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 |
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 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 Size Summary
The thermochromic pigments market is poised for significant growth, driven by increasing demand in smart packaging and smart textiles. Despite the initial setbacks caused by the COVID-19 pandemic, which disrupted manufacturing and construction activities globally, the market is expected to regain its growth trajectory. The Asia-Pacific region, particularly China, plays a dominant role in the market, benefiting from its robust economic growth and advancements in various industries such as textiles, paints, and electronics. The market is characterized by a preference for reversible thermochromic pigments, which offer aesthetic appeal and functionality, although they come at a higher cost compared to irreversible pigments. The addition of stabilizers to enhance UV resistance presents further growth opportunities.
China's economic landscape, marked by substantial investments in the textile industry and a strong presence in electronics manufacturing, supports the increasing demand for thermochromic pigments. The country's strategic initiatives, such as developing Xinjiang as a major textile production hub, and its position as a leading producer of paints and coatings, contribute to the market's expansion. The fragmented nature of the thermochromic pigments market sees key players like LCR Hallcrest LLC, Hali Pigment Co. Ltd, SMAROL INDUSTRY CO. LTD, SFXC, and OliKrom actively participating in market developments. These factors collectively underscore the promising growth prospects for the thermochromic pigments market in the coming years.
Thermochromic Pigments Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Smart Packaging
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1.1.2 Rising Demand from the Smart Textiles Industry
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1.2 Restraints
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1.2.1 High Cost of Thermochromic Inks
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1.2.2 Negative Impact of the COVID-19 Pandemic
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Reversible
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2.1.2 Irreversible
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2.2 Application
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2.2.1 Plastics and Polymers
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2.2.2 Paints and Coatings
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2.2.3 Fabrics
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2.2.4 Inks
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2.2.5 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Thermochromic Pigments Market Size 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.
