The global thermochromic pigments market features the use of materials that change color owing to their temperature-sensitive nature. The function of thermochromism makes it appropriate to derive these pigments, by employing liquid crystal technology. This technology involves the process of re-orientation of liquid crystals, leading to an apparent change in the color of the liquid crystals. Typically, thermochromic pigments are fused into inks and find applications in plastics films as thermometers or temperature indicators. Applications of thermochromic pigments include paints and coatings, printing inks, and plastics among others.
In the plastics segment, the product is employed i9n the manufacturing of polyethylene (PE), polystyrene (PS), polypropylene (PP), acrylonitrile butadiene styrene (ABS), acrylonitrile styrene (AS), translucent and transparent plastic injection molding and extrusion molding. Furthermore, thermoplastic pigments find application in various industries in combination with epoxy resin, unsaturated polyester, nylon monomer casting, curing, and molding. However, the printing inks segment is expected to account for the fastest growth in the global industry over the forecast period. High growth of this segment can be attributed to its excellent colorimetric properties. Furthermore, increasing adoption of advanced printing ink technologies has offered the segment a healthy prospect to retain its market share over the forecast period.
The global thermochromic pigment market is segmented on the basis of pigment type and region. By pigment type, thermochromic pigments can be categorized into reversible thermochromic pigments and irreversible thermochromic pigment. The nature of reversibility pertaining to thermochromic pigments marks the difference between the two types of products.
North America accounted for the highest share owing to rising product needs particularly in the printing ink segment which is one of the largest in the regions. Growing need for thermochromic pigments in the manufacturing of smart textiles is expected to drive industry growth over the next seven years.
Product use in the manufacturing of smart textiles has been substantial over the past few years particularly in Asia Pacific on account of rising need for theme-based apparel to suit a variety of occasions. Advancement in microencapsulation technology concerning smart textile coatings is expected to augment demand for smart textiles over the forecast period which in turn will positively impact overall market growth. However, rising environmental concerns regarding the use of this coating may hamper the overall market growth. Manufacturers of thermochromic pigments face increasing regulatory interventions on account of rising need for environmental-friendly products.
The global thermochromic pigment market is witness to intense competition among manufacturers. Some of the key players in the global thermochromic pigment market include RPM International, E. I. DuPont de Nemours and Company, The 3M Company, Sherwin-Williams Co., Hammer Packaging, and NanoMatriX International Ltd.
Key players operating in the market have been constantly researching novel methods involving product manufacturing. Furthermore, increasing regulatory intervention regarding the production of thermochromic pigments has led manufacturers to focus more on environmentally friendly products. Players have also been keen on extending their product portfolio to cater to the demands of various industries including the automotive industry, particularly in Asia Pacific.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.