Thermochromic Materials Market 2019 Incredible Growth Expecting to Reach $3.01Bn with Business Opportunities 2026
Rising demand for thermochromic materials in end-use industries like packaging, medical, and industrial in emerging countries is the key factors attributed to the market growth. The global thermochromic materials market was valued at USD 1.45 billion in 2018 and is expected to reach USD 3.01 billion in 2026, growing at a CAGR of 9.62% during the forecast period.
Thermochromic materials have a huge application in the packaging industry. Thermochromic materials are popular in enhancing the aesthetic qualities and used as incorporate temperature indicators, sun protection, and infringement indicators. Also, it is widely used various printing applications such as certificates, vouchers, tickets, tax stamps, stock certificates, tamper-evident labels, passports, and others.
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Furthermore, rising demand for thermochromic materials in inks, paints, and coatings and an increase in use for food quality indicators to determine the quality of frozen meat and dairy products. On the other hand, high costs as compared to other conventional colors and inks and limited light-emitting properties is acting as a restraint to this market. However, continuous development in commercializing stable reversible materials and a growing number of applications is expected to create major growth opportunities during the forecast period.
• Based on the type, the reversible thermochromic materials segment expected to hold the share of 65% in the thermochromic materials market, while the irreversible segment expected to grow at the CAGR of approximately 13% during the forecast period
• Based on the material, the leuco dyes segment expected to grow at the fastest rate of 12% CAGR during the forecast period
• Based on the application the printing & coating segment accounted for the largest share in the market in 2018
• North America accounted for around 43% share of the global thermochromic materials market in 2018
Top Key Players
The key players operating in the global thermochromic materials market are Matsui International Company (US), LCR Hallcrest (US), OliKrom (France), Chromatic Technologies (CTI) (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), Hali Industrial (China), Kolortek (China), Kolorjet (India), and GEM'INNOV (France) among others.
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• In December 2018, LCR Hallcrest signed partnership agreement with PPG (US). The partnership focuses on new product development thermochromic coating for National Hockey League (NHL) hockey pucks. The thermochromic coating change from purple to clear when a puck’s temperature is above freezing, providing a visual indication that the puck should be replaced.
• In November 2018, Chromatic Technologies (CTI) developed high technology inks which help in anti-counterfeit & tamper-proof packages. This new inks helps in stopping product from getting tampered by inventing the first dual-indicator that helps to identify product tampering from heat and freezing.
• In October 2018, LCR Hallcrest developed Thermostrip WD. The Thermostrip WD is a self-adhering, waterproof, and color-changing which helps in measuring the surface temperature of medical instruments in bedpan washers, washer disinfectors and any thermal disinfector.
North America accounted for nearly 43% share of the global thermochromic materials market in 2018 and is expected to dominate the market throughout the forecast period followed by Europe and Asia-Pacific. Stringent government regulations regarding industrial safety and growing manufacturing hub in the North America region is one of the key factors driving the consumption of thermochromic materials in this region. Moreover, the growth of packaging, printing & coating, the medical manufacturing industry in key countries such as the US and Canada are also propelling the growth of thermochromic materials in the North America region. Asia-Pacific accounted for the highest CAGR in the global thermochromic materials market during the forecast period.
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