Thermochromic Pigments Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4013
Thermochromic Pigments Market size is likely to witness significant gains from 2019 to 2025 due to its rising demand from food & beverage industries. Thermochromic pigments are temperature sensitive in nature and its color changes as the temperature of the end-product changes. The size of food & beverage market was around USD 100 billion in 2018 and is likely to cross USD 160 billion by 2023. Rising sales in the food & beverage market is likely to surge the demand in the thermochromic pigments market owing to its application in the packaging of different food and beverages items. The product is used on pizza packages to determine the temperature of the food. For instance, if the flame sign on the pizza package is orange, it means the pizza is hot. Hence, this kind of feature helps in achieving maximum customer satisfaction. Recently, application-based delivery services have increased exponentially, especially in the developing regions. This would be a significant growth enabler in the thermochromic pigments market.
Increasing research & development activities in the market will be another growth driver in the coming years. Rising application of this product and the benefits offered by it has led to increase in its demand. The product is used in dyeing fabrics which changes with change in temperature. The product is also implemented into sports and leisure wear, household textiles, such as bedding, which would help in maintaining the temperature. It also helps in achieving sustainable goals. For instance, a house that applies thermochromic paint would change its color to white when the temperature is hot. This would help in reflecting more sunlight and the demand for air conditioning the house will decrease. As a result, more energy will be saved. Such innovative applications could help in augmenting the thermochromic pigments market growth in the coming years.
The thermochromic pigments market is segmented based on type, application and region. The two basic types are reversible and irreversible thermochromic pigments. Irreversible type can change color only once. It changes with the increase in temperature and does not change after the temperature falls. This color change is caused due to reaction of color forming agents. This mechanism is totally opposite in the case of reversible thermochromic pigments. As the name suggests, the color changes from colored to transparent when the temperature increases and goes back to the original shade after the temperature cools down. This can be used in various applications like security & brand protection, novelty promotional products, toys, etc.
Based on application, the thermochromic pigments market is segmented into paints & coatings, printing inks, plastics and others. The product is extensively used in the food and tobacco packaging sector to anti-counterfeit. Products with unique color effects are used in anti-counterfeit applications. Printing inks application is likely to grow at a significant annual growth rate due to its rising usage in packaging sector. Increasing demand for smart packaging in coming years is likely to increase the demand in the market.
North America is a significant regional thermochromic pigments market owing to presence of large number of manufacturers in the region. Another reason behind its significant share is the developments in the smart packaging sector in this region. This is still a growing sector and is likely to be a significant factor driving the market in the coming years. Asia Pacific is likely to show a high rate of growth in the future due to its booming packaging industry. Availability of cost-effective factors of production will attract more players to set up their production plants in this region. This would make it a significant regional market in the coming years.
Some of the key players in the market are RPM International Inc, Smarol Industry Co. Ltd., NanoMatrix International Limited, LCRHallcrest LLC, etc.
Thermochromic Pigments Market, By Type, 2014-2025 (USD Million)
Thermochromic Pigments Market, By Application, 2014-2025 (USD Million)
- Paints & coatings
- Printing inks
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- RPM International Inc.
- Chromatic Technologies Inc
- LCR Hallcrest LLC
- Lawrence Industries
- NanoMatrix International Limited
- Atlanta Chemical Engineering LLC
- LCRHallcrest LLC
- Smarol Industry Co. Ltd.
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