Thermochromic Pigments Market - Forecast(2023 - 2028)

Report Code: CMR 68438 Report Format: PDF + Excel

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.

COVID-19 Impact

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.

Report Coverage

The report: “Thermochromic Pigments Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermochromic Pigments Industry.
By Form: Powder, Slurry, Masterbatch, and Others.
By Product Type: Liquid Crystal Material and Leuco Dyes.
By Technology: Reversible and Irreversible.
By Application: Plastic Products, Paintings and Coatings, Inks and Others.
By End-Use Industry: Packaging, Textile, Paper Industry, Building & Construction, Printing, Advertising, Electricals & Electronics, Consumer Goods & Home Appliances, Sporting Goods & Toys and Others.
By Geography: North America, South America, Europe, Asia-Pacific, and Rest of the world.

Key Takeaways

  • 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 Revenue
For More Details on This Report - Request for Sample

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. 

Market Landscape

Expansions, new product launches, collaborations, investments, acquisitions and mergers are some of the key strategies adopted by players in the Thermochromic Pigments Market. Major players in the Thermochromic Pigments Market are Hali Pigment co. Ltd, Smarol Industry Co. Ltd, OliKrom, LCR Hallcrest LLC, NanoMatrix International Limited, RPM International Inc., Hammer Packaging Corporation, QCR Solutions Corp, Special Effects and Coatings and Gem’innov among others.

Acquisitions/Technology Launches

  • In January 2019, OliKrom developed painting that illuminates the road and can react to heat, shock and chemicals.

Relevant Reports

Report Code: CMR 0666

Report Code: CMR 0027

Report Code: CMR 1036

For more Chemicals and Materials Market reports, please click here

1. Thermochromic Pigments Market- Market Overview
    1.1 Definitions and Scope
2. Thermochromic Pigments Market - Executive Summary
    2.1 Key Trends by Feedstock
    2.2 Key Trends by Technology
    2.3 Key Trends by Application
    2.4 Key Trends by Geography
3. Thermochromic Pigments Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Thermochromic Pigments Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Thermochromic Pigments Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Thermochromic Pigments Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Thermochromic Pigments Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Thermochromic Pigments Market – By Form (Market Size -$Billion)
    8.1 Powder
    8.2 Slurry
    8.3 Master batch
    8.4 Others
9. Thermochromic Pigments Market – By Product Type (Market Size -$Billion)
    9.1 Liquid Crystal Material
    9.2 Leuco Dyes
        9.2.1 Touch Activated
        9.2.2 Cold Activated
10. Thermochromic Pigments Market – By Technology (Market Size -$Billion)
    10.1 Reversible
    10.2 Irreversible
11. Thermochromic Pigments Market – By Application (Market Size -$Billion)
    11.1 Plastic Products
        11.1.1 Process
   Injection Molding
   Extrusion Molding
        11.1.2 Plastic Types
   Acrylonitrile Butadiene Styrene (ABS)
   Polyethylene (PE)
   Polypropylene (PP)
   Polystyrene (PS)
   Polyvinyl Chloride (PVC)
   Polyvinyl Alcohol (PVA)
   Polyethylene Terephthalate (PET)
   Polyamide (PA)
   Unsaturated Polyester
    11.2 Paintings & Coatings
    11.3 Inks
    11.4 Others
12. Thermochromic Pigments Market – By End-Use Industry(Market Size -$Billion)
    12.1 Packaging
        12.1.1 Food Packaging
        12.1.2 Beverage Packaging
        12.1.3 Pharma Packaging
        12.1.4 Personal & Home Care
        12.1.5 Industrial Packaging
        12.1.6 Others
    12.2 Textile
    12.3 Paper Industry
    12.4 Building & Construction
    12.5 Printing
    12.6 Advertising
    12.7 Electrical & Electronics
    12.8 Consumer Goods & Home Appliances
    12.9 Sporting Goods & Toys
    12.10 Others
13. Thermochromic Pigments Market - By Geography (Market Size -$Million/Billion)
    13.1 North America
        13.1.1 U.S
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Netherland
        13.2.6 Spain
        13.2.7 Russia
        13.2.8 Belgium
        13.2.9 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zeeland
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
    13.5.2 Africa
   South Africa
   Rest of Africa
14. Thermochromic Pigments Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Thermochromic Pigments Market – Market Share Analysis Premium
    15.1 Market Share at Global Level - Major companies
    15.2 Market Share by Key Region - Major companies
    15.3 Market Share by Key Country - Major companies
    15.4 Market Share by Key Application - Major companies
    15.5 Market Share by Key Product Type/Product category - Major companies
16. Thermochromic Pigments Market – Key Company List by Country Premium Premium
17. Thermochromic Pigments Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"