The market for thermochromic pigments is expected to grow at a CAGR of more than 8% during the forecast period. Major factors driving the market studied are increasing demand for smart packaging and rising demand from the smart textiles industry.
- The addition of stabilizers to reduce sensitivity to UV radiation is expected to hinder the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.
Key Market Trends
Reversible Type to dominate the Market
- Reversible thermochromic pigments are extensively popular for their reversible color-changing property and are used for aesthetics in decorative products.
- There are generally 2 types of reversible thermochromic pigments:
- Heat-activated – These change from a colored state at room temperature to a translucent colorless state when heated, and can reveal messages or pictures beneath. They revert back to their colored state on cooling
- Cold Activated – These are colorless at room temperature and become colored or reveal a message when chilled, becoming colorless again when warmed.
- The reversible thermochromic pigment has a higher cost in comparison with irreversible thermochromic pigment and is the leading market used in thermochromic pigment in terms of value.
China to Dominate the Asia-Pacific Region
- China is likely to grow at a high rate in the coming years, owing to growing awareness and advancement in the application of thermochromic pigments in the textile industry, paints, and coatings among others.
- The textile industry in China is also booming with increasing investments and governmental support from the13th five year plan.
- China is the leading producer of paints and coatings, globally. It currently produces more than half of the Asia-Pacific coatings and is the home to more than 10,000 paint companies, among which local producers occupy more than half of the domestic paint market share.
- Furthermore, China is home to more than half of the world’s electronics manufacturers. Thus, appliances using thermochromic pigments, making appliances more user and environmentally friendly, are witnessing increased demand.
- The country stands to be the world’s largest manufacturing economy and owing to this, the country’s packaging requirement is huge.
- All the aforementioned factors are expected to increase the demand for the market over the forecast period.
The thermochromic pigments market is fragmented in nature. Some of the key players in the market include LCR Hallcrest LLC, Hali Pigment co.,ltd., Smarol Industry Co. Ltd., SFXC, and OliKrom, among others.
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