Global thermochromic pigments market size is expected to expand at a significant pace, registering an appreciable CAGR through 2022-2028. Thermochromic pigments are those that shift their color with a temperature change and act as temperature indicators. The growth is mainly attributed to the rising demand for thermochromic pigments in the food and beverages industry.
Increasing product application in the manufacturing and packaging of several foods and beverages will change the thermochromic pigments market outlook in the forthcoming years. These pigments can be used on several products that require display temperature warnings like food packages, brews and drinks labels, kettles, baby bottles, etc. Rising demand for food quality indicators will push the industry growth in the years ahead.
The innovative and creative application of these pigments in the production of several decorative items over the past few years will lead to further market expansion. The regional growth will also be driven by the availability of cost-effective material and growing packaging industry.
Based on product type, thermochromic pigments are segmented into reversible and irreversible products. The irreversible thermochromic pigments are those that undergo a permanent color change when exposed to high temperatures. These are mainly used for quality control in processes like welding, annealing, metalworking, etc. On the contrary, reversible pigments undergo a temporary color change. Once the temperature goes back to normal, the product color comes back to its original form. These are ideal for interactive packaging, anti-counterfeiting, labeling and temperature induction, security, and brand protection.
The thermochromic pigments market is split into printing inks, textile paints and coatings, plastic polymer, cosmetics, and others based on application. The pigments are largely used in the packaging industry for product authentication owing to their unique color-changing property. The increasing use of printing inks and plastic polymers in the packaging industry will fuel industry growth over the projected timeframe.
The emerging demand for interactive and attractive packaging of various products will also increase the popularity of these pigments. This year for example, Markem-Imaje has come up with a new alcohol-based ink aimed at the FMCG industry, to deliver excellent code quality and improve customer experience and cost control.
Rapid globalization and robust industrialization in the APAC region will contribute to the regional market expansion over the projected timeframe. Increasing application of these products in several end-use sectors like textiles, plastic wares, cosmetics, etc., will strengthen thermochromic pigments industry forecast. The growing use of these pigments in the cloth manufacturing and textile printing industries, driven by their temperature-sensitive quality, will also push the product demand in APAC market.
North America thermochromic pigments market will amass considerable profits by 2028, driven by the expansion of packaging industries in the region. Increasing construction and building activities across the United States and Canada will also have an impact on the industry growth.
Some of the companies that form a part of the competitive landscape of this market include RPM International Inc, NanoMatrix International Limited, LCRHallcrest LLC, Smarol Industry Co. Ltd., etc. These firms have been working on suitable growth strategies such as new product launches, mergers & acquisitions, and so on, to maintain their position in the industry.
Markem-Imaje launched the MS596 thermochromic ink last year. This product has been designed in a way that it can be used to print on plastic films and metal cans. It boasts of excellent adhesion to polyolefin pouches and the packaging material does not need pre- or post-treatment.
The thermochromic pigments market experienced a massive setback due to the Covid-19 pandemic. Numerous product manufacturers worldwide had to stop their production due to nationwide lockdowns and unavailability of raw materials.
However, post lockdown, the industry is poised for a comeback due to the rising demand for these pigments in food packaging. Growing safety concerns among people have also pushed the market growth.