Thermochromic Pigments Market Outlook - 2027
The global thermochromic pigments market size was 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. The increased globalization is a key factor in restructuring the pigments industry. A shift in the industry trends has been observed owing to rapid economic growth in India and China. With many countries in Asia-Pacific still being largely rural, the economic growth is set to foster the ongoing urbanization. The growing population in these countries is also expected to boost the demand for urbanization and industrialization. This is expected to augment the demand for pigments in various end-user industries such as plastics, printing inks, construction materials, textile, agriculture, paints & coatings and others
The global thermochromic pigments market is segmented on the basis of type, end-use industry and region. Depending on type, the market is divided into reversible and irreversible thermochromic pigments. On the basis of end-use industry, the global thermochromic pigments market segmented into printing ink, textile, paints and coatings, plastic polymer, food & beverages, paper, cosmetics, and others. Region wise, the thermochromic pigments market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players in the 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. Other companies in accordance with thermochromic pigments market are 3M, Sherwin Williams, Hammer Packaging, Corp., NanoMatriX International Limited, Clariant, Special Effects and Coatings, and others.
Global Thermochromic Pigments Market, by Type
Specialty pigments produce a range of vibrant colors with brilliant luster and have superior hiding power and light-fastness i.e. colorant properties, which makes them ideal for high-performance paints & coatings, plastics, and cosmetics. By type, the reversible thermochromic pigment segment accounted for the largest market share in 2019, and is anticipated to continue this trend during the forecast period. This is attributed to the numerous applications across the packaging industry such as manufacturing polymers and coatings industry.
By Type
Reversible segment is projected as the fastest growing segment.
The preference for colored materials among consumers has increased the adoption of reversible pigments in printing inks application for effective advertising and product promotion. Moreover, personalization of the product increases the demand for thermochromic pigments market across various industries such as automobile, interior decor, cosmetics and others. These are the major factors that boost the demand for thermochromic pigments market during the forecast period
Global Thermochromic Pigments Market, by End-use Industry
Thermochromic pigments are used in various industries such as paints & coatings, plastics, printings inks, and construction materials among others. They are highly popular due to their remarkable reciprocity of colors and effects on various mediums on which they are dispersed. It alters the color of the reflected or transmitted light by selective absorption, and imparts color to the medium. The global paint and coating industry is expected to witness substantial growth in the future, depicting a positive outlook for the world pigment market. The use of plastic in various end-user industries such as automobile, construction, electronics, healthcare, FMCG, and others has increased rapidly, thereby boosting the demand for pigments in the plastic industry. Printing inks industry is one of the leading application segments of pigments. Moreover, rapid urbanization has increased the construction activities in the emerging economies, which is expected to drive the market for pigments in construction materials application segment.
By Application
Paints and Coating segment is projected as the fastest growing segment.
Printing inks are majorly used in the packaging and publishing industries. The publishing industry includes newspaper, magazine, periodicals, and commercial printings. By type, printing ink expected to hold major share in the global thermochromic market in near future.
Global Thermochromic Pigments Market, by Region
On the basis of region, North America valued for 34.0% in global thermochromic pigments market share in 2019, holding the largest market share across all regions. This is attributed to the presence of key economies such as U.S., Canada and Mexico in this region, which registered the highest market share in the thermochromic pigments market in 2019.Pigment producers and suppliers have steadily recovered from the economic downturn due to moderated growth in housing industry since 2014. The U.S. population is expected to increase from 321.2 million in 2010 to 338.0 million by 2020, which will increase the demand for housing during the forecast period
By Region
North America hold major share in global market
As per the BAFA economic affairs and export control agency, a government discount scheme was launched for electric cars in August 2016 to increase the number of automobile buyers in Germany. In August 2016, Voestalpine Group, which produces ultra-high strength automotive body part, planned to expand its operating business in Bartow County and Georgia, incurring an investment of $50 million. Thus, growing industrial and automotive sectors in Germany have fueled the demand for thermochromic pigments during the forecast period.
Furthermore, Asia-Pacific is a significant market for thermochromic pigment, which is expected to grow at the highest CAGR in terms of both volume and value during the forecast period. The Government of China has invested in various industries, including construction materials (iron, steel & cement), automobiles, textiles, ship building, and others, which are major consumer of pigments. Thus, pigments production in China has augmented at a faster rate, and is expected to maintain this trend in the next decade. India’s growing economy is expected to increase industrialization and urbanization over the next few years, which would make it a lucrative market for thermochromic pigment.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the thermochromic pigments market forecast along with the current and future thermochromic pigments market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global thermochromic pigments industry for strategy building.
- A comprehensive thermochromic pigments market analysis covers factors that drive and restrain thermochromic pigments market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Thermochromic Pigments Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | QCR Solutions Corp, KOLORTEK, Devine Chemicals Ltd., New Color Chemical Limited, LCR Hallcrest, Hali Industrial co.,ltd, Matsui Color, OliKrom, SMAROL INDUSTRY CO. LTD, CTI and Flint Group |
Analyst Review
According to the perspectives of CXOs of the leading companies of the market,the growth of the automotive, aerospace, construction, and commercial & consumer electronics sectors has boosted the consumption of paints & coatings, plastics, and construction materials. This rapid growth of end user industries drives the global thermochromic pigments market, as pigments are the major raw materials used in the paint & coatings, plastics and construction materials.The consumption of thermochromic pigments is the highest in the North America region, due to immense growth of the automobile sector and upsurge in other end-use industries in economies such as US and Canada.
High adoption of specialty pigments such as thermochromic pigments in flexible packaging, the market growth of end-user industries in emerging economies, advancements in the nanotechnology, and growing trend of using eco-friendly organic pigments from renewable feedstock are expected to have significant impact on the growth of the global market.
Further, rising adoption of thermochromic pigments is due to the numerous benefits associated with their use. Thermochromic pigments exhibit high resistance to heat, light, moisture, chemicals, and high permanence. However, volatility in the pricings of raw materials and environment regulations implemented for pigments to reduce the VOC content to minimize environmental issues are expected to hamper the growth of the global thermochromic pigments market.
Owing to the outbreak of the COVID-19 pandemic, the global thermochromic pigments market is expected to witness a slowdown during the next couple of years.Various government agencies have restraint efforts and this pandemic have slowed or shut down factories in scores of cities and provinces across the world, leading to predictions of a lowered investment in industrialization. Recent decline in endues industriesis one of the key factors that is likely to negatively impact the growth of thermochromic pigments market
The pandemic further impacted the situation as companies across the world are looking for alternate supply solutions. Thus, the COVID-19 crisis presents an excellent opportunity to the specialty chemical industry in the ASEAN countries such as India, Vietnam, Singapore, and others to assert its dominance at the global level.
The increase in the demand for consumer products such as plastics, polymers, digital printing, etc. The demand is estimated to upsurge owing to high-performance pigment, economic development, disposable income, and our quality of life during the forecast period
The global Thermochromic Pigmentmarket anticipated to grow at CAGR of 6.2% during the forecast period.
New product launches, business collaboration and acquisition are the major growth strategies adopted by the players in this market.
Some of the key trends observed in the global Thermochromic Pigmen tmarket are growing focus towards colorful and color changing products to increase demand of high performance pigments
Asia Pacific region expected to provide lucrative growth opportunities to the global Thermochromic Pigment market.
RPM International, DuPont, OliKrom, QCR Solutions Corp, Matsui Color, Devine Chemicals Ltd, New Color Chemical Limited, CTI and Flint Group, and among others are some of the prominent market players in this market.
Printing ink is the largest segment in the global Thermochromic Pigment market.
Major customer of the Thermochromic Pigmentare from paint manufacturers, polymer manufactuers, textile industry, food and beverages manufactuers, and industrial sector are the key potential consumers in the Thermochromic Pigment market.
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