According to the report published by Zion Market Research, the global Thermochromic Pigments Market size was valued at USD 2,504.78 Million in 2022 and is predicted to reach USD 4,824.90 Million by the end of 2030. The market is expected to grow with a CAGR of 8.54% during the forecast period.
The report analyzes the global Thermochromic Pigments Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Thermochromic Pigments Market industry.
Global Thermochromic Pigments Market: Overview
Thermochromic pigments are unique pigments that change color when reaching in contact with the temperature, which could be either low or high. Temperature changes have a significant impact on the pigments. As a result, thermochromic pigments are employed in a variety of applications, including plastics, textile printing, and ceramics. Thermochromic pigments are used in textile printing with traditional textile colors. The hue of the print varies as the temperature changes, with such properties and advancement of printing technologies demand for thermochromic pigments is rising.
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Global Thermochromic Pigments Market: Growth Factors
The global thermochromic pigments market is fostering at a significant rate. Thermochromic pigments are utilized in a wide range of applications, including textile printing, plastics, and ceramics, which serve as a primary factor that is boosting the growth of the global market. Thermochromic pigments are often used in textile printing with traditional textile colors. The hue of the print varies as the temperature changes. When ordinary yellow textile pigment is combined with blue thermochromic pigment, the effect is a green coloration that changes to yellow when it detects or experiences a temperature shift. Plastic bottles and mugs include thermochromic pigment that detects the temperature of the liquid within.
In addition to this, the growing use of thermoplastic pigments coupled with unsaturated polyester and epoxy resin is also fostering the growth of the global thermochromic pigments market. Further, an increase in demand for temperature indicating solutions for medical devices, pharmaceuticals, and vaccines is equally contributing to the growth of the market. The thermochromic effect is an extremely effective form of marketing and differentiating products which is also fueling the demand for thermochromic pigments. Moreover, mergers and acquisitions by major players to stay ahead in the market are expanding the market. For instance, in January 2021, SpotSee acquired LCR HAllcrest and TMC Hallcrest. This strategy will enable SpotSee to expand in a new market as well as enhance its temperature portfolio.
Furthermore, the growing acceptance of advanced printing ink technologies is likely to foster the growth of the global thermochromic pigments market during the forecast period. However, the high cost associated with thermochromic inks may hinder the growth of the global market.
COVID-19 had a negative influence on the overall market. Several nations throughout the world went into lockdown as a result of the COVID-19 pandemic, which suspended all production and infrastructure activity, this has negatively impacted the sectors such as coatings & paints, polymers, and others.
Global Thermochromic Pigments Market: Segmentation
The global thermochromic pigments market is categorized into type, application, and region. Based on the type, the global market is bifurcated into irreversible and reversible. The application segment of the market is categorized into paints & coatings, plastics & polymers, fabrics, inks, others.
Global Thermochromic Pigments Market: Regional Analysis
North America represented a significant portion of the global thermochromic pigments market. The significant proportion of the product in the area is due to the rising demand for thermochromic pigments in printing applications in the United States. Asia Pacific region’s share is expected to grow substantially in the near future. This is due to the growing use of thermochromic pigments in the textile sector. Additionally, demand for thermochromic pigments is increasing in Japan’s automobile industry. In terms of market share, Europe trailed North America. The market for thermochromic materials in Europe is expected to grow due to the rising demand for thermochromic food quality indicators in the United Kingdom, Germany, and France.
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Global Thermochromic Pigments Market: Competitive Players
Major manufacturers functioning in the global thermochromic pigments market include:
- RPM International
- E. I. DuPont de Nemours and Company
- Sherwin-Williams Co.
- Chromatic Technologies Inc.
- The 3M Company
- NanoMatriX International Ltd
- Hammer Packaging.
The Global Thermochromic Pigments Market is segmented as follows:
- paints & coatings
- plastics & polymers
Global Thermochromic Pigments Market: Regional Segment Analysis
- North AmericaThe U.S.Canada
- EuropeFrance The UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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