Thermochromic Material Market Research Report - Global Forecast till 2030

Thermochromic Material Market Research Report: By Type (Reversible, Irreversible), By Material (Leuco Dyes, Liquid Crystals, Pigments, Others) and By End-Use (Packaging, Printing and Coating, Medical, Textile, Industrial, Others) – Forecast to 2030

ID: MRFR/CnM/6813-HCR | 111 Pages | Published By Chitranshi Jaiswal on March 2023         

Thermochromic Material Market Speak to Analyst Request a Free Sample

Thermochromic Material Market

Thermochromic Material Market is projected to be worth USD 1.8 billion by 2030, registering a CAGR of 3.50% during the forecast period (2021 - 2030).

Segmentation
By Type Reversible Irreversible
By Material Leuco Dyes Liquid Crystals Pigments Others
By End-Use Packaging Printing and Coating Medical Textile Industrial Others
Key Players
Companies Profiled   OliKrom (France)   LCR Hallcrest (U.S.)   Chromatic Technologies (CTI) (US)   Matsui International Company (U.S.)   New Prismatic Enterprise (Taiwan)   GEMINNOV (France)   Hali Industrial (China)   Kolorjet (India)   Kolortek (China)
Drivers
Market Driving Forces   increasing demand for the end-user industries such as smart textiles
Request a Free Sample

Thermochromic Material Market overview:


 


Thermochromic materials are used in the industries such as packaging, printing and coating, medical, textiles, automotive, and marine industries. Industrial safety and the increasing demand in the packaging sectors have propelled the overall growth of the thermochromic material industry. Several crucial operations are relied on thermochromic materials, for instance, indicating the expiries of the medicines are carried out using medical thermography. They are also used as the thermometers in the aquariums and industrial pools to measure the stress distribution and to determine the hotspots in those water bodies. 


When the heat or stresses are applied to these materials, they change color and thereby act as accurate markers and let the professionals determine the reliable data. This characteristic helps the industries that involve heat and stress to control the amount of heat and stress exerted by the machinery. Among potential end-user industries, smart packaging and product differentiation are significantly impacting the thermochromic material market value.


 


COVID 19 Analysis:


 


The economic decline due to the pandemic has affected the production rate in major industries such as pulp and paper, textile, coating, and significant others. The regulations imposed by the government regarding the restrictions in the movement have also affected the growth of the thermochromic material industry. However, the pharmaceutical and healthcare industries were rapidly gaining demand in recent years owing to the increasing number of COVID cases across the globe. Therefore the printing of the essential information on the medicines and medical products using thermochromic materials is also gaining demand. Such factors have supported the overall growth of the thermochromic material industry during the pandemic.


 


Similarly, the manufacturing processes in the textile industry were not disrupted in some countries due to the restrictions imposed by the government, also the demand for some commodities has increased even during the pandemic. This has increased the supply of thermochromic material to such industries. Such factors have also impacted the overall growth of the thermochromic material industry. 


 


Market dynamics:


 


 Market drivers:


 


The increasing demand for the end-user industries such as smart textiles, home furnishing applications such as table cloths, apparel, and significant others in the developed countries are propelling the overall growth of the thermochromic material industry.


 


The increasing utilization of packages due to the increasing trend for e-commerce is impacting the overall growth of the thermochromic material industry. The packages and labeling are increasingly utilizing the thermochromic inks for the promotional activities and advertising in the packages. Such factors are considered as the primary drivers of the thermochromic material industry.


 


Market opportunities:


 


The developed countries are inclined towards building energy conservation buildings, where the glasses are generally coated with thermochromic materials that help in saving energy. The switchable glass in the industry is coated with thermochromic materials that allow sufficient heat and maintain the temperature of the room efficiently with the change in the climate. This application is increasingly gaining momentum and presents a lucrative opportunity for the thermochromic material market growth. 


The demand for reversible thermochromic materials is comparatively higher, however, the demand for irreversible thermochromic materials in smart packaging is rapidly increasing. The changing attitude of the consumers and the demand for packaged food and commodities are expected to boost the overall growth of the thermochromic material industry.


 


Market restraints:


 


The price of the thermochromic materials is higher when compared to the traditional inks, the complexity of the manufacturing processes are making the selling price of the thermochromic materials. This is considered a major restraint of thermochromic material market growth.


 


The plastic films used in industrial practices are still utilizing the traditional dyes due to the potential characteristics such as durability and higher quality at affordable prices. The incorporation of technological advancements in the industry has increased the selling price and thereby restricted the growth in developing countries.


 


Market challenges:


 


The higher costs incurred for the overall manufacturing of the thermochromic materials are higher and therefore several end-users are willing to stick to the conventional colorants for the applications that don’t require the outstanding properties of thermochromic materials.


 


Manufacturers are considering it highly complex to maintain stability with reversibility. This factor is considered as the major challenge for the thermochromic material market growth.


 


 Cumulative growth analysis:


 


The thermochromic materials market growth was at USD 1.3 billion in the year 2019 and it is expected to surpass the market value of over 2.4 billion in the year 2024 while registering a CAGR of 9.5% during the forecast period. The potential properties of thermochromic materials such as the irreversible and reversible capability for the varied applications according to the requirement are significantly impacting the overall growth of the thermochromic material industry. Also, especially, the irreversible segment in thermochromic material is rapidly growing with higher CAGR and it is expected to be continued during the forecast period. The utilization of irreversible thermochromic materials in the applications such as security inks, packaging, coating applications, and significant other applications are the major drivers for the overall growth of the thermochromic materials industry.


 


Also, the increasing demand for medications and medicines due to the widespread pandemic and other casualties across the globe are impacting the thermochromic material market growth.


 


Value chain analysis:


 


Smart packaging, product differentiation, temperature indicators, emergency markings, path markings, and expiry indications on medical products and drugs are majorly driving the thermochromic material market growth. The packaging industry is growing across the globe where the contents in these packaging require temperature indicators and infringement indicators. As the contents in the packages might reduce in quality when subjected to critical heat or stress, they must be handled with special care. Such factors are increasing the thermochromic material market value. Several developed countries are increasingly focusing on developing their infrastructure, where the demand for safety markings is increasing. For instance, Asia-pacific regions and European countries are intensively using thermochromic materials for road markings. Also, the medical emergencies and the casualties have increased significantly, which has increased the necessity of quality medical supplies. The expiry information and other crucial information on medical products and medicines are some of the major end-users of the thermochromic material industry.


 


Other than these applications, Latin America uses thermochromic materials for automobiles, textile industries, and significant others. Moreover, the growing inclination of the research members in the thermochromic material industry with the financial support are increasingly bringing in developments in the industry that is considered as the major driver of thermochromic material market growth.


 


Segment overview:


 


Based on Type:


 



  • Reversible

  • Irreversible


 


Based on Material:


 



  • Leuco Dyes

  • Liquid crystals

  • Pigments 

  • Others


 


Based on End-Use Industry:


 



  • Packaging

  • Printing & Coating

  • Medical

  • Textile

  • Industrial

  • Others


 


Regional analysis:


 


Currently, Europe is holding the highest market share in the thermochromic materials industry. European countries are showing higher demand in the automotive, packaging, and construction industry. Also, the advent of technologies and disposable income in European countries have attributed to the demand for smart packaging. Such factors are stimulating the overall growth of the thermochromic material industry in recent years. Moreover, the increasing awareness regarding thermochromic materials and their utilization in consumer goods accompanied by the increasing demand for these consumer goods are propelling the overall growth of the thermochromic materials industry. 


 


Competitive landscape:


 



  • OliKrom (France)

  • LCR Hallcrest (U.S.)

  • Chromatic Technologies (CTI) (US)

  • Matsui International Company (U.S.)

  • New Prismatic Enterprise (Taiwan)

  • GEMINNOV (France)

  • Hali Industrial (China)

  • Kolorjet (India)

  • Kolortek (China)


 


Recent developments:


 


November 2021 - TronHoo, a China-based advanced desktop 3D printer developer, has introduced its latest thermochromic PLA filament. Blended with leuco dye additives, this thermochromic material facilitates change of colors on the basis of its temperature, and is developed for toys, consumer goods, artwork, and decorations. The new thermochromic material further provides better higher impact resistance compared to the traditional PLA filament.September 2021 - Crown introduces a range of thermochromic cans, which when beverage is chilled, changes color; while unveiling a new design every time the beverage is consumed. The traditional thermochromic technology induces color change of the can when there is chilled drink inside, which helps tell the consumers about the right drinking temperature. On the other hand, the Reveal technology used by Crown Bevcan Europe as well as the Middle East, making use of two separate thermochromic inks, which allows display of a third image right after the drink’s consumption.In the year 2019, one of the leading market players, Olikrom has invented phosphorescent paint which was designed for the markings made on the ground or roads. The pigments included in the paint are capable of absorbing sunlight during the light and it emits it during the night which efficiently eliminates the need for electrical connection.


In the year 2019, one of the leading market players, CTI (Chromatic technologies Inc.) has introduced the dual indicator for the packaging industry into the market. This dual indicator is capable of indicating tampering of the package from either extreme temperature that is heat or freezing.


 


Report overview:


 


 This report has covered:



  • Market overview

  • COVID 19 Analysis

  • Market dynamics

  • Cumulative growth analysis

  • Value chain analysis

  • Segment overview

  • Regional analysis

  • Competitive landscape

  • Recent developments


 


 Segmentation Table:


 


Based on Type:


 



  • Reversible

  • Irreversible


 


Based on Material:


 



  • Leuco Dyes

  • Liquid crystals

  • Pigments 

  • Others


 


Based on End-Use Industry:


 



  • Packaging

  • Printing & Coating

  • Medical

  • Textile

  • Industrial

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2022: USD 2.2 Billion
  • 2030: Significant Value
  •   CAGR   8.9% (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Material and End-Use
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   OliKrom (France)—OliKromTSoft, LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US)—Thermolock, New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEM'INNOV (France), Hali Industrial (China), Kolorjet (India), Kolortek (China), SFXC (UK)- SFXC, Indestructible Paints Limited (UK)—CT-IPR Range, Fraunhofer IAP-SOLARDIM-ECO
      Key Market Opportunities   Rising demand of product differentiation and improved appearance of products
      Key Market Drivers   High demand for smart packaging


    Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    Global thermochromic material market is anticipated to expand at a CAGR of 8.9% by the end of 2025.

    Global thermochromic material market is projected to hold a substantial value of USD 2.2 billion by the end of 2025.

    The increased demand for smart packaging, and the growing demand of product differentiation along with an attractive appearance of the product are likely to drive global thermochromic material market.

    The expenses related with the material are estimated to hamper global thermochromic material market.

    Chromatic Technologies (CTI) (US), Hali Industrial (China), Matsui International Company (US)—Thermolock, and Smarol Industry (China) are some of the most renowned names of the global thermochromic material market.

    The changing preferences of the people in the Asia-pacific region towards fashion and decorative items are considered as the major driver of thermochromic material market growth. The thermochromic materials are intensively used in the textile industry, decorative items, consumer goods, and significant other commodities that present lucrative opportunities for the overall growth of the thermochromic material industry.