Rockville, Aug. 30, 2023 (GLOBE NEWSWIRE) -- According to the latest report from Fact.MR, a provider of market research and competitive intelligence, the global Thermochromic Pigments Market is projected to expand at 5.5% CAGR (2023 to 2033) and reach a size of US$ 880 million by the end of 2033.
The thermochromic pigments market refers to the segment of the pigments industry that deals with color-changing pigments or dyes that respond to changes in temperature. These pigments are capable of altering their color or appearance based on temperature variations, making them valuable for a wide range of applications, including consumer products, packaging, textiles, printing, and industrial coatings.
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The market is influenced by factors such as technological advancements, consumer demand for innovative products, and the growth of industries such as textiles and packaging. As the demand for unique and interactive visual effects increases, the thermochromic pigments market is expected to witness growth and innovation in the coming years.
Thermo-reactive pigments, a fascinating subset of color-changing materials, bring a dynamic and vibrant dimension to various applications through their ability to transform color in response to temperature changes. These pigments are designed to undergo vivid shifts in hue when exposed to alterations in temperature, creating a captivating visual display that resonates with both scientific curiosity and aesthetic appreciation.
Key Takeaways from Market Study
- The global thermochromic pigments market stands at US$ 517 million in 2023.
- Worldwide demand for thermochromic pigments is projected to rise at a CAGR of 5.5% from 2023 to 2033.
- The market is estimated to touch US$ 880 million by the end of 2033.
- The market in North America is forecasted to expand at a CAGR of 5.9% from 2023 to 2033.
- The Asia Pacific market is projected to rise at a CAGR of 5.5% through 2033.
- Demand for inks is set to increase at a CAGR of 6% through 2033.
- Sales of reversible thermochromic pigments are forecasted to rise at a CAGR of 6% during the forecast period.
“With growing environmental consciousness, there's a trend towards developing thermochromic pigments from environmentally friendly materials. Manufacturers are exploring sustainable sourcing and production processes to align with eco-conscious consumer preferences. The packaging industry is utilizing thermochromic pigments to create smart packaging solutions to monitor product tampering,” says a Fact.MR analyst.
Market Competition
The competitive landscape of the thermochromic pigments market is marked by a mix of established players and emerging entrants, contributing to a dynamic and evolving environment. This market segment is witnessing heightened activity due to the increasing demand for innovative color-changing solutions across various industries.
- In February 2023, Daehyun embarked on a global business expansion initiative. Originating from Korea, the company specializes in the production and distribution of photochromic pigments, hydrochromic inks, phase-change materials, thermochromic materials, and microcapsules.
In the realm of thermochromic pigments, manufacturers are broadening their product ranges to serve an array of applications. This encompasses a spectrum of color choices and various pigment forms, including inks, coatings, and powders, tailored to the diverse needs of different industries.
Increasingly, partnerships between pigment manufacturers, end-user sectors, and research institutions are emerging as a prominent trend. These collaborations facilitate the exchange of expertise, foster innovation, and offer valuable market insights, enabling companies to customize their products to meet precise industry requirements.
- In June 2021, RPM International made headlines with its acquisition of Ali Industries, LLC, a notable manufacturer of sandpaper and coated abrasive products. This strategic move not only expanded RPM's product portfolio but also solidified its presence in the abrasive industry.
- Similarly, in August 2021, CTI introduced its groundbreaking "Thermochromic Textured Ink" technology, which revolutionizes the design of packaging by adding tactile sensations and temperature responsiveness. This distinctive feature enhances consumer engagement and interaction with products, elevating the overall consumer experience.
Key Companies Profiled
- LCR Hallcrest LLC
- SFXC
- Olikrom
- Hali Pigments Co. Ltd.
- Smarol Industry Co. Ltd.
- Hammer Packaging
- QCR Solutions Corp.
- New Color Chemical Co.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the thermochromic pigments market with historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (reversible, irreversible), application (plastics & polymers, paints & coatings, fabrics, inks, cosmetics, textiles, electronics), distribution channel (online, offline), and end use (automotive, aerospace, packaging, consumer goods, building & construction), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Organic Pigments Market: The global organic pigments market to grow from US$ 4.3 billion in 2023 to US$ 6.5 billion in 2033. This represents a CAGR of over 4.0% from 2023 to 2033. Natural pigments are gaining traction, they are sustainable and comply with environmental regulations for use in a variety of applications.
Organic Dyes and Pigments Market: Worldwide consumption of organic dyes and pigments is estimated at US$ 22 Bn in 2022. As per detailed industry analysis, the global organic dyes and pigments market is forecast to reach US$ 37 Bn by 2032, progressing at a CAGR of 5.4% during 2022-2032.
Coating Pigments Market: The global coating pigments market is estimated at USD 24.5 billion in 2022 and is forecast to reach USD 41.9 billion by 2032, growing at a CAGR of 5.5% during 2022-2032. The market has been valued at USD 23.2 billion in 2021. The coating pigments market has shown a growth of 4.1% CAGR between 2017 & 2021.
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