Thermochromism is the characteristic of the substances that changes color due to temperature changes. This visual change is incorporated in various end user domains like Decorative, FMCG, Food, Industrial and others to indicate a specific deviation in their basic nature.
Thermochromic paints & coatings are designed in such a way that they change the color at a specific temperature, providing a visual indication of a temperature change. A special type of pigment, known as thermochromic pigments, are available in the market to manufacture thermochromic paints & coatings. In recent years, global thermochromic paints & coatings market is attracting a significant share.
Increasing affordability and the environmental advantages will give an stimulus to the market. The market that was earlier dominated only by developed countries is now finding a strong foothold in developing countries, such as India, China and Brazil. The growing disposable income among developing countries and the increasing penetration of thermochromic paints & coatings in various application sectors are the key factors driving this market growth.
Based on the intelligence report by Infoholic Research, North America is likely to remain as the key region and the largest market with a significant contribution coming from the US. This global dominance is due to the presence of export-oriented manufacturing capacities and intense domestic demand from various end-user industries. Increased building construction and food manufacturing is further driving the market growth in this region. The expected European economic stability is also anticipated to boost the manufacturing sector, complementing the growth of this market.
The growing acceptance among consumers due to better performance, wide operating temperature range, safety indicators on thermally sensitive systems or indication of the thermal history are fostering the market growth. This pattern is expected to continue during the forecast period to increase the thermochromic paints & coatings market revenue to $4.6 billion by 2023, growing at a CAGR of 5.7%.
Prominent companies operating in the thermochromic paints & coatings market include AkzoNobel N.V., Sherwin Williams, Axalta Coating Systems Ltd., RPM International, and Arkema.
Thermochromic paints & coatings have come a long way from being considered a premium product to becoming an essential feature in several industries. In some geographies this has become a critical part of the regulatory compliance process.
Broadly two main types of thermochromic paints & coatings are available in the market
Reversible-based thermochromic paints & coatings are dominating the product market segment. They have significant demand in the food industry and are used as an indicator, which helps to determine the quality of frozen meat and dairy products.
The rapid growth in economies across the globe and the increasing per capita income among consumers in developing countries are increasing the demand for decorations. This, in turn, is increasing the demand for thermochromic paints & coatings in infrastructure, construction and manufacturing. Infrastructure sector is currently dominating the market while the industrial and FMCG packaging market growth is expected to foster the thermochromic paints & coatings market during the forecast period. Emerging economies such as China, India, and Brazil are capitalizing on the benefits of thermochromic paints & coatings.
Irreversible-based thermochromic paints & coatings are high temperature activated, permanent change pigment mostly used in the booming construction sector for metal working, annealing, welding and riveting for quality purposes.
Advancements in technology have added to the market growth. Premium prices restrict the thermochromic paints & coatings market in lower per capita income countries, yet it is expected to witness high growth rate during the forecast period in developing & underdeveloped countries. Fluctuations in raw material price have restricted the usage of thermochromic paints & coatings.
Infoholic Research has analyzed the thermochromic paints & coatings market by utilizing the optimum combination of secondary sources and in-house methodology along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of their market sizing and forecasting methodology. Industry experts and panel of primary participants helped in compiling the results of the assessment with realistic parametric estimations for an all-inclusive report.
This content was developed in collaboration with Infoholic Research and views expressed herein do not necessarily reflect those of Aliaba Group or its affiliates.