The global pigments market size is expected to reach USD 36.36 Billion in 2030 and register a revenue CAGR of 5.2% over the forecast period, according to the latest report by Reports and Data. The growing automobile and construction industry is a major factor expected to drive market revenue growth. In the construction industry, Thermochromic Pigment are used to add lasting color to a number of building materials used in architecture and infrastructure projects. Architects and designers use colored cement as a tool to incorporate an element of innovation, differentiation, and exclusivity into their projects. Therefore, a continuous upturn in construction spending is expected to drive the Thermochromic Pigment market revenue share globally. According to a report by European Parliament on 17 February 2020, more than 40% of buildings in Europe are built before 1960 and 90% before 1990; consuming more amount of energy compared to the new ones. Hence, renovation activities of these buildings are expected to increase in the forecast period, which in turn is expected to drive the market revenue growth.
The rapid growth of the printing ink industry owing to growth in e-commerce and package food business is expected to have a positive impact on the Thermochromic Pigment market during the forecast period. Thermochromic Pigment are used in different types of printing inks, such as publication gravure inks, offset inks, decorative laminate inks, solvent-based packaging inks, and water-based packaging inks. Moreover, rising demand for cosmetics and other personal care products is expected to drive revenue growth of the Thermochromic Pigment market. The beauty makeup industry is growing rapidly due to increased globalization and the introduction of multiple new makeup brands. This is expected to drive the Thermochromic Pigment market revenue growth over the forecast period.
However, volatility in raw materials prices and environmental concerns are resulting in an increasing preference for eco-friendly products, which are limiting revenue growth of the Thermochromic Pigment market.
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Thermochromic Pigment Industry Overview
The global materials chemicals industry revenue growth can be majorly attributed to increasing demand for essential consumer goods including soaps, detergents, and beauty personal care products worldwide, rising preference for sustainable and eco-friendly raw materials, and growing use of advanced chemicals and raw materials in industries including agriculture, food beverage industries, buildings construction, automotive, packaging, and manufacturing industries. Other major factors driving the growth of this industry are rising pollution levels, increasing environmental awareness, increasing use of technologically advanced chemicals and materials, and rising demand for organic materials.
Top Companies Profiled in the Report:
BASF SE, ECKART GMBH, Clariant AG, Ferro Corporation, DIC Corporation, Heubach GmbH, Trust Chem Co. Ltd., Toyocolor Co. Ltd., Colorfix, Huntsman International LLC, Kebotix, Inc., and Sudarshan Chemical Industries Ltd.
Product Type Outlook (Revenue, USD Billion; 2019–2030)
- Inorganic
- Organic
- Classic Organic
- Metallic
- High Performance Organic
- Complex Inorganic
- Fluorescent
- Luminescent/Phosphorescent
- Thermochromic
Application Outlook (Revenue, USD Billion; 2019–2030)
- Paints and Coatings
- Printing Inks
- Textiles
- Plastics
- Leather
- Construction Materials
- Automotive Sector
- Others
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