Thermochromic Pigments Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thermochromic Pigments Market Analysis
The thermochromic market is projected to register a CAGR of over 8% during the forecast period (2021-2026).
The market was negatively impacted due to COVID-19. Owing to the pandemic scenario, several countries around the world went into lockdown, which halted all the manufacturing and construction activities, thus, creating a negative impact on various industries such as paints and coatings, plastics and polymers, and others. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of the market studied.
- Over the medium term, increasing demand for smart packaging and rising demand from the smart textiles industry are driving the market's growth.
- On the flip side, the high cost of thermochromic inks and the negative impact of the COVID-19 pandemic are expected to hinder the market.
- The addition of stabilizers to reduce sensitivity to UV radiation is expected to provide future growth opportunities to the market.
- Asia-Pacific dominated the market across the world, with the largest consumption in countries such as China, India, etc.
Thermochromic Pigments Market Trends
This section covers the major market trends shaping the Thermochromic Pigments Market according to our research experts:
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 two 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 pigments are gaining popularity as in reversible thermochromic pigments, and the color change of the pigments is reversible. While, in irreversible thermochromic pigments, the color change of the pigments can happen only once, and the color is not reversible.
- The reversible thermochromic pigment has a higher cost in comparison with irreversible thermochromic pigment, and it is the leading market used in thermochromic pigment in terms of value.
- All the aforementioned factors are expected to drive the demand for reversible thermochromic pigments over the forecast period.
China to Dominate the Asia-Pacific Region
- In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year. However, due to the onset of COVID-19 in 2020, China's economic growth reduced to 1.90%, and it is expected to witness recovery at a rate of 8.20% in 2021.
- 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 booming with increasing investments and governmental support. The Chinese government is planning Xinjiang as the hotbed for textile and apparel manufacturing and invested USD 8 billion. It is expected that China's northwest region is to become the country's largest textile production base by 2030.
- 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. China has the world's largest electronics production base. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries.
- 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.
Thermochromic Pigments Industry Overview
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.
Thermochromic Pigments Market Leaders
LCR Hallcrest LLC
Hali Pigment co.,ltd
SFXC
SMAROL INDUSTRY CO.,LTD.
OliKrom
*Disclaimer: Major Players sorted in no particular order
Thermochromic Pigments Market News
- In June 2018, Olikrom raised EUR 4.5 million to industrialize its smart pigments.
Thermochromic Pigments Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Smart Packaging
4.1.2 Rising Demand from the Smart Textiles Industry
4.2 Restraints
4.2.1 High Cost of Thermochromic Inks
4.2.2 Negative Impact of the COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Reversible
5.1.2 Irreversible
5.2 Application
5.2.1 Plastics and Polymers
5.2.2 Paints and Coatings
5.2.3 Fabrics
5.2.4 Inks
5.2.5 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Gem'Innov
6.4.2 Hali Pigment Co. Ltd
6.4.3 L'Arca SRL
6.4.4 LCR Hallcrest LLC
6.4.5 Matsui International Inc.
6.4.6 N.C.C.-New Color Chemical Co. Ltd
6.4.7 OliKrom
6.4.8 QCR Solutions Corp.
6.4.9 SFXC
6.4.10 SMAROL INDUSTRY CO. LTD
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Addition of Stabilizers to Reduce Sensitivity to UV Radiation
Thermochromic Pigments Industry Segmentation
The thermochromic pigments market is segmented by type, application, and geography. By type, the market is segmented by reversible and irreversible. By application, the market is segmented by plastics and polymers, paints and coatings, fabrics, inks, and other applications. The report also offers market size and forecasts for 15 countries across major regions. For each segment, market sizing and forecast have been done on the basis of revenue (USD million).
| Type | |
| Reversible | |
| Irreversible |
| Application | |
| Plastics and Polymers | |
| Paints and Coatings | |
| Fabrics | |
| Inks | |
| Other Applications |
| Geography | |||||||
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Thermochromic Pigments Market Research FAQs
What is the current Thermochromic Pigments Market size?
The Thermochromic Pigments Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Thermochromic Pigments Market?
LCR Hallcrest LLC, Hali Pigment co.,ltd, SFXC, SMAROL INDUSTRY CO.,LTD. and OliKrom are the major companies operating in the Thermochromic Pigments Market.
Which is the fastest growing region in Thermochromic Pigments Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thermochromic Pigments Market?
In 2024, the Asia Pacific accounts for the largest market share in Thermochromic Pigments Market.
What years does this Thermochromic Pigments Market cover?
The report covers the Thermochromic Pigments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermochromic Pigments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thermochromic Pigments Industry Report
Statistics for the 2024 Thermochromic Pigments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermochromic Pigments analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
