:
One of the key trends in the neon paint market is the growing popularity of neon signs and lighting among restaurants, bars, clubs and other commercial spaces for branding and advertising purposes. This is expected to boost the demand for neon paints over the forecast period. Moreover, increasing popularity of home décor and interior designing projects that use neon paints is also expected to support market growth. Growing preference for automotive customization which involves painting vehicles and other automotive parts with fluorescent neon paints is another major trend. Increasing adoption of neon paints for safety markings on roads, highways and infrastructure is anticipated to open new opportunities for market players operating in the neon paint industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Neon Paint Market Demand is moderate. There are several existing large players dominating the market and substantial costs associated with R&D and marketing which pose barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the neon paint market is high. Buyers have a variety of options available from different brands.
Bargaining power of suppliers: The bargaining power of suppliers in the neon paint market is low. There are many suppliers for raw materials used in neon paints which ensures low bargaining power.
Threat of new substitutes: The threat of substitutes in the neon paint market is low. There are no close substitutes for neon paints which provide similar fluorescent effects.
Competitive rivalry: The competitive rivalry in the neon paint market is high. The market is fragmented with presence of several international and domestic brands.
Key Takeaways
The global neon paint market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand from the arts and crafts industry. The market size for 2023 is US$ 394.6 Mn.
The North America region dominates the neon paint market currently due to rising popularity of graffiti arts. The Asia Pacific region is expected to witness fastest growth over the forecast period owing to growth in arts and entertainment industries in emerging economies.
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, Molotow, MTN Colors, Neon Nights, Krylon (Sherwin-Williams Company), Artool.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
