Thermochromic Pigment Market Share, Global Industry Forecast 2023

Posted by Payal Singhania on March 19th, 2020

Thermochromic Pigments 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 2017 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.

Based on pigment type, the global thermochromic pigment market growth has been segmented into reversible thermochromic pigments and irreversible thermochromic pigments. The reversible thermochromic pigments accounted for the largest market share in 2017 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 2017 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.

Thermochromic Pigments Market Segmentation

The global thermochromic pigment market has been segmented on the basis of product, pigment type, end-use industry, and region.

On the basis of product, the global thermochromic pigment industry has been categorized into liquid crystal material, leuco dyes, and inorganic materials.

Based on pigment type, the global thermochromic pigment market overview has been bifurcated into reversible thermochromic pigments and irreversible thermochromic pigments.

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Thermochromic Pigments Market Regional Analysis

Geographically, the global thermochromic pigment market share 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 2017 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.

Competitive Analysis

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.