Global Thermochromic Materials Market Forecasts | 2023-2028

Market Insights

The Global Thermochromic Materials Market is expected to grow from US$ 1.80 billion in 2022 to US$ 3.11 billion by 2028 at a healthy CAGR of 9.54% during the forecast period of 2023-2028.

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Thermochromic materials are generally organic leuco-dye mixtures, formed by color former, color developer, and solvent. They change their reversibly/irreversibly their color by change in temperature. Color transition is on account of a change in structure and crystalline phase.

Key Players

Some of the major players in the global market are- 

• Chromatic Technologies Inc.
• GEM'INNOV
• Hali Industrial Co., Ltd.
• Kolorjet Chemicals Pvt Ltd.
• Kolortek Co., Ltd.
• LCR Hallcrest Ltd.
• Matsui International Company, Inc.
• New Prismatic Enterprise Co., Ltd.
• OliKrom
• Smarol Industry Co., Ltd.

Market Drivers

The global thermochromic materials market is driven by several key factors, including:

• Rising demand for smart and interactive products: Thermochromic materials are increasingly being used in a variety of smart products, such as mood mugs, temperature-sensitive clothing, and interactive packaging. This is due to their ability to change color in response to temperature changes, which can be used to create eye-catching and engaging products.
• Growth of the packaging industry: The packaging industry is a major consumer of thermochromic materials, as they can be used to create tamper-evident seals and provide information about the freshness of a product. For example, some thermochromic inks are used to print expiration dates on food packaging that change color when the product has reached an unsafe temperature.
• Increasing applications in the textile industry: Thermochromic materials are also being used in a variety of textile applications, such as temperature-sensitive sportswear, mood clothing, and safety gear. For example, some firefighters' uniforms are made with thermochromic material that changes color when exposed to heat, which can help to alert them to danger.
• Expanding use in security and anti-counterfeiting applications: Thermochromic materials are also being used in a variety of security applications, such as anti-counterfeiting measures and tamper-evident seals. For example, some thermochromic inks are used to print security labels that change color when they are tampered with.
• Growing demand for energy-efficient materials: Thermochromic materials are also being used to develop energy-efficient materials, such as smart windows that can change their opacity in response to changes in temperature. This can help to reduce energy consumption by reducing the amount of heat that enters a building in the summer and the amount of heat that escapes in the winter.

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Segments Analysis

Product Trends

Based on the product type, the market is segmented as reversible and irreversible. 

The irreversible segment held the larger share of the market in 2022 and is expected to remain dominant during the forecast period. Irreversible thermochromic materials are widely used in packaging, security inks, and other coating applications as the color remains unchanged, once the activation temperature is reached, and due to increasing demand in medical applications, the demand for these thermochromic materials is increasing.

Material Trends

Based on the material type, the market is segmented as leuco dyes, liquid crystals, pigments, and others. 

The leuco dyes segment is expected to remain dominant during the forecast period. Thermochromic materials made of leuco dyes are specialized dynamic materials that change color when exposed to different temperatures. Leuco dyes are used in several applications where temperature response accuracy is not critical, such as novelties, bath toys, flying discs, textiles, and consumer goods. They are also used in battery state indicators.

End-Use Industry Trends

Based on the end-use industry type, the thermochromic materials market is segmented as packaging, printing & coating, medical, textile, industrial, and others. 

The printing & coating segment leads the market. Thermochromic materials are also widely used in security printing applications such as certificates, vouchers, tickets, stock certificates, tax stamps, passports, tamper-evident labels, and others. The property of thermochromic materials to change their color with changing temperature reversibly/irreversibly promotes their demand in several applications.

Regional Analysis

Europe is estimated to be the largest and Asia-Pacific is estimated to be the fastest-growing thermochromic materials market during the forecast period, with Germany, the UK, France, and Italy being the major countries offering lucrative growth opportunities driven by the smart packaging industry in the western part of Europe. China and India are the growth engines of the Asia-Pacific region.

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Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The global thermochromic materials market is segmented into the following categories.

By Product Type

• Reversible (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Irreversible (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By Material Type

• Leuco Dyes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Liquid Crystals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Pigments (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Material Type Analysis: Vanadium Oxide (Vo2) and Copper (I)-Iodide)

By End-Use Industry Type

• Packaging (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Printing & Coating (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Medical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Textile (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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