Thermochromic Paints Market Analysis
Thermochromic paints change color with change in temperature. It displays thermochromism, a phenomenon where certain substances change their color when their temperature is changed. Thermochromic paints are quite sensitive to UV and get faded without protection. These paints are used in graphics and customization of consumer goods, gifts, automotive, military & defense, building and construction and prevents goods from thermal faults. There are two types of thermochromic paints reversible and irreversible. The broad usage in print bundling industry to demonstrate temperature change and surging work in decorative items is a portion of the important aspects boost growth of the reversible thermochromic colors market. These paints are quite expensive as their color changing quality stays for over their entire life span. Irreversible thermochromic pigments are capable of changing color only once and majorly used for prevention from heat.
COVID-19 scenario analysis:
- The global market for thermochromic paints is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic led to a decline in the economic growth in almost all major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of thermochromic paints, which negatively impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Color changing quality with change in temperature is key driver factor for this market. Thermochromic paints use liquid crystal or leuco dye technology. Leucodyes are organic chemicals that change color when heat energy makes their molecules shift back and forth and changes the color. After absorbing a certain amount of light, the crystallin structure of the pigment reversibly changes in such a way that is absorbs the light. With this quality it is used for different applications which boost the market. Growing need of thermochromic pigments in manufacturing of smart textiles is expected to drive industry growth for upcoming years. Theme based paints on vehicles, gifts and goods making it popular and creates huge demand.
Beside the wide use of thermochromic paints, environmental issues are restraining the growth of this market. Rising need of environmental- friendly products and facing interventions for this are obstructing the
growth of the market.
More advance technology in automotive, defense, medicine or textile will increase the need for coatings and expected to augment demand over the forecast period, which, in turn, will positively impact the overall market growth.
New product launches to flourish the market
LCR Hallcrest collaborated with PPG (US) for the improvement of a thermochromic covering for National Hockey League (NHL) hockey pucks. The shading changing covering will change from purple to clear when a puck's temperature is above freezing, giving a visual sign that the puck need to be replace. This association strengthened the organization's situation as a main producer in the worldwide thermochromic materials showcase.
The shade and ink/covering are intended to be robust, meeting the particular temperature, bond and shading progress parameters, important to proceed as required during the cruelty related with the round of hockey
Surge in use of in packaging applications
End-use industries of thermochromic materials are packaging, printing & coating, clinical, textile, and mechanical. Printing and covering is the quickest developing end-use industry of thermochromic materials attributable to a significant increase in the demand for thermal paper for POS system. The utilization of thermochromic materials is gaining popularity for interactive packaging that urges shoppers to take an item off the rack and use it. In spite of the fact that printing and covering represented the biggest piece of the pie and is relied upon to be the quickest developing section during the forecast time frame, bundling, material, clinical, and mechanical portions are probably going to observe tremendous development openings. This development is attributed to the innovations and advancements in the barrier & security gear, for example, body protective layers and caps and vehicle and airplane.
Key benefits of the report:
- This study presents the analytical depiction of the global thermochromic paints market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global thermochromic paints market.
- The current market is quantitatively analyzed to highlight the global Thermochromic Paints market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global thermochromic paints market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the thermochromic paints market research report:
- Who are the leading market players active in the thermochromic paints market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the thermochromic paints market?
- What are the projections for the future that would help in taking further strategic steps?
Thermochromic Paints Market Report Highlights
By End- Use Industry
Key Market Players
3M (the U.S.), DuPont (the U.S.), MG Chemicals (the U.S.), RPM International (the U.S.), Flint Group (Luxembourg), LCR Hallcrest(U.K), Quad/Graphics (the U.S.)., Chromatic Technologies Inc. (the U.S.), OliKrom (France), NanoMatriX International Ltd (Hong Kong)