Photochromism is the phenomenon in which reversible change of color takes place upon exposure to light. Photochromic pigments absorb energy and change color in the presence of ultraviolet light. Photochromic pigments are suitable to be printed on various kinds of materials. Photochromic pigments have various features such as color changing ability, easy solubility in water, excellent water compatibility, excellent abrasion or adhesion properties, high brilliance, gassing stability, and high hiding power and narrow particle size distribution, and long shelf-life. Photochromic pigments find applications in paints; suitable for usage in surface coating products such as PMMA paint, ABS spray paint, PVC paint, and water-based spray paint, inks; suitable to be printed on various kinds of materials, such as fabrics, paper, synthetic membrane, and glass, and plastic products; plastic injection and extrusion using high color density PE, and industrial applications such as textile and printing. They are specifically designed for usage in non-aqueous-based ink systems, and most importantly sunglasses and lenses.
In terms of type, the photochromic pigments can be segmented into reversible and irreversible. In reversible photochromic pigments, color changes at a defined light intensity, and color recovery takes place when intensity decreases. Color change can be induced by UV, visible, and infrared light. Reversible photochromic pigments find applications in camouflage, interactive materials that change color with light intensity. Irreversible photochromic pigments permanently change color above a given light intensity, and this color change can be induced by ultraviolet (UV), visible, and infra-red (IR) light. Reversible photochromic pigments find applications in optical marking of industrial pieces and creation of customizable coatings.
A major factor that drives of the photochromic market is the photochromic lens. This is due to the increasing awareness among people about the usage of the lens, reduced cost, and increasing prevalence of eye diseases. Furthermore, increasing inclination toward special eye care for children to avoid damage caused by ultraviolet rays is likely to be another factor driving the market. Expansion of the paints and coatings industry is a key factor propelling the photochromic pigments market. Demand for paints is estimated to rise from primarily two sectors: industrial and decorative. Demand for decorative paints in developing nations is generally high since these countries provide substantial scope for housing construction and infrastructural development. Countries such as India and China, and sub-regions such as GCC are major consumers of paints. Hence, the photochromic pigments market is likely to expand in these regions.
A major restraining factor of the photochromic pigment market is the degradation of the pigments due to over exposure to UV, and some colors are likely to degrade faster than others. Furthermore, discomfort and some other minute drawbacks associated with the usage of lenses and economic slowdown are anticipated to restrain the photochromic pigments market. Additionally, availability of alternatives such as dedicated sun wears due to advanced technology is restraining the photochromic pigments market.
In terms of geography, the global photochromic pigments market can be segmented into North America, Europe, Asia Pacific, and Rest of the World. The global market is dominated by North America due to technological advancements and high level of recognition among the people in the region. It is followed by Europe. The Asia Pacific market is projected to expand at a high growth rate during the forecast period. Majorly populated countries such as China and India are anticipated to expand rapidly in the near future. Rising awareness in emerging countries is a key factor boosting the photochromic pigment market.
Key players operating in the global photochromic pigments market include FX Pigments Pvt. Ltd., Olikrom, Archello, Devine Chemicals Ltd, SolarColorDust, and SFXC.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.