According to this research, the global thermochromic pigment market is expected to grow at a CAGR of 5.3% during the forecast period 2016-2022 to reach $2,612.9 million by 2022. Ink printing application segment is expected to maintain global dominance in application segments, whereas China and Japan driven Asia Pacific is expected to contribute the highest growth in global thermochromic pigment.
Globally, the demand for thermochromic pigment is growing consistently, especially in Europe and North America markets. This growth is supported by increasing automotive coating & printing industries in these regions.
Currently, North America is the global leader in the thermochromic pigment market. The US has built an advantage of having most of the ink printing market thus providing the maximum contribution in the global thermochromic pigment market. After the US, Canada is the major consumer of global thermochromic pigment market in North America. Asia Pacific will show high growth rate during the forecast period due to growing industrialization and increasing per capita income of people.
Reversible thermochromic pigments are extensively popular for their reversible color changing property and make it usable for aesthetics in decorative products.
Irreversible thermochromic pigment has relatively lower cost in comparison to reversible thermochromic pigment and only once it can change the color with a change in temperature. It has larger market share in volume in comparison with reversible, although relatively low market share in value.