Market Size of Thermochromic Pigments Industry
| 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 |
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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.
