The global thermochromic pigments market exhibited a value of USD 968.3 million in 2017, and is projected to reach USD 2,250.4 million by 2025, growing at a CAGR of 11.7% during 2018–2025. The key factors boosting the growth of the market are growing demand from print packaging industry, increasing usage of thermochromic pigments in smart textiles and plastics as well as rising prominence of thermochromic pigments in the infrastructure segment worldwide.
Based on type, reversible thermochromic pigments segment is expected to garner the largest share in the market by 2025
The extensive usage in print packaging industry to indicate temperature change and surging employment in decorative products are some of the significant aspects fuelling growth of reversible thermochromic pigments segment. Besides that, the average selling price of reversible thermochromic pigments is higher when compared with the irreversible ones. Irreversible thermochromic pigments are capable of changing color only once and the color is not at all reversible. Irreversible thermochromic pigments are being majorly used in prevention of thermal faults.
“The global home furnishing as well as fashion industry are majorly developing the thermochromic smart textiles such as temperature sensitive tablecloths, t-shirts, ski-outfits, chairs, etc., which has further provided an impetus to the market. “-GMI Research
Ink printing segment is expected to hold the largest share throughout the forecast period due to escalated demand for thermochromic pigments by smart packaging and smart textiles sectors worldwide. Moreover, there has been an increased usage of thermochromic inks in packaging industry for labelling, security printing and promotional activities. Thermochromic inks are being used as indicator stripes on beers and beverages to indicate accurate chilling, on pizza boxes to indicate their hotness, on milk cartons to indicate proper refrigeration, among others.
Presence of large number of printing ink manufacturers coupled with increasing affordability of thermochromic products are the major reasons likely to spur the market growth in North America over the coming years. United States is a key country in the region with highest consumption of thermochromic pigments owing to its growing smart packaging and smart textiles market. Asia-Pacific thermochromic pigment market is expected to be the fastest growing market. The Asia-Pacific thermochromic pigment market is expected to grow at an estimated CAGR of 12.1% during the forecast period. Countries such as Japan and China are contributing towards the growth of the market in the region. The large automotive industry as well as growing textile industry in the region are likely to drive the growth of market during the forecast period.
• The reversible thermochromic pigments segment is expected to garner the largest share in the market by 2025
• Ink printing segment is expected to hold the largest share of about 40% throughout the forecast period
• The Asia-Pacific thermochromic pigment market is expected to grow at an estimated CAGR of 12.1% during the forecast period
• In 2017, North America occupied the largest share in the global thermochromic pigments market followed by Europe
Some of the key players operating in the thermochromic pigments market include RPM International, Chromatic Technologies Inc, OliKrom, Quad/Graphics, Smarol Technology, SFXC, Matsui Color, LCR Hallcrest, Hammer Packaging, 3M, Ball, Crown Bevcan Europe, Indestructible Paints Limited, Kolortek Co. Ltd., NanoMatriX International Ltd.
The research report on thermochromic pigments market provides in-depth analysis of the global thermochromic pigments market based on type, applications and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for thermochromic pigments market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
For more details, browse the Table of Contents: https://www.gmiresearch.com/report/global-thermochromic-pigments-market-reversible-irreversible-opportunities-forecast-share-trends-insights.html
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