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The thermochromic paint market size is estimated to grow by USD 531.44 million at a CAGR of 5.47% between 2023 and 2028. The growth of the market depends on several factors such as increasing use in the food and beverage industry, the emergence of smart materials and the increasing use of thermochromic paints in inks and coatings.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing use of thermochromic paints in inks and coatings is notably driving the market growth. Smart materials are used in a wide range of applications. Hence, their properties can be changed by external conditions such as electricity, light, and temperature. Smart materials are used in aerospace, manufacturing, and healthcare. Smart materials are widely used in the automotive industry for automatic heat and light control. Thermochromic material is one such example of smart material. This type of material is temperature responsive, which means it changes with the temperature change.
For instance, paints made of these materials can change colour to indicate rust or deterioration in the metal underneath. There is a wide range of applications of this smart material called thermochromic paint, which includes food packaging, textiles, automotive, and building and construction. Thermochromic inks are used for printing on food packaging and clothing. Increasing use of these smart materials in a wide range of applications is expected to drive the market growth and trends during the forecast period.
Growing demand for thermochromic paints in APAC is one of the major market trends. The demand for thermochromic paints is rapidly increasing in APAC owing to economic and industrial development. Also, the increasing use of thermochromic paints in the textile industry is expected to contribute largely to the growth of the market in APAC. Japan is the major market in APAC, where the demand in the automotive industry is higher than in other countries. The increasing demand for the manufacturing of novelty products is also fueling the growth of the market in APAC.
Moreover, several countries, such as India and China, are emphasizing attracting newer investments in infrastructure development, which, in turn, is expected to boost the demand. Thus, such factors are expected to drive the growth of the market during the forecast period.
The expensive production process of thermochromic paint is a significant challenge hindering market growth. One of the major challenges faced by the market is the expensive production process. The high cost of raw materials and energy largely influences the overall cost. The phenomenon of thermochromism arises from the various types of rearrangement at the molecular level. The mechanisms include a change in ligand geometry, phase transition, equilibria between different molecular structures, and a change in the number of solvent molecules in the coordination sphere.
However, reversible thermochromic pigments have a cyclic aryl lactone dye, a diaminoalkane activator, an ester, and titanium dioxide as an opacifier. The acid activators used in reversible thermochromic pigments include phenols, phosphinic, carboxylic, phosphonic acids, and metal salts. Thus, the expensive production process will hamper the growth of the market during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Axalta Coating Systems Ltd. - The company offers thermochromic paint under the liquid coatings and powder coatings categories.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive segment is estimated to witness significant growth during the forecast period. Thermochromic paint, when used in automobiles, modifies its color according to the temperature. Thermochromic paint is a kind of paint that changes its colour when exposed to temperature. These temperature changes are feasible because its composition includes thermochromic pigments, which are natural or inorganic polymers. In addition to the world of motors, this kind of paint is additionally used in fire prevention and road accidents.
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The automotive segment was the largest and was valued at USD 415.70 million in 2018. On the roads, the ice reduces the degree of maneuverability and control of the drivers and the vehicles. In this situation, thermochromic paintings can indicate the presence of ice without the need for separate sensors or energy supply systems. Applying this paint on the asphalt, one can instantly know the status of each exact site of the pavement to know that it must be circulated with extreme caution. In this process, choosing the base colour is very important, as it will be shown when the thermochromic disappears. Therefore, it is advisable to use a clear background such as white or similar so that one gets a great contrast, and the effect is notorious. Therefore, the demand in the automotive sector is expected to increase during the forecast period as modern technology makes it possible to add a personal touch to the vehicle, which drives the growth of the automotive segment of the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Strict government regulations concerning industrial safety and flourishing manufacturing hubs in North America are some of the major drivers boosting the usage of thermochromic paints in North America. Moreover, the developments in printing and coating applications, packaging applications, and the medical manufacturing industry in major countries such as the US and Canada are also driving the growth of the market in North America. In the US, the demand for these materials is growing in packaging and printing.
Further, the usage of thermochromic pigments in inks for screen printing and flexographic printing is anticipated to be a key aspect of the market growth in the region. In recent times, a significant rise in the usage of thermochromic paints has been observed in several forms, such as inks, polymers, and pigments, for numerous applications, including packaging for food and beverages, interior decorations, textiles, and promotional activities. This, in turn, is expected to drive the market in the region during the forecast period.
In the forecasted period, the market faces challenges such as the exorbitant cost of thermochromic pigments, and limiting consumer adoption. Although specialty pigments offer a wider color spectrum, consumers remain price conscious due to restricted color options and durability concerns, particularly for outdoor applications exposed to extreme weather and ultraviolet light.
Complicated manufacturing procedures contribute to increased production costs, deterring manufacturers' adoption. Low knowledge and education in sectors and geographical areas hinder market expansion, despite the potential advantages of thermochromic paints. Regulatory compliance, especially in sectors like packaging, imposes strict criteria, influencing the creation and application of thermochromic paints.
The market growth and forecasting report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Thermochromic Paint Market Scope |
|
Market Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.47% |
Market Growth 2024-2028 |
USD 531.44 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.96 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Axalta Coating Systems Ltd., BASF SE, Chromatic Technologies Inc., CROMAS Srl, Flint Group, FX Pigments Pvt. Ltd., Geminnov, Hali Pigment Co. Ltd., Insilico Co. Ltd., Kolortek Co. Ltd., Lawrence Industries, LCR Hallcrest LLC, Matsui International Inc., MG Chemicals Ltd., NanoMatriX International Ltd., New Color Chemical Co. Ltd., Olikrom SAS, QCR Solutions Corp., Smarol Industry Co. Ltd., and The Sherwin Williams Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market trends and analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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