According to the GMI Research , “Global Thermochromic Pigments Market, By Type, By Application and By Geography, Opportunities & Forecast, 2016–2021”, the market for thermochromic pigments across the globe is projected to reach USD 1353.2 million by the end of 2021, growing at a substantial CAGR of 8.3% during the forecast period, from USD 905.2 million in 2016. The key factors responsible for market growth are booming demand from print packaging industry, increasing utilization of thermochromic pigments in smart textiles and plastics as well as rising prominence of thermochromic pigments in the infrastructure segment worldwide.
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Based on type, reversible thermochromic pigments segment is expected to garner the largest share in the market
Reversible thermochromic pigments segment is anticipated to capture the largest share of the total market. Theextensive usage in print packaging industry to indicate temperature change and surging employment in decorative products are some of the significant aspects fueling growth of reversible thermochromic pigments segment. Property of reversible thermochromic pigments to change color at a defined temperature and then recovering the original color when temperature drops below make them a best fit for typical applications majorly in industrial maintenance control, overheating of engine parts, print packaging and interior decoration. 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.
Based on application, ink printing segment is projected to be the fastest growing segment during the forecast period
Ink printing segment is expected to control the largest share through 2021 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. 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.
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North America is predicted to hold a major share in the market
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. Europe is the second most dominant region in global thermochromic pigments market. Proliferating demand for thermochromic products for utilization in quality detection systems in FMCG sector is a major factor propelling the growth of European market. Asia-Pacific thermochromic pigment market is expected to grow at the highest rate during the forecast period. Countries such as Japan and China were estimated to hold the maximum market share in 2016 in Asia-Pacific. 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.
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