ID: MRFR/CnM/5940-HCR | February 2021 | Region: Global | 140 pages
According to MRFR analysis, Global Thermochromic Pigment Market is expected to reach USD USD 2,500 million with a healthy CAGR of 5.1% by the end of 2023. Thermochromism is defined as the property of substances to change its color with temperature. Thermochromic pigments are categorized under high-performance pigment which change color owing to its temperature-sensitive nature. Its unique property helps in serving various end-use industries such as paints & coating, printing ink, textile, among others. In these pigments, liquid crystal technology is employed which involves the process of re-orientation of liquid crystals leading to an apparent change in the color of liquid crystals.
Growing demand for thermochromic pigments in various end-use industries such as paints & coatings, printing ink; and food & beverages are expected to drive the market growth in the coming years. Additionally, increasing consumption of the product in quality detection systems, primarily in Fast-Moving Consumer Goods (FMCG) is anticipated to favor the market growth during the forecast period. Furthermore, surging demand for the product in smart packaging and smart textiles is anticipated to positively influence the market growth. However, easy availability of substitutes in developed countries poses a major challenge to the market players. Nevertheless, large untapped market in developing economies is likely to offer ample opportunities to the market players. Furthermore, strong R&D focus on novel application areas is expected to provide ample opportunities to the manufacturing companies during the forecast period.
However, high cost of thermochromic inks and poor lightfastness is anticipated to hamper the market growth during the review period.
Global 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 global thermochromic pigment market has been studied across five key regions, namely – Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The key players involved in the global thermochromic pigment market are 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).
Frequently Asked Questions (FAQ) :
The thermochromic pigment market is projected to grow at a 5.1% CAGR between 2016-2023.
The thermochromic pigment market is predicted to touch USD 2,500 million by 2023.
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.