The study undertaken by Astute Analytica foresees a growth in revenue of the Global Leuco Dye Market from US$ 354.4 Mn in 2021 to US$ 522.3 Mn by 2027. The market is registering a CAGR of 6.7% over the forecast period 2022-2027. In terms of volume, the market is estimated to grow at a CAGR of 6.4% over the projection period.
Market snapshot
Leuco dye is typically colorless or perhaps slight yellowish. It has the property to change the color when get heated or cooled or can say that changes color with a change in temperature. It is available in 15 distinct colors and a broad range of temperatures coupled with the wide variety of Colors including slurry, powder, epoxy, water-based ink, master batch, and others. The leuco dye has wide application in diversified materials and products including battery testers, novelty bath toys, security printing, swimming pool toys, and many more.
Market Dynamics
Drivers:
The growing impetus of the leuco dye market is attributed to factors such as rising adoption of Leuco dye-based thermochromic inks and rising demand for Leuco dye in smart packaging application. Active and smart packaging is widely demanded in modern packaging industry for selling goods with higher added value, enhanced security and additional opportunities for marketing promotion, thereby propelling the market growth. Further, the increasing innovation in packaging solutions and the continuous focuses in new product innovation coupled with rising need for brand promotion will augment the growth for leuco dye market over the forecast period. Furthermore, the rising demand for leuco dye-based thermochromic printed fabrics and further the growing fashion trend of changing color clothes along with rising disposable income will propel the growth of the global leuco dye market over the forecast period.
Restraints:
The leuco dye are expensive as compared to conventional inks. This is expected to hamper the market growth over the forecast period. Furthermore, the life expectancy of leuco dye is short due to direct contact with some solvents, sunlight (Ultraviolet exposure) or very high temperature applications. However, with the continuous technological advancements these limitations can be overcome in the upcoming years.
Opportunities:
Leuco dye can be used in any sector, for instance, in pharmaceutical industry it is used as a biological stain for microscopic analysis of cell biology and tissue samples. Dye and color technique plays a significant role in micro technique and biomedical research, thus creating a lucrative growth opportunity for the global leuco dye market across the globe.
Regional Analysis:
US is the highest shareholder in North America Leuco Dye Market
North America is the second highest shareholder region of the Global Leuco Dye Market in 2021. Further, the US is the highest shareholder country in the North America leuco dye market. The growth of leuco dye market in the region is projected due to growing demand from the packaging and printing & coating end-use industries in the region. Based on Application, the thermal paper segment contributed the major share in the North American market.
Europe leads the Global Leuco Dye Market in 2021
Europe held the major share in the global leuco dye market in 2021 and is further expected to continue its dominance over the forecast period 2022-2027. The demand for leuco dye-based thermochromic indicators to determine the quality of frozen meat and dairy products is expected to boosts the demand for leuco dye in the region. Germany is the highest shareholder country in the Europe leuco dye market. On the basis of type, the cold activated segment holds a majority of the revenue in the leuco dye industry in Europe.
China dominates the Asia Pacific leuco dye market share in 2021
Asia Pacific leuco dye market holds a significant share of around 22.6% in the global leuco dye market in 2021. Growing thermal printer production across the region coupled with increasing adoption of smart packaging is expected to drive the market growth in the Asian region. China held the major share of 46.5% in the Asia Pacific leuco dye market in 2021. Furthermore, increasing use of thermochromic inks in the textile industry and manufacturing of novelty products, along with the high demand for the smart and active packaging will foster the market growth in the region in the upcoming years.
Thermal paper application segment drives the MEA leuco dye market
The thermal paper segment is estimated to have the highest market share in the Middle East & Africa leuco dye market due to the popularity of Point of Sale (Po's) machines to carry out retail transactions. Further rising importance of labeling/providing a detailed description of constituents in the food & beverage and pharmaceutical industries to beat adulteration practices is expected to foster the growth of the segment. Saudi Arabia holds a significant share of the MEA leuco dye market.
South America has the second fastest CAGR in the Global leuco dye market
Brazil held the major share in the South America leuco dye market in 2021, whereas Argentina is expected to project a fastest CAGR in the South America leuco dye market during the forecast period. On the basis of type, cold activated segment holds a majority of the revenue in the leuco dye industry in South America.
Competitive Insight
Key players in the global leuco dye market are Chameleon Speciality Chemicals, Connect Chemical, Hebei Jianxin Chemical, Hodogaya Chemical, TMC Hallcrest, Yamada Chemical, and Yamamoto Chemicals, Inc. among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
By Type segment of the Global Leuco Dye Market is sub-segmented into:
By Color segment of the Global Leuco Dye Market is sub-segmented into:
By Application segment of the Global Leuco Dye Market is sub-segmented into:
By Region segment of the Global Leuco Dye Market is sub-segmented into:
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