According to a newly published report by Allied Market Research titled, “Thermochromic Pigments Market by Type and End-use Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global thermochromic pigments market size was valued at $428.3 million in 2019, and is projected to reach $595 million by 2027, growing at a CAGR of 6.2% from 2020 to 2027.
In 2019, the printing ink segment held a significant share in the market with more than 27% share in terms of revenue and volume also.
Preference for colored materials among consumers has increased the adoption of thermochromic pigments in printing ink applications for effective advertising and product promotion.
The use of printing inks containing metallic pigments has risen in the flexible packaging industry.
These pigments provide excellent color strength and vibrant durable colors for printing ink application, which is applied on plastics, cartons, foils, films, paper, and cardboard.
These pigments increase the perceived value of the product at the point of sales when used in the packaging industry.
Increased utilization of specialty pigments has been observed in flexible packaging due to its high graphic appearance and its ability to preserve the quality of image, design, the font on the packaged product during the manufacturing, and transportation of the product. These factors are expected to have a significant impact on the global thermochromic pigments market during the forecast period.
Further, the majority of automobile buyers opt for effect coating to personalize their cars with brilliant optical effects and colors. Thus, automobile manufacturers can set themselves apart by using effect rich color range.
Moreover, dispersion paints with effect pigments for interior decor and design support the growing trend of individually modeled housing aesthetics.
The need to add specific personalization to the products has given rise to mass customization across various industries such as automobiles, cosmetics, and interior decor. Thus, this factor is expected to fuel the global thermodynamic pigments market during the forecast period.
