Albany, New York, May 5, 2017: The growth of the global optical brighteners market is largely influenced by the flourishing growth of the textile industry, particularly across emerging economies such as China, India, Turkey, Taiwan, and Mexico. As per a report by the Indian Ministry of Textiles, the textile sector in the country is anticipated to rise at a noteworthy CAGR of 11% from 2009 to 2020, thereby fuelling the increased uptake of optical brighteners. According to a study by Transparency Market Research (TMR), the global optical brighteners market is poised to reach a valuation of US$1.71 bn by the end of 2023 from US$1.12 bn in 2014, expanding at a CAGR of 4.1% between 2015 and 2023.
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Optical Brightener Manufacturers to Face Repercussion of Declining Paper Industry
The cosmetic industry is one of the key consumers of a variety of optical brighteners. In the past few years, the robust growth of the cosmetic industry worldwide has worked in the favor of global optical brighteners market. The burgeoning demand for suncare and skincare products and increasing disposable incomes are augmenting the growth of the global market.
On the flip side, the declining paper industry has adversely affected the growth of the global optical brighteners market. The proliferation of smart devices such as smartphones, computers, and tablets across several industrial applications and processes have substantially reduced the demand for paper. Moreover, the presence of stringent government regulations pertaining to the usage of certain hazardous chemicals is negatively impacting the dynamics of the global market.
Asia Pacific to Remain at Forefront Owing to Easy Availability of Raw Materials
Geographically, Asia Pacific was the leading revenue generator in 2014, accounting for nearly 38% of the overall market. The robust growth of end-user industries such as paper, ceramics, plastics, and detergents and the continuous surge in production of raw materials are contributing to the growth of the region. Owing to these factors, the Asia Pacific region is expected to remain the leading segment until 2023.
North America is likely to remain a significant revenue contributor throughout the forecast period. Due to the presence of immense growth opportunities across the textiles and detergent industries is expected to enable the optical brighteners market in North America to rise at a CAGR of 8.1% during the forecast period.
Browse the full Optical Brighteners Market report at : http://www.mrrse.com/optical-brighteners-market
Manufacturers to Focus on Expansion across Emerging Markets in Asia Pacific
The global optical brighteners market is a highly consolidated arena, with the top four players accounting for nearly 54% of the overall market in 2015. The leading players are increasingly focusing on tapping immense opportunities present in emerging markets in Asia Pacific. The top four players are AkzoNobel N.V., BASF SE, Eastman Chemical Company, and Huntsman Corporation. Collaborations and partnerships with specialty chemical manufacturers in developing countries, increasing emphasis on the development of organic products, and production of quality intermediates form a part of the key strategies adopted by leading companies in the market.
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