Thermochromic Materials Market

Thermochromic Materials Market Size (2023-2028):

Thermochromic Materials Market is estimated to grow from USD 4.2 billion in 2022 to USD 6.5 billion by 2028, at a compound annual growth rate of about 11.20% over the outlook period of 2023-2028

Companies are adopting innovative technologies for new products and processes and significant technological changes in products and processes like thermochromic materials in order to differentiate their products in an increasingly competitive market scenario. The utilization of thermochromic and photochromic inks for changing color when exposed to ultraviolet light focuses on interactivity between the process of two people or things working together and influencing each other i.e., the consumer and the brand.

Thermochromic inks are considered as costly and the production of thermochromic materials involves the use of highly specialized and complex manufacturing processes than conventional inks. Besides, the considerably irreversible thermochromic ink increases costs because printing in order to prevent accidental activation for specialized printing processes may need this type of ink.

Drivers in the Thermochromic Materials Market:

Thermochromic materials find application in numerous end-use industries. Their market is being driven by the demand for smart textiles from the style and residential furnishing industry. Some of those applications include tablecloths that change color upon contact with hot items on the table, ski outfits, chairs whose color indicates where someone has been sitting, and apparel having a selected motif painted on them that changes color. Thermochromic materials may also be used as flexible sensors for functional usage for applications like security or camouflage. These inks are applied to packaging products for labeling, security printing, and promotional activities. All these elements are touted to accelerate the business growth in this market in the coming years.

Restrains in the Thermochromic Materials Market:

The global thermochromic materials market, on the other hand, is restrained by a significant drawback of thermochromic materials, i.e., they often exhibit poor light. Such materials degrade with the presence of UV rays and witness fading. Additionally, thermochromic inks are costlier than conventional inks because the manufacturing of thermochromic materials is very specialized and sophisticated. Companies using thermochromic inks for packaging just in case of direct food contact must meet regulatory guidelines and undertake specific testing so as to make sure that thermochromic inks are compliant with the regulatory standards. This serves as a feature to costs and delays the introduction of recent products in the marketplace, impeding the overall business demand.

THERMOCHROMIC MATERIALS MARKET REPORT COVERAGE:

Market Segmentation:

Thermochromic Materials Market - By Material:

• Leuco Dyes

• Liquid Crystals

• Pigments

• Others

Thermochromic materials are commonly made of leuco dyes or liquid crystals. Both, liquid crystals and leuco dyes, are encapsulated in microcapsules before their use in their various applications. The use of such thermochromic microcapsules is rapidly increasing in multiple applications across the planet.

Thermochromic Materials Market - By Type:

• Reversible

•  Irreversible

The irreversible variant is determined to develop as the fastest-growing segment of the global thermochromic materials market in the future. Irreversible thermochromic materials are widely employed in security inks, packaging, and other coating applications as they alter appearance when exposed to diverse temperatures. The color will remain unchanged, once the activation temperature is reached. In medical applications, thermochromic materials are finding huge demand for this type.

Thermochromic Materials Market - By End-Use:

• Packaging
• Printing & Coating
• Medical
• Textile
• Industrial
• Others

Printing & coating is the fastest-growing segment for thermochromic materials as a result of a major increase in the demand for thermal paper for POS systems. The utilization of thermochromic materials is gaining momentum for interactive packaging that encourages consumers to take a product off the shelf and use it.

Thermochromic Materials Market – By Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

Europe was the most important marketplace for thermochromic materials, which accounted for the largest share in 2018. The thermochromic materials market in Europe is segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. The expansion of the thermochromic materials market within the region contributes to the demand from the packaging and printing & coating end-use industries. The smart packaging industry within the countries of Western Europe, including France and also the UK is growing rapidly, which is fueling the call for thermochromic materials.

Recent Developments:

• In December 2018, LCR Hallcrest worked as a partner with PPG for the event of a thermochromic coating for National Conference hockey pucks. The advanced coating provides a visible indication that the puck should get replaced and they change from purple to clear when a puck’s temperature is above freezing.

• In November 2018, CTI introduced its latest hi-tech inks to assist with anti-counterfeit & tamper-proof packages. Its BlindSpotz technology helped in stopping products from making unauthorized alterations by inventing the primary dual-indicator to detect product tampering from heat and freezing. This introduction of innovative tamper-proofing products has supported the company's dominion in the making of these thermochromic inks.

Thermochromic Materials Market -Key Market Players:

1. OliKrom (France)

2. LCR Hallcrest (US)

3. Chromatic Technologies (CTI) (US)

4. Matsui International Company (US)

5. New Prismatic Enterprise (Taiwan)

6. Smarol Industry (China)

7. GEM'INNOV (France)

8. Hali Industrial (China)

9. Kolorjet (India)

10. Kolortek (China)