Global Thermochromic Materials Market analysis and Industry Forecast-2026
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.
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Materials changes the
colors with the change in heat and temperature. Thermochromic Materials
incorporate changing color ability to convert thermal radiation into a
chromatic effect, which changes the viewed color. The thermochromic materials
are used as markers to which accurately and instantly relate data to the
viewers. These materials are widely used in the manufacturing of inks, paints,
coats, paper sheets, and polymers to manufacture various products. The growth
of the thermochromic materials market is primarily driven by growing demand for
thermochromic materials in end-user industries and an increase in demand for
enhancing appearance product and product differentiation.
Moreover, the rising
demand for thermochromic material as food quality indicators also drives the
growth of the global thermochromic materials market. On the other hand, high
costs as compared to other conventional colors and inks and limited
light-emitting properties is creating a major hindrance for its market growth.
However, continuous development in thermochromic materials to use in various
applications is expected to create major growth opportunities during the
forecast period.
The reversible
thermochromic materials segment expected to hold the share of 65% in the
thermochromic materials market Based on the type, the global thermochromic
materials market has been segmented into reversible and irreversible thermochromic
materials. The reversible thermochromic materials segment expected to hold the
share of 65% in the thermochromic materials market.
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While, the irreversible
segment expected to grow at the CAGR of approximately 13% during the forecast
period owing to its excellent indication properties and manufacturing process
flexibility further grows the demand for irreversible thermochromic materials.
Moreover, irreversible thermochromic materials are largely used in packaging,
security inks and other coating applications as they change appearance when
exposed to diverse temperatures. Moreover, such factors materials are expected
to enhance the market grpwth for acrylic thermochromic throughout the forecast
period.The leuco dyes segment expected to grow at the fastest rate of 12% CAGR
during the forecast periodBased on the material, the global thermochromic
materials market has been segmented into leuco dyes, liquid crystals, pigments,
and others.
The leuco dyes materials
are widely used due to color change properties when exposed to different
temperatures. These materials are tough, durable, and cost-effective as compare
to other materials and used in medical, packaging, printing & coating.Based
on the application, the printing & coating segment is expected to lead
during the forecast periodBased on the application, the market has been
segmented into packaging, printing & coating, medical, textile, industrial,
and others. The printing & coating segment accounted for the largest share
in the market in 2018. Owing to its high reflection properties and growing
demand for indication material, the thermochromic materials are an ideal
solution for printing & coating applications.
The thermochromic
materials are used in printing & coating applications for path markings,
the coating on instrument panels, indicator purpose, and emergency markings.
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North America to
dominate the thermochromic materials market throughout the forecast period 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.Company Profiles and Competitive
Intelligence:The major 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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