Thermochromic Pigment Market Overview
Thermochromic Pigment Market is expected to reach USD 2,500 million with a healthy CAGR of 5.1% by the end of 2030. The thermochromic pigment markets are divided by type, geography, and applications, and by type, the market is segmented into irreversible and reversible. By applications, the market is divided into polymers and plastics, paint and coating, fabrics, inks, and so many other applications. Research also shows the market size and forecasts for countries around major areas, and for each segment, market sizing and forecast have been done on the basis of revenue (USD million).
The reversible thermochromic pigments are widely popular for their reversible color-changing properties and are used as antiques in decorative products. There are two types of reversible thermochromic pigments, heat-activated, which change from a colored state at room temperature to a colorless state when it is heated and cold-activated, which are colorless at room temperature and become reveal a message when chilled. These are gaining popularity day by day and these pigments have a higher cost in comparison to irreversible thermochromic pigments. All the aforementioned factors are aimed to drive the increasing demand for reversible thermochromic pigments over the forecast time period.
The key players involved in the thermochromic pigment market are
Thermochromic Pigment Market Share, by End-Use Industry, 2017 (%)
Source: MRFR analysis
The global thermochromic pigment market has been segmented into five key regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
North America dominated the market in 2017 and is expected to regsiter a significant CAGR during the forecast period owing to the growing demand for the product in printing ink segment. The US is the leading country in the region owing to the growing technological advancements and increasing demand for the product in smart textiles. The Asia-Pacific market is expected to witness the highest CAGR in the coming years due to the rising awareness; and development in the application of thermochromic pigment in technical textiles. China is the major contributor in the region owing to the growing paints & coating; and textile industry. India, Japan, and South Korea are other regional contributors. The European market held a significant market share in 2017 due to the growing utilization of the product in cosmetics; and food & beverages industry. Germany is the prominent country in the region and accounted for the largest market share in 2017 followed by the UK, France, Italy, Spain, and Switzerland. This is attributed to high demand for the product in smart packaging and advanced R&D facilities. The Latin America market is expected to grow at a steady CAGR in the following years owing to the growing demand for the product in textiles and printing ink industries. The Middle East & Africa market is projected to register a steady CAGR in the coming years due to the consumption of the product in paints & coating application.
The global thermochromic pigment market has been segmented on the basis of product, pigment type, end-use industry, and region.
Based on product, the global thermochromic pigment market has been categorized into liquid crystal material, leuco dyes, and inorganic materials.
By pigment type, the global thermochromic pigment market has been bifurcated into reversible thermochromic pigments and irreversible thermochromic pigments.
On the basis of end-use industry, the global thermochromic pigment market has been classified into food & beverages, paints & coatings, printing ink, paper, textile, cosmetics, plastic & polymers, and others.
The thermochromic pigment market has been studied across five key regions, namely – Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.Recent Development
In the Asia region, China is the largest economic market of thermochromic pigment in terms of GDP. The country showed about 6.1% growth in its GDP during 2019, even after the trade with the USA. However, China in 2020 was primarily aimed to moderate as compared to the previous year, and due to the onset of covid-19 in 2020, China’s economic growth fell down to 1.900%, it is expected to show recovery at a rate of 8.20% in 2021. The thermochromic pigment markets are aiming to reach USD 2,500 million with a great CAGR of 5.1% by the end of 2023 to 2030, and the paint is defined as the element of substances to change its color with temperature. Research has shown growth in this market after the pandemic.
Target audience:
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 2,500 million |
| CAGR | 5.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material Type, Application and End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | RPM International Inc. (US), 3M (US), Sherwin Williams (US), Hammer Packaging, Corp. (US), NanoMatriX International Limited (China), Clariant (Switzerland), OliKrom (France), QCR Solutions Corp (UK), LCR Hallcrest LLC (US), Gem'innov (France), Smarol Industry Co. Ltd. (China), and Special Effects and Coatings. (UK). |
| Key Market Opportunities | The addition of stabilizers to reduce sensitivity to UV radiation is expected to provide future growth opportunities to the market. |
| Key Market Drivers | Increasing use in food and beverages, printing ink, and paints & coatings are boosting market growth. The increase in the demand for consumer products such as plastics, polymers, digital printing.\r\n\r\n |
Frequently Asked Questions (FAQ) :
The thermochromic pigment market is projected to grow at a 5.1% CAGR between 2016-2030.
The thermochromic pigment market is predicted to touch USD 2,500 million by 2030.
North America will dominate the thermochromic pigment market.
Increasing use in food and beverages, printing ink, and paints & coatings are boosting market growth.
High cost may limit market growth.
Thermochromic Pigment Market is expected to reach USD 2,500 million with a healthy CAGR of 5.1% by the end of 2030.
$2,500 million
5.1%
North America
2022 - 2030
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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