July 22, 2024
Neon Paint Market

The rising adoption of neon signs in advertising to open up the new avenue for Neon Paint Market

Market Overview:

Neon paint is specially formulated paint that glows brightly under black lights. It produces vibrant, fluorescent colors that stand out even in low-light conditions. Neon paint is widely used in signage, branding, fashion, interior décor, automotive customs, props and more. Some key uses of neon paint include garage signs, storefronts, menus, interior lighting accents, art installations, murals, t-shirts, sculptures and party accessories. It adds an eye-catching element of visual excitement due to its bright glowing colors.

Market Dynamics:

The neon paint market is driven by the increasing popularity of neon paints in automotive, fashion and home decor applications. The rising trend of automotive customization among car owners has boosted the demand for neon paints to customize and highlight vehicle interiors and exteriors. Moreover, many fashion brands and artists are utilizing neon paints to create eye-catching designs on apparels, accessories, murals and sculptures. The growing do-it-yourself (DIY) home décor trend has also fueled the sales of neon paints as people experiment with bright fluorescent colors to enhance the aesthetic appeal of their homes. Furthermore, the expanding signage, commercial branding and entertainment industries rely on neon paints to create visually appealing signs, logos and props, thus propelling market growth.

Segment Analysis

The Neon Paint Market Demand  is dominated by spray paint segment accounting for around 40% share. Spray paint neon colors offer ease of application and fast drying properties. This helps in creating intricate designs and patterns easily which has made it popular especially among graffiti artists and hobbyists.

PEST Analysis

Political: There are no significant political risks impacting the market currently.
Economic: The growing disposable incomes especially in developing economies is driving higher consumer spending on arts and crafts which is positively impacting the neon paint market.
Technological: Advancements in neon pigment formulations have allowed manufacturers to offer brighter and longer lasting neon shades. This is attracting more consumers.
Social: Neon colors invoke vibrancy and energy. The rising interest among millennials in self-expression through graffiti arts and customization is propelling the demand.

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 popularity of graffiti arts among youth. The market size is projected to reach US$ 678.2 Mn by 2030 from US$ 394.6 Mn in 2023.

Regional analysis – North America dominates the global market currently accounting for over 30% share due to increasing adoption of graffiti arts. Asia Pacific is expected to witness fastest growth owing to growing disposable incomes and rising interest in creative hobbies in countries like India and China.

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. These players are focusing on new product innovations to cater to evolving consumer preferences for neon colors.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it