In the last few years, photochromism has been gaining immense popularity, owing to its rising number of applications. With technological developments in this field, the global market for photochromic pigments is projected to witness high growth in the next few years. The rising number of players expected to enter the market and the development of new product is estimated to generate promising growth opportunities. Thanks to these factors, the global market is likely to register a healthy growth rate in the coming few years.
Which major factors are likely to accelerate the growth of the market in the near future?
The rising demand for photochromic lens, thanks to the rising awareness among consumers regarding the usage of lens is one of the major factors estimated to encourage the growth of the global photochromic pigments market in the next few years. In addition to this, the rising prevalence of eye diseases and the reduced cost of lenses is predicted to accelerate the growth of the market in the near future. On the flip side, the degradation of pigments owing to the over exposure to UV is considered as the key factor expected to curtail the growth of the global photochromic pigments market in the coming years. Nonetheless, the rising construction and infrastructural development in emerging economies to generate promising growth opportunities in the near future.
Which region is projected to account for a large share of the global market in the near future?
The global photochromic pigments market has been classified on the basis of geography into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Among these, the North America is expected to lead the global market and is projected to remain in this position in the next few years. The high growth of this region can be attributed to the rising level of recognition among people and technological advancements in the field. This region is likely to be followed by Europe and Asia Pacific. The rising population in India and China and the increasing awareness among the leading nations are estimated to accelerate the growth of Asia Pacific in the coming few years.
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Which companies are estimated to drive the global photochromic pigments market?
The global photochromic pigments market is competitive in nature with a presence of several players operating in it across the globe. Some of the key players in the global market are Devine Chemicals Ltd, Archello, FX Pigments Pvt. Ltd., Olikrom, SolarColorDust, and SFXC. These players are emphasizing on the mergers and acquisitions and strategic agreements, which are projected to generate promising growth opportunities for the market players. In addition to this, innovations and technological advancements in this field are anticipated to encourage the growth of the overall market in the next few years.