Global Thermochromic Materials Market: Rise In Demand for Color Changing Packing and Labelling Materials Leads Towards Market Growth

The global thermochromic materials market is prognosticated to be driven by the rising demand for innovation and development of products that utilize the color-changing abilities of substances due to changes in temperature. There are anticipated to be a plethora of functional and recreation applications of the property found in these materials. Liquid crystals (LC) and leuco dyes are the primary substances used in this industry. The thyemrochromic materials are increasingly used in the production of coatings, inks, polymers, and paper sheets, to manufacture products, which could offer convenience and amusement to consumers. A good example is a forehead strip thermometer that utilizes printed liquid crystals, which change color indicate body temperature during medical procedures such as surgery.

While having a number of applications, thermochromic substances are known to degrade in the presence of ultraviolet (UV) rays. They are priced higher than traditional ink owing to their complicated manufacture process. Nonetheless, due to rising demand from smart textile sector, such as color changing table cloths on contact with hot items, ski apparels and chairs indicating the position of last user, may aid in overcoming the minor challenges faced by the market.

The worldwide thermochromic materials market is expected to exhibit a 9.3% CAGR between 2017 and 2025. The market, which stood at an estimate of US$0.998 bn in 2016, is prognosticated to achieve market value up to US$2.174 bn by the end of the forecast period.

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Smart Packaging and Textiles to Lead to Higher Market Demand

On the basis of product type, the global tehrmochromic materials market is classified into reversible and irreversible materials. Of these, the segment of reversible thermochromic materials dominate the industry, accounting to about sixty percent of the market share. They are known to be used in baby diapers, textiles, bath toys, and battery gauges. Reversible thermochromic materials do not possess the ability to return to their original state, and hence are not preferred over reversible materials.

Thermochromic substances are also witnessing rising use in security or camouflaging applications, and sensors for functional operations. They are printed on plastic films over conventional dyes due to their consistency and longevity. The advances in technological innovations have led to the introduction of energy management films, OLED devices and flexible electronics. The thermochromic materials find applications in these sectors as well and these factors are also responsible for proving an impetus to the market growth.

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North America Predicted to Be Leading Region On Account of Expanding Packaging Market

North America is predicted to witness high demand for the thermochromic materials, which could be driven by the rising interest for use of pigments in printing. Thermochromic pigments usage in inks for screen printing and flexographic printing is foretold to be a primary factor for the market upswing in the region, along with applications in packaging. Europe is predicted to be a significant region in terms of market revenue owing to growing use of smart textiles and packaging materials. Germany and France are slated to be the fundamental contributors toward this growth.

However, in terms of growth rate, Asia Pacific is prognosticate to be the rapidest growing region for the thermochromic materials market. The advances in awareness of the applications of the materials in textiles, footwear, decoratives, and consumables is to be charged to be the factors behind the motivating the market, with Japan and China being the focal points of the driving forces.

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The leading players of the international market for thermochromic materials are New Color Chemical Co., QCR Solutions, OilKrom, Hali Industrial Co. Ltd., and LCR Hallcrest.

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