Thermochromic Pigment Market Overview
Thermochromic pigments are materials which change color with change in temperature. These pigments are temperature-sensitive which use liquid crystal technology which leads to change in the color of liquid crystals. These pigments are widely used in traffic signs, printing inks, fire-fighting equipment, emergency signs, novelty decorations, path marking, instruments and controls.
By product, the global thermochromic pigment market has been classified into liquid crystal material, leuco dyes, and inorganic materials. The liquid crystal material segment accounted for the largest market share in 2022 and is expected to grow at a high CAGR during the forecast period owing to its consumption in precision applications as their responses can be engineered at accurate temperatures. They are widely used in electronics and in mood rings.
Thermochromic Pigment Market is expected to reach USD 2,500 million with a healthy CAGR of 5.1% by the end of 2030.
Based on pigment type, the global thermochromic pigment market has been segmented into reversible thermochromic pigments and irreversible thermochromic pigments. The reversible thermochromic pigments accounted for the largest market share in 2022 in terms of value, owing to its reversible color changing property and find applications in decorative and aesthetic products. The irreversible thermochromic pigments segment is expected to be the largest in 2022 in terms of volume, due to its low cost. It can be used only once due to its irreversible nature and is used in detecting the temperature of engine components, furnaces, house appliances, and high-temperature ovens.
food & beverages, paints & coatings, printing ink, paper, textile, cosmetics, plastic & polymers, and others. The printing ink segment held the largest market share in 2022 and is expected to grow at a healthy CAGR during the review period due to its surging demand in the smart packaging industry. Printing inks equipped with thermochromic pigments are applied on beverage packaging which changes color with cooling.
Key Players
RPM International Inc. (US), 3M (US), Sherwin Williams (US), Hammer Packaging, Corp. (US), NanoMatriX International Limited (China), Clariant (Switzerland), OliKrom (France), QCR Solutions Corp (UK), LCR Hallcrest LLC (US), Gem'innov (France), Smarol Industry Co. Ltd. (China), and Special Effects and Coatings. (UK) are some of the key players operating in the global thermochromic pigment market.
Market Segmentation
The global thermochromic pigment market has been segmented on the basis of product, pigment type, end-use industry, and region.
Based on pigment type, the global thermochromic pigment market has been bifurcated into reversible thermochromic pigments and irreversible thermochromic pigments.
By end-use industry, the global thermochromic pigment market has been classified into food & beverages, paints & coatings, printing ink, paper, textile, cosmetics, plastic & polymers, and others.
The global thermochromic pigment market has been studied across five major regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
On the basis of product, the global thermochromic pigment market has been categorized into liquid crystal material, leuco dyes, and inorganic materials.
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Regional Analysis
Geographically, the global thermochromic pigment market has been studied across the five regions —Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The North American market witnessed the largest market share in 2022 owing to the rising consumption of the product in printing ink applications. Smart packaging and technical textiles are some other applications which utilise thermochromic pigments in the region. The US is the major contributor in the region due to the growing demand for thermochromic pigments in smart textiles
and food and beverages segments. The Asia-Pacific market is expected to be the fastest-growing market during the forecast period owing to the high consumption of the product in textiles; and paints & coating industry.
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