Thermochromic Pigments Market - Forecast(2023 - 2028)
Thermochromic Pigments Market Overview
Thermochromic Pigments Market is expected to be valued at $2.3 billion by the end of the year 2026 after growing at a CAGR of 8.9% during the forecast period 2021-2026. Acrylonitrile butadiene styrene or acrylonitrile styrene is commonly used in various engineering thermoplastics such as electronic housings, auto parts, consumer products, pipe fittings, toys, and others. These products are manufactured through extrusion molding which is done/forced through a die mold that gives the product the shape and the pigment. The die mold which is used for the extrusion molding has thermochromic pigments in it. The increase in the production of these engineered products with acrylonitrile butadiene styrene or acrylonitrile styrene through extrusion molding process is driving the thermochromic pigments market. Furthermore, the rise in demand for packaged food is creating an opportunity for advanced food packaging which resulted in growth of thermochromic pigments. Thermochromic pigments enables color changes with the change in temperature, thus making it a preferred product in many key-use industries like packaging, electrical & electronics and paper industry.
Amid the Covid-19 pandemic, the thermochromic pigments market was affected hugely in terms of production and supply chain. The use of thermochromic pigments for food packaging has considerably increased due to the increase in packaging restrictions for food during the pandemic. The thermochromic pigments market is however estimated to restore to its normal functioning by the end of the year 2021.
- Asia-Pacific market held the largest share in the thermochromic pigments market owing to the increasing penetration of thermochromic pigments in industries like textile industry, paints & coatings industry and packaging industry.
- The development and innovation in packaging industry has driven the thermochromic pigments market, as they are used in enhancing the appearance and also used for indicating the freshness of food in case of food packaging.
- The increase in demand for packaged foods is hugely driving the thermochromic pigments market.
Thermochromic Pigments Market Revenue, 2020-2026 (US$ Billion)
Thermochromic Pigments Market Segment Analysis - By Form
The powder segment held the significant share in the thermochromic pigments market in the year 2020 and is anticipated to grow at a CAGR of 8.1% during the forecast period. Thermochromic pigments in powder form has extensive applications in various products like paints & coatings, ink for using on fabrics, paper, synthetic membranes, glass, ceramics, timber and various plastics. Thermochromic pigments powder is easy to use, which makes it a preferred form of thermochromic pigments. Therefore the demand for powdered thermochromic pigments increased more than the other forms of pigments recently.
Thermochromic Pigments Market Segment Analysis - By Product Type
Leuco Dyes segment held the significant share in the thermochromic pigments market in the year 2020 and is estimated to grow at a CAGR of 7.8% over the forecast timeframe. Leuco dyes helps in stabilizing the temperature of the product and thus helps in retaining the color. Leuco dyes switches from one chemical form to another easily, which makes it a preferred type of thermochromic pigment more than liquid crystal material. Leuco dyes are highly adaptable, and can be easily integrated into all sorts of printing processes such as screen, offset, gravure and others. it is also used in extrusion molding process. These advantages are making leuco dyes popular over liquid crystal materials.
Thermochromic Pigments Market Segment Analysis - By Technology
Reversible technology segment held the largest share in the thermochromic pigments market in the year 2020. Reversible thermochromic pigments are highly popular for their reversible color-changing property and are used for aesthetics in decorative products. There are two extreme types of reversible thermochromic pigments- heat activated and cold activated. This makes the reversible thermochromic pigments versatile and also the most preferred type of thermochromic pigment technology.
Thermochromic Pigments Market Segment Analysis - By Application
Inks have more extensive application of thermochromic pigments. This could be attributed to the increasing demand for thermochromic pigments in the smart packaging and smart textiles for ink printing applications. Smart packaging is used in food, beverages and pharmaceuticals packaging and smart textiles is used for clothes which uses sensors for monitoring environmental conditions such as heat, gases etc., for military purposes.
Thermochromic Pigments Market Segment Analysis - By Geography
Asia-Pacific region held the largest share of more than 30% in the thermochromic pigments market in the year 2020. The growing paints and coatings industry in countries like China, India, and South Korea is driving the thermochromic pigments market in the region. Paintings and coatings industry from the Asia-pacific region accounted for 41.5 million liters of paints and coatings globally and $155 million in value in the year ending 2019. Initiatives taken by governments are also driving the thermochromic pigments market, such as the initiatives taken by the Chinese government, called Free Trade initiatives (FTA’s) which encourages the local manufacturers of textile industry to increase the production. Furthermore, the investments made by the government is also driving the thermochromic pigments market. For instance, the government of India provided a special fund of Rs.6,000 crores (USD 8158.5 million) for the garment sector under the Amended Technology Up-gradation Fund Scheme (ATUFS).
Thermochromic Pigments Market Drivers
Growing demand for packaged foods
The increase in demand for packaged foods in the recent times, owing to the changes in lifestyles of the people is one of the major factors driving the thermochromic pigments market. The packaged food market reached sales of US$2.64 trillion in the year ending 2019. Thermochromic pigments are used on packages to indicate the temperature of food. This led to the increase in the demand for thermochromic pigments market.
Government initiatives and increase in textile industry
Government initiatives regarding textile industry is giving raise to the thermochromic pigments market. For instance, the government of India has been supporting the textile industry through various initiatives such as Scheme for Integrated Textile Parks (SITP), Integrated Skill Development Scheme (ISDS), Integrated Processing Development Scheme (IPDS), Market Development Assistance (MDA) and Market Access Initiative (MAI), which has encouraged the textile industry in India, eventually driving the thermochromic pigments market.
Also, the sudden growth in the textile industry is driving the thermochromic pigments market hugely. The various scope in the clothing such as installing monitors for indicating temperature is giving raise to the demand of thermochromic pigments in the textile industry. The increase in smart textile is driving the thermochromic pigments market
Thermochromic Pigments Market Challenges
Rising environmental concerns
Since, the thermochromic pigments product has various environmental concerns such as changing temperature, it is bound to have certain effects, which could prove hazardous. The temperature changing property leads to optical degradation which means that the actual visual is changed due to the use of thermochromic pigments, which acts as a huge challenge to the market.
- In January 2019, OliKrom developed painting that illuminates the road and can react to heat, shock and chemicals.
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