Thermochromic paint contains either liquid crystals or leuco dyes, which change colour depending on the temperature of the surface to which have been applied/immediate atmosphere. According to BlueQuark Research and Consulting, the global Thermochromic Paint market is expected to grow considerably during the forecasted period. Factors such as the increasing use of reversible thermochromic pigment owing to its ability to revert to its original colour after reaching a certain temperature threshold are expected to drive the Thermochromic paint in the forecasted period. Further, the increase in demand for Thermochromic Paints in various industries such as paints and coatings, food and beverage, and printing ink are the major factors driving the growth of the Thermochromic paint market in the forecasted period. Furthermore, thermochromic paints for quality detection systems, primarily in Fast-Moving Consumer Goods (FMCG), are anticipated to create a massive demand for the Thermochromic Paint Market in the forecasted period. However, the prices of raw materials used to manufacture thermochromic paints are highly unpredictable, mainly due to their high dependence on crude oil prices and natural forest products are expected to restrain the Thermochromic paint market in the forecasted period.

The reversible segment will have the largest share of the market. Reversible thermochromic paints are used for various purposes, such as security and brand protection, novelty promotional products, and toys. They are appropriate for aqueous, non-aqueous, and radiation-cured formulations. Some benefits of reversible thermochromic paints include high colour strength possibility, good lightfastness under visible light, and colour changes over a relatively narrow temperature range. These benefits increase their use in food and beverages and interactive packaging solutions. Reversible thermochromic pigments are extensively popular for their reversible colour-changing properties and decorative products' aesthetics. There are generally two types of reversible thermochromic pigments. Heat-activated – These change from a coloured state at room temperature to a translucent colourless state when heated and can reveal messages or pictures beneath. They revert to their coloured state on cooling. Cold Activated – These are colourless at room temperature and become coloured or reveal a message when chilled, becoming colourless again when warmed. The reversible thermochromic pigments are gaining popularity as in reversible thermochromic pigments, and the colour change of the pigments is reversible. While in irreversible thermochromic paints, the colour change can happen only once, and the colour is not reversible. The reversible thermochromic pigment has a higher cost than irreversible thermochromic pigment, and it is the leading market used in thermochromic paint in terms of value. All the abovementioned factors are expected to drive the demand for reversible thermochromic pigments over the forecast period.

Asia-Pacific dominated the global market, with the most significant consumption in countries such as China, India, etc. End-use industries of thermochromic materials are packaging, printing & coating, clinical, textile, and mechanical. Printing and covering are the quickest developing end-use industry of thermochromic materials, attributable to a significant increase in the demand for thermal paper for POS systems. Thermochromic materials are gaining popularity for interactive packaging that urges shoppers to take an item off the rack and use it. Even though printing and covering represent the most significant piece of the pie and are relied upon as the quickest developing section during the forecast time frame, bundling, material, clinical, and mechanical portions will probably observe tremendous development openings. This development is attributed to the innovations and advancements in barrier & security gear, such as protective body layers, caps, vehicles, and aeroplanes. They are majorly used in dyes, and inks often come encapsulated in suspension. This product can be used in thermometers for the room, refrigerator, aquarium, and medical help. This technology involves the operation of re-orientation of liquid crystals resulting in the formation of different colours of the liquid crystal. The thermochromic paints are fused to inks and applied in plastic films as thermometers or temperature indicators. The increase in the use of this product in various industries, such as food and beverage, paint, printing ink, and coatings, has influenced the growth of the global Thermochromic Paint Market. Thermochromic paints can be used on roofing systems. This product acts as a cool roofing coating during summer and absorptive material during winter. In addition, it is used in refrigerators, aquariums, and baby bottles to determine the state of temperature with the change in colour of the bottle. This use of thermochromic paints has increased in various sectors for different applications, creating a vast market demand globally. Furthermore, thermochromic paints are significantly used in quality detection systems in the Fast-Moving Consumer Goods (FMCG) sector. They are used in tine or canned packaging to thermally represent if the product, mainly food or beverage, is stored under the right temperature conditions. The increase in thermochromic paints in textiles and packaging increases its demand and market share. These benefits of thermochromic paint in food or beverage and other packaging products are anticipated to boost the need of the global Thermochromic Paint Market.

Some market key players are 3M, RPM International, LCR Hallcrest, DuPont, and OliKrom.

On March 2021, Wrapmate, an end-to-end digital platform for graphics projects, partnered with 3M Commercial Solutions for a three-year global partnership agreement to assist businesses in increasing their marketability in the print, signs, and vehicle graphics industries.

Global Thermochromic Paint Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Thermochromic Paint Market by segmenting based on Type (Reversible and Irreversible), Product (Leuco Dyes, Liquid Crystals, Pigments, Others), End-use Industry (Packaging, Paint & Coating, Medical, Textile, Industrial, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). The report examines the market drivers and restraints and the impact of Covid-19 on market growth in detail. The study covers emerging market trends, development, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.