Thermochromic Materials Market (Type - Reversible and Irreversible) - Growth, Trends and Forecast 2025
One major restraint hobbling the global thermochromic materials market is the fact that they have poor light fastness. Such materials degrade in the presence of UV rays and undergo photochemical fading. Thermochromic inks are also more expensive than conventional inks. This is because the manufacturing process of thermochromic materials is highly specialized and complicated.
Despite such factors proving counterproductive to the global thermochromic materials market, it is expected to expand at a good clip. A report by Transparency Market Research predicts the market to register a CAGR of 9.3% during the period between 2017 and 2025 to become worth US$2.174 bn in 2025 from US$.988 bn in 2016.
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Irreversible Thermochromic Materials Find Less Takers as they are Limited to One-time Use
The global thermochromic materials market can be split into two, depending upon the type of thermochromism. Those are reversible and irreversible. The reversible thermochromatic material, as the name suggests, revert to original color when the temperature too gets back to its original level.
At present reversible thermochromatic materials lead in terms of market share because of their widespread applications in bath toys, baby diapers, textiles, battery gauges, etc. Irreversible thermochromic materials, which do not return to their original color on reversing the temperature, on the other have seen lesser uptake as they are limited to a single-time use. They mostly find applications in product labels, food and security packaging labels, and security labels.
In 2016, reversible thermochromic materials accounted for 60% market share and irreversible ones for 60% market share.
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Rising Knowledge of Uses of Thermochromic Materials Drives Stellar Growth in Asia Pacific
North America leads the global thermochromic materials market. Expanding at an impressive 9.6%, the market in the region will likely grow its share to 34.8% owing to demand for thermochromic materials from the smart textiles and smart packaging markets. Europe is another key consumer in the market. It accounted for over 30% share in the global market in 2016. The region is mainly powered by Germany and France, which are major consumers of thermochromic materials. Vis-à-vis growth rate, however, Asia Pacific is slated to overtake all other regions by clocking a CAGR of 9.9% from 2017 to 2025 on account of rising knowledge about the use of thermochromic material for textile, decorative items, footwear, and other consumer goods. Japan and China are at the forefront of driving expansion in the region. Latin America and the Middle East and Africa, on the other, will grow at a tepid and will not add much to their relatively lower market share.
Prominent participants in the global market for thermochromic materials are OliKrom, Good Life Innovations Ltd, Matsui International Company, QCR Solutions Corp., New Color Chemical Co., Hali Industrial Co. Ltd., LCR Hallcrest, Ltd (NCC), Gem’innov, Smarol Industrial Co. Ltd., CTI (Chromatic Technologies), and L’Arca Srl.
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