Understanding Impact of COVID-19 on Thermochromic Materials Market

Global Thermochromic Materials Market: Highlights

The global thermochromic materials market is projected to grow at a CAGR of more than 8% between 2019 and 2027. Demand from smart textiles and smart packaging is anticipated to drive the market during the forecast period.

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Thermochromic materials are materials in which a change of temperature induces an observable change of color in the material. This phenomenon can be reversible, wherein the material changes back to its original color on reversal of the temperature change, or it can be irreversible. The most commonly used thermochromic materials are leuco dyes and liquid crystals (LCs).
Thermochromic liquid crystals are usually in the nematic form in which the molecules are oriented in parallel but not arranged in well-defined planes. Liquid crystals are used in precision applications such as temperature sensitive thermometers, LCD Screens, stress analysis, refrigerators etc. As compared to liquid crystals, leuco dyes allow provide wide range of colors to be used, however their response temperatures are more difficult to set with accuracy.

Thermochromic leuco inks are applied on products for functional usage, where the thermochromic ink indicates the temperature at a particular time, or for marketing and promotional purposes, product labelling, and some applications in security printing.

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Thermochromic inks are also considerably costlier than conventional inks as the production of thermochromic materials involves use of highly specialized and complex manufacturing processes. Moreover, in order to prevent accidental activation during printing, specialized printing processes may be required to print with an irreversible thermochromic ink which would considerably increase costs. These factors are anticipated to restrict growth of the thermochromic materials market.

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Global Thermochromic Materials Market: Segmental Trends

In terms of type of thermochromism, reversible was the largest segment of the thermochromic material market, accounting for more than 60% share in 2018. Upon heating, heat-activated thermochromic materials change from a colored state at room temperature to colorless state while cold-activated thermochromic materials change from a colorless state at room temperature to colored state upon cooling. Reversible thermochromic materials are used in textiles, baby diapers, bath toys, battery gauges, etc.

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Irreversible thermochromic materials held a smaller share of more than 30% in 2018 and these materials are mainly used in product labels, security labels, food & beverages packaging labels etc. Irreversible thermochromic materials do not return to their original color on reversing the temperature and hence they are limited to a single-time use.
Global Thermochromic Materials Market: Regional Highlights

In terms of volume, North America dominated the global thermochromic materials market in 2018. It accounted for more than 30% share in global thermochromic materials market in 2018. The thermochromic materials market in North America is likely to be boosted by increasing demand for thermochromic materials from the smart textiles and smart packaging markets.
Europe was another leading consumer of thermochromic materials accounting for more than 30% of the global market in 2018. Germany and France were the major consumers of thermochromic materials in Europe in 2018.
The thermochromic materials market in Asia Pacific is anticipated to grow at a speedy rate during the forecast period. The demand for thermochromic materials is low in Latin America and Middle East & Africa and this trend is expected to continue during the forecast period.
Key Developments in Global Thermochromic Materials Market

In April 2020, Chromatic Technologies Inc. (CTI) has partnered with American Thermal Instruments (ATI) in Dayton, Ohio, to donate free-of-charge new printable temperature, tampering and authentication technology to protect all new COVID-19 drugs.
In June 2019, Olikrom produced a phosphorescent paint for marking on the ground. This contains pigments absorbing sunlight during the day, to restore it during the night, without any electrical connection.
In November 2018, CTI (Chromatic Technologies Inc.) invented the first dual-indicator to detect product tampering from heat and freezing.
In October 2018, Olikrom inaugurated a pilot plant in Pessac, near Bordeaux. Olikrom designs and produces smart pigments for its partners.
Global Thermochromic Materials Market: Competition Landscape

There is need for companies to differentiate their products in an increasingly competitive market scenario is making them adopt innovative technologies such as color-changing inks for smart packaging and textiles.
Key manufacturers of Thermochromic Materials are OliKrom, Matsui International Company, Good Life Innovations Ltd, New Color Chemical Co., Ltd (NCC), Gem’innov, LCR Hallcrest, Smarol Industrial Co. Ltd., QCR Solutions Corp., CTI (Chromatic Technologies), Hali Industrial Co. Ltd. & L’Arca Srl.

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