Thermochromic Pigments Market is predicted to grow at a notable rate between 2023 to 2032 driven by the increasing demand for these pigments in the food and beverage industry. These pigments change color with a deviation in temperature and serve as a temperature indicator.
The use of pigments in unique and imaginative ways to create decorative items in recent years will result in an expansion of the market. Additionally, the market outlook for thermochromic pigments is expected to evolve in the coming years due to the growing use of these pigments in the production and packaging of various food and beverages. These pigments can be used on a variety of products that need temperature warning displays, such as food packaging, labels for drinks and brews, kettles, and baby bottles. The rising demand for indicators of food quality will drive the growth of the industry in the future.
The thermochromic pigments market application is segmented into categories such as printing inks, plastic polymer, textile paints and coatings, cosmetics, and others. These pigments are widely used in the packaging sector for product verification due to their color-changing ability. The growing use of plastic polymers and printing inks in the packaging sector is expected to drive market growth during the forecast period.
The market is categorized into irreversible and reversible products. Irreversible pigments change color permanently when exposed to high temperatures and are commonly used for quality control in manufacturing processes such as welding, annealing, and metalworking. Reversible pigments, on the other hand, change color temporarily and return to their original color when the temperature drops. These types of pigments are suitable for interactive packaging, anti-counterfeiting, labeling, temperature-sensitive security, and brand protection.
The growing need for interactive and appealing packaging has incited market players to develop new products and solutions. For instance, in 2020, Markem-Imaje announced the launch of its new thermochromic ink dubbed MS596 which can be used to print on both plastic and metal cans film while offering excellent adhesion to polyolefin pouches.
The fast pace of globalization and strong industrialization s estimated to drive the Asia Pacific thermochromic pigments market during the forecast period. The increasing use of these pigments in various end-use sectors such as textiles, plastic products, and cosmetics will boost the market forecast. The rising use of these pigments in the textile and cloth manufacturing industries, driven by their temperature-sensitive properties, will also boost demand in the APAC market.
Global thermochromic pigments market landscape is inclusive of companies such as NanoMatrix International Limited, RPM International Inc, Smarol Industry Co. Ltd., LCRHallcrest LLC, among others. These companies are implementing strategies like new product launches and mergers & acquisitions to remain competitive in the industry. In 2020, CTI announced new color-change technologies using solvent inks, including thermochromic, photochromic, glow-in-the-dark, and reveal technology which was applied to QSR, C-Store Beverage cups.
The Russia-Ukraine war may have an impact on the global thermochromic pigments market, but the specific extent of the impact is uncertain and would depend on various factors such as the duration and severity of the conflict. The disruption of supply chains, decrease in demand for goods and services, and economic sanctions could potentially affect market growth.