The market size of thermochromic materials is estimated at USD 1.3 billion in 2019 and projected to reach USD 2.1 billion by 2024, at a CAGR of 9.5%. The global thermochromic materials market is driven by the growing demand for smart packaging applications. Increased demand for product differentiation and growing awareness about improved appearance of products are boosting the market.
Thermochromic materials reversibly change their color by temperature variation. Color transition is due to a modification in crystalline phase and structure. Thermochromic materials are widely used as temperature indicators in several end-use industries, to determine the temperature variation and reaction heat. Rising applications of these materials in ink, paints, and coatings applications is the major driving force for the market.
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The leuco dyes segment is estimated to lead the thermochromic materials market, by material, during the forecast period.
Leuco dyes is the fastest-growing segment of the thermochromic materials market, by material owing to the presence of a large number of manufacturers of leuco dyes. Leuco dyes-based thermochromic materials are specialized dynamic materials that change color when exposed to different temperatures. They are majorly used in combination with some other pigments. This produces a color change of the base pigment and the color of the pigment combined with leuco dyes. Leuco dyes are used in various applications where temperature response accuracy is not critical, such as bath toys, novelties, flying discs, consumer goods, and textiles. They are also used in battery state indicators.
Printing & coating is the fastest growing end-use industry of thermochromic materials.
Thermochromic materials are used in a wide range of end-use industries such as packaging, printing & coating, medical, textile, industrial, and others. Printing & coating is the fastest-growing end-use industry of thermochromic materials owing to a significant increase in the demand for thermal paper for POS systems. Thermochromic materials are also widely used in security printing applications such as vouchers, certificates, tickets, tax stamps, stock certificates, tamper-evident labels, passports, and others. The property of thermochromic materials to change its color with fluctuation in temperature reversibly/irreversibly promotes their demand in several anti-counterfeiting applications.
High economic growth rate and growing printing & coating industry in China, Japan, and India are projected to lead the thermochromic materials market in APAC
APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of thermochromic materials. The use of thermochromic materials as an important chemical intermediate in various applications such as food & beverage packaging, medical indicators, and thermal printing is driving the market in China. APAC is emerging as a leading consumer of thermochromic materials due to the increasing demand from domestic as well as international markets.
The key players in the thermochromic materials market include OliKrom (France), LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEMINNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launch, and merger & acquisition.
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