(MENAFN- GlobeNewsWire - Nasdaq) The market is growing due to the extensive usage of thermochromic pigments in printing inks for various products. Additionally, these inks' touch activation and cold activation options cover a large portion of the market, which helps the market for thermochromic pigments grow.
New York, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The heightened ability of thermochromic pigments to change color in response to a change in temperature makes them specialty pigments. The medium and insoluble materials known as thermochromic pigments are physically combined to add the stains. They have a high tinting strength compared to the material they are introduced to. These pigments carry out several crucial functions, such as coloring the medium, altering color in response to temperature, concealing the substrate and erasing existing color, and enhancing the endurance of the paint coating. Based on the thermochromic, reversible, and irreversible thermochromic pigments are separated in the global market for thermochromic pigments.
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Growing Use of Specialty Pigments in Flexible Packaging Drives the Global Market
According to Straits Research, " The global thermochromic pigments market was valued at USD 439.40 million in 2022. It is projected to reach USD 767.95 million by 2031, growing at a CAGR of 6.40% during the forecast period (2023-2031)." Due to consumer demand for colorful materials, specialty pigments, particularly thermochromic pigments in printing ink for effective advertising and product promotion, have increased. Flexible packaging uses metallic-pigmented inks more frequently. These pigments provide excellent color strength, temperature fluctuations, and vibrant, long-lasting colors when printing ink is applied to plastics, cartons, foils, films, paper, and cardboard. When used in the packaging industry, these pigments increase the product's perceived value at the point of sale.
The usage of thermochromic pigments in flexible packaging has grown due to their improved features and ability to maintain the quality of the image, design, and text on packaged goods during production and transit. These elements are predicted to positively affect the global market for thermochromic pigments throughout the forecast period.
Progress in Technology Creates Tremendous Opportunities
Pigments are nanostructured coloring agents. Technological progress is anticipated to aid in developing pigments with superior mechanical, electric, and thermal properties, such as color change. This technology can be widely used in inkjet printers, which need microscopic pigment particles to function correctly. Glossy sheets make it difficult for inkjet inks to penetrate them; as a result, a coating with nano-pigments is required. These nanoscale pigments are used to print the radio frequency identification (RFID) tags for security, anti-counterfeiting, and brand protection. As a result of advancements in industrial technology, it will be possible to increase the mechanical properties of pigments. This factor is predicted to have a moderate effect on the market throughout the forecast period.
North America is the most significant revenue contributor and is anticipated to exhibit a CAGR of 6.00% over the projection period. The markets for thermochromic pigments in North America are analyzed in each of the three countries the US, Canada, and Mexico. The area enjoys a sizable market share for thermochromic pigments due to significant market participants in the U.S. and Canada. The capacity of Clariant International Ltd.'s water-based pigment manufacturing plant in Mexico doubled in June 2016. Huntsman Corporation inaugurated a new production facility for red, black, and yellow iron oxide pigments in Augusta, Georgia, in May 2016. The annual production capacity of this factory is 30,000 metric tons.
Asia-Pacific is anticipated to exhibit a CAGR of 6.70% during the projection period. Asia-Pacific is home to a sizeable market for thermochromic pigments, predicted to grow at the highest CAGR in volume and value over the forecast period. The Chinese government has invested in several industries, including shipbuilding, inks, automobiles, textiles, and building supplies (iron, steel, and cement), a significant consumer of thermochromic pigments. As a result, China's output of pigments has grown faster than the average rate, and this trend is anticipated to persist over the next ten years. India's developing economy is projected to hasten urbanization and industrialization over the coming years, opening up a lucrative market for thermochromic pigments.
Based on type, the global thermochromic pigments market is bifurcated into reversible and irreversible. The reversible segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.05% during the forecast period. Based on application, the global thermochromic pigments market is bifurcated into printing ink, textile, paints and coatings, plastic and polymer, food and beverages, paper, cosmetics, and others. The printing ink segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.20% during the forecast period. North America is the most significant revenue contributor and is expected to grow at a CAGR of 6.00% during the forecast period.
The global thermochromic pigments market's key players are Olikrom, QCR Solutions Corp, Matsui Color, Devine Chemicals Ltd., New Color Chemical Limited, CTI and Flint Group, LCR Hallcrest, and Hali Industrial Co. Ltd, Kolortek, and Smarol Industry Co. Ltd.
In February 2023, Daehyun expanded its business around the world. It is based in Korea and makes and sells photochromic pigment, hydrochromic ink, phase-change materials, thermochromic materials, microcapsules, and thermochromic materials.
Global Thermochromic Pigments Market: Segmentation
Printing ink Textile Paints and Coatings Plastic and Polymer Food and Beverages Paper Cosmetics Others
North America Europe Asia-Pacific LAMEA
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