Thermochromic Materials Market is Expected to reach USD 3.01 billion in 2026, Growing at a CAGR of 9.62%

Growing demand for thermochromic materials in end-user industries and an increase in demand for enhancing appearance products and product differentiation are expected to drive the growth of the thermochromic materials market. 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 are used for the production of coatings, inks, polymers, and paper sheets to manufacture products of convenience and amusement value. Thermochromic material has wide advantages which include manufacturing process flexibility, cost-effectiveness, and Color diversity.

Thermochromic materials have a huge application in the packaging industry. Thermochromic materials are popular in enhancing aesthetic qualities and used to 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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Rising demand for thermochromic materials in end-use industries like packaging, medical, and industrial in emerging countries is the key factor attributed to the market growth. 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 are 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.

Key Findings:
-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

Recent News:
-In December 2018, LCR Hallcrest signed a 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 that help in anti-counterfeit & tamper-proof packages. This new ink helps in stopping the product from getting tampered with 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 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.

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