According to a newly published report by Allied Market Research titled, “Thermochromic Pigments Market by Type and End-use Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global thermochromic pigments market size was valued at $428.3 million in 2019, and is projected to reach $595.0 million by 2027, growing at a CAGR of 6.2% from 2020 to 2027. In 2019, printing ink segment hold significant share in the market with more than 27% share in terms of revenue and volume also.
Preference for colored materials among consumers has increased the adoption of thermochromic pigments in printing ink application for effective advertising and product promotion. Use of printing inks containing metallic pigments has risen in the flexible packaging industry. These pigments provide excellent color strength and vibrant durable colors for printing ink application, which is applied on plastics, cartons, foils, films, paper, and cardboard. These pigments increase the perceived value of product at point of sales when used in the packaging industry.
Increased utilization of specialty pigments has been observed in flexible packaging due to its high graphic appearance and its ability to preserve the quality of image, design, font on the packaged product during the manufacturing, and transportation of the product. These factors are expected to have significant impact on the global thermochromic pigments market during the forecast period i.e. 2020-2027
Further, majority of the automobile buyers opt for effect coating to personalize their cars with brilliant optical effects and colors. Thus, automobile manufacturers can set themselves apart by using effect rich color range. The cosmetic industry is also well known for personalization and customization with vast choices of makeup cosmetics to enhance appearance of the skin and hair, embracing the individuality of the customers. Moreover, dispersion paints with effect pigments for interior decor and design support the growing trend of individually modeled housing aesthetic. The need to add specific personalization to the products has given rise to mass customization across various industries such as automobiles, cosmetics, and interior decor. Thus, this factor is expected to fuel the global thermodynamic pigments market during the forecast period.
Companies, such as Clariant Internationals Ltd., Huntsman Corporation, LANSCO Colors, Flint Group, and other have adopted diverse strategies such as partnerships, product launches, expansions, and technology innovations to improve their market position in North America. This has led to the increased production of pigments in the North American market.
The major player studied and profiled in the global thermochromic pigments market are OliKrom, QCR Solutions Corp, Matsui Color, Devine Chemicals Ltd, New Color Chemical Limited, CTI and Flint Group, LCR Hallcrest, Hali Industrial co., ltd, KOLORTEK, SMAROL INDUSTRY CO. LTD, and among others.
Key Findings Of The Study:
Based on type, the reversible thermochromic pigments market segment emerged as the global leader by acquiring around more than 60% of the global market share in 2019, and is anticipated to be the largest markets during the forecast period.
On the basis of end-use industry, printing ink segment anticipated to account more than one-fourth share in the global market in FY2019 as a result of rising technological advancements in screen printings and inkjet printings are expected to boost the demand for thermochromic pigments market in the printing ink industry
North America is the major consumer of thermochromic pigments market among other regions. It accounted for around 34% of the global market share in 2019 as a result of rapid growth in paints & coatings and automotive industry across the region.
U.S. is the major user of thermochromic pigments market among other countries. It accounted for more than 20% of the global market share in 2019, followed by China and India.
The LAMEA region accounted for more than 10% share of the global thermochromic pigments market revenue in 2019.