Thermochromic Pigment Market Size, Share, Growth, and Industry Analysis, By Type (Reversible, Irreversible and Others), By Application (Plastics and Polymers, Paints and Coatings, Fabrics, Inks and Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

THERMOCHROMIC PIGMENT MARKET REPORT OVERVIEW

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The global thermochromic pigment market size was USD 1802.05 million in 2021 and will touch USD 2693.68 million by 2031, at CAGR of 4.1% during the forecast period.

Thermochromic pigments are compounds that change color in response to temperature variations. These pigments are heat sensitive and can undergo reversible color changes, which means they will return to their original hue if the temperature is changed again. This feature makes them popular for a wide range of applications, including novelty items, consumer goods, and industrial applications.

COVID-19 Impact: Pandemic Halted the Manufacturing and Construction Activities and Ceased the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID-19 had a negative impact on the market. Because of the pandemic scenario, several countries throughout the world went into lockdown, which suspended all production and building activity, negatively impacting industries such as paints and coatings, plastics and polymers, and others. On the other hand, the market is projected to be hampered by the high cost of thermochromic inks and the detrimental impact of the COVID-19 epidemic.

LATEST TRENDS

"Trend Towards Manufacturing of Smart Textiles to Ensure an Increased Market Growth"

Product use in the manufacture of smart textiles has increased significantly in recent years, notably in Asia Pacific, because to the growing demand for theme-based garments to suit a variety of events. Advances in micro encapsulation technology for smart textile coatings are likely to increase demand for smart textiles throughout the forecast period, positively impacting overall market growth.

THERMOCHROMIC PIGMENT MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into reversible, irreversible and others.

Thermochromic pigments change color in response to temperature changes due to molecular rearrangement or a change in crystal structure. When heated, the reversible pigments change color and return to their original color when cooled. The color change in irreversible pigments is permanent, and they do not return to their previous color.

• By Application

Based on application the global market can be categorized into plastics and polymers, paints and coatings, fabrics, inks and others.

Thermochromic pigments are utilized in a variety of sectors, including paints and coatings, polymers, printing inks, and construction materials. They are quite famous due to their extraordinary color reciprocity and effects on the various materials on which they are spread. By selective absorption, it changes the hue of reflected or transmitted light and gives color to the medium. The worldwide paint and coating industry is predicted to increase significantly in the future, indicating a healthy outlook for the global pigment market. Plastic's use in many end-user industries such as automobiles, construction, electronics, healthcare, FMCG, and others has expanded significantly, driving up demand for pigments in the plastic industry.

DRIVING FACTORS

"Growing Sales in the Food and Beverages Sector to Nurture the Market Growth"

The adoption of thermochromic pigments in the packaging of many foods and beverages is likely to drive demand in the food and beverage business. For example, the product is used on pizza packets to regulate the temperature of the meal. For example, if the flame logo on the pizza box is orange, it indicates that the pizza is hot. As a result, this type of feature contributes to achieving maximum client satisfaction. Application-based delivery services have evolved tremendously in recent years, particularly in emerging markets. This would be a significant growth element in the thermochromic pigments industry.

"Rising Demand for the Reversible Pigments to Accelerate the Market Growth"

Because they can change color in both directions, reversible thermochromic pigments are often employed in decorative objects for their visual appeal. On the other hand, the color of irreversible thermochromic pigments cannot be reversed and can only change color once.Reversible thermochromic paint is more expensive than irreversible thermochromic paint, and it commands the highest price in the thermochromic paint market. Over the projection period, the demand for reversible thermochromic pigments is anticipated to be driven by all of the previously mentioned drivers.

RESTRAINING FACTORS

"Environmental Impact and Potential Damage Caused to Impede the Market Growth"

Although thermochromic pigments have interesting and unusual color-changing qualities, there are certain restrictions and things to keep in mind. Thermochromic materials are engineered to undergo color changes within designated temperature ranges. If they are outside of these ranges, they might not change color as planned. It is important to take into account if thermochromic pigments are compatible with particular substances and materials. Certain compounds may react with some pigments, modifying their color-changing qualities or producing unfavorable side effects. Therefore, the temperature sensitivity and the chemical compatibility it will be exposed to will hamper the thermochromic pigments market growth.

THERMOCHROMIC PIGMENT MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Substantial Coal, Ore and Various Mineral Resources"

Asia Pacific held the largest thermochromic pigment market share of more than quarter in the projected timeframe in terms of value. China has the biggest economy in the Asia-Pacific area in terms of GDP. Due to increased awareness and advancements in the application of thermochromic pigments in paints, coatings, and the textile industry, among other applications, China is expected to grow rapidly in the years to come. China's textile industry is flourishing because to rising government support and investments. Globally, China is the top manufacturer of paints and coatings. At present, it manufactures over half of the coatings in the Asia-Pacific region and is home to over 10,000 paint firms, with local makers holding a majority share of the domestic paint industry.

Moreover, over half of the world's electronics producers are based in China. The demand for appliances that use thermochromic pigments, which make them more user-friendly and environmentally beneficial, is rising as a result. The largest electronics production base in the world is found in China. In the electronics area, the fastest rise was seen in electronic products, which include gaming systems, smartphones, TVs, wires, cables, portable computers, and other personal electronic devices. Over the course of the projected period, all of the above mentioned variables are anticipated to boost market demand.

KEY INDUSTRY PLAYERS

"Prominent Players Using Innovation and Market Expansion to Shape the Market"

Significant market participants have a significant effect on the market and are essential in identifying consumer preferences and market dynamics. These large companies' extensive retail networks and online platforms give customers simple access to a wide variety of apparel options. Due to their strong global presence and well-known brand, which have also strengthened consumer confidence and loyalty, product adoption has increased. These giants of industry also provide steady funding for research and development, enabling thermochromic pigment to incorporate innovative designs, materials, and features in response to shifting consumer tastes. The combined efforts of these large companies have a significant influence on the future course and degree of competition in the market.

List of Market Players Profiled

• RPM International (U.S.)
• The 3M Company (U.S.)
• LCR Hallcrest LLC (U.S.)
• Gem'Innov (France)
• Hali Pigment Co. Ltd (China)
• Matsui International Inc. (U.S.)
• SMAROL INDUSTRY CO. LTD (China)
• N.C.C.-New Color Chemical Co. Ltd (China)
• L’Arca SRL (Italy)
• DuPont (U.S.)
• OliKrom (France).

INDUSTRIAL DEVELOPMENT

• June 2018: To commercialize its intelligent pigments, Olinkrom raised 4.5 million euros.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.