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. The color transition is on account of a change in structure and crystalline phase.
The market for functional materials is rapidly expanding, particularly thermochromic materials that alter their color with the change in temperature. This enhancement is due to rising uses in smart bags, garments, security printing, and sensing technologies. Advancements in reversible and irreversible thermochromic technologies are giving some upgrades to the appearance of products. Other factors driving this change include increased consumer demand for more innovative, interactive products and the development of new materials. Nevertheless, there are limitations to the full realisation of its potentiality including high production costs and issues relating to regulation.
Segments Analysis
Product Trends
"The irreversible segment accounted for the largest market share."
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
"The leuco dyes segment accounted for the largest market share."
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
"The printing & coating segment accounted for the largest market share."
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 Insights
"Europe accounted for the largest market share."
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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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.
Note: The above list does not necessarily include all the top players of the market.
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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?
Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth analysis of the thermochromic materials market.
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How lucrative is the future?
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The market forecast and trend data and emerging trends.
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts.
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast.
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What are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis.
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, and Life cycle analysis.
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What are the factors affecting the market?
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Drivers & challenges.
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Will I get the information on my specific requirements?
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10% free customization.
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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
By Material Type
- Leuco Dyes
- Liquid Crystals
- Pigments
- 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
- Printing & Coating
- Medical
- Textile
- Industrial
- Others
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)
Thermochromic Materials Market Highlights
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Market Size in 2022
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US$ 1.80 Billion
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Market Size in 2028
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US$ 3.11 Billion
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Market Growth by 2023-2028
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CAGR of 9.54%
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Base Year of Study
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2022
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Trend Period
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2017-2021
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Forecast Period
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2023-2028
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Dominant Region
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Europe is estimated to be the largest and Asia-Pacific is estimated to be the fastest-growing market.
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Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s aviation thermochromic materials market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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
Custom Research
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