Rise in prevalence of innovative products and surge in demand for wax additives and defoamers drive the growth of the global thermochromic pigments market. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period. Several major thermochromic pigments manufacturers have stopped their production activities during the Covid-19 pandemic due to shortage of raw material supply amid lockdown.

Portland, OR, Aug. 05, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global thermochromic pigments market generated $428.3 million in 2019, and is estimated to reach $595.0 million by 2027, registering a CAGR of 6.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

Rise in prevalence of innovative products, inclination toward colorful stuffs among the consumers, and growing demand for wax additives and defoamers drive the growth of the global thermochromic pigments market. However, high cost associated with thermochromic inks hinders the market growth. Furthermore, increase in demand for food quality indicators to determine the quality of dairy products and frozen meat is expected to create new growth opportunities for the market players during the forecast period.

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Covid-19 scenario:

• Several major thermochromic pigments manufacturers have stopped their production activities during the Covid-19 pandemic due to shortage of raw material supply amid lockdown.
• The demand for thermochromic pigments the from food & beverage industry is likely to increase during the lockdown and post-lockdown. This is due to surge in its usage as food quality indicator and this industry have been placed under the daily essential category from governments of various countries.

The report offers a detailed segmentation of the global thermochromic pigments market based on type, end-use industry, and region.

Based on type, the reversible segment contributed to the largest share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the irreversible segment is estimated to portray the highest CAGR of 6.3% during the forecast period.

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Based on end-use industry, the printing ink segment accounted for the largest share in 2019, holding more than one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the plastic & polymer segment is expected to register the highest CAGR of 6.7% from 2020 to 2027.

Based on region, North America contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 6.5% from 2020 to 2027.

Leading market players analyzed in the research include QCR Solutions Corp, OliKrom, Devine Chemicals Ltd., Matsui Color, CTI and Flint Group, New Color Chemical Limited, Hali Industrial Co., Ltd., LCR Hallcrest, Smarol Industry Co. Ltd., and Kolortek.

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