According to the new market research report “Thermochromic Materials Market by Material (Leuco Dyes, Liquid Crystals, Pigments), End-use industry (Packaging, Printing & Coating, Medical, Textile), Region (Europe, North America, APAC, South America, Middle East & Africa) – Global Forecast to 2024″, MarketsandMarkets: The thermochromic materials market is projected to grow from USD 1.3 billion in 2019 to USD 2.1 billion by 2024, at a CAGR of 9.5%.
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The market size of thermochromic materials is estimated to be USD 1.3 billion in 2019 and is projected to reach USD 2.1 billion by 2024, at a CAGR of 9.5%. Thermochromic materials have found most of their applications in food & beverage packaging, as smart packaging provide consumers with the information about the current temperature of the product and ascertain the quality of frozen meat and dairy products, globally.
The use of thermochromic materials in smart packaging applications is increasing rapidly with growing demand for thermal indicators and color changing interactive packaging. Thermochromic materials absorb heat to change their chemical or physical structure and emit different wavelengths of light, exhibiting varied colors. This results in a color changing phenomenon of these materials. Liquid crystal-based materials exhibit a change in color with temperature because of change in crystal structure with temperature, whereas leuco dyes-based materials change molecular structure with temperature. Both liquid crystals and leuco dyes are microencapsulated and used in a wide range of applications, including paints, fabric, plastics, and inks. Thus, the increasing demand for thermochromic materials in niche applications is providing excellent growth opportunities for manufacturers.
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The market size of thermochromic materials is estimated at USD 1.3 billion in 2019 and projected to reach USD 2.1 billion by 2024, at a CAGR of 9.5%. The global thermochromic materials market is driven by the growing demand for smart packaging applications. Increased demand for product differentiation and growing awareness about improved appearance of products are boosting the market.
Thermochromic materials reversibly change their color by temperature variation. Color transition is due to a modification in crystalline phase and structure. Thermochromic materials are widely used as temperature indicators in several end-use industries, to determine the temperature variation and reaction heat. Rising applications of these materials in ink, paints, and coatings applications is the major driving force for the market.
The key players in the thermochromic materials market include OliKrom (France), LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEMINNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China). The thermochromic materials market report analyzes the key growth strategies adopted by the leading market players between 2013 and 2019, which include expansion, new product launch, and merger & acquisition.
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Chromatic Technologies (US) is the world-wide leader in the manufacturing of thermochromic inks and smart materials. It is engaged in the production of temperature inks, sunlight inks, reveal inks, glow-in-the-dark inks, security inks, trigger inks, color-changing plastics, cold-chain alerts indicator, high-pressure pasteurization (HPP) indicators, and others. CTI is an innovation company that provides solutions to the world’s major brands and package printers. It focuses on aggressive R&D program that successfully allows CTI to provide custom innovation incubators for major brands worldwide.
LCR Hallcrest (US) is engaged in designing, developing, and manufacturing of temperature-sensitive and chemical reactive materials. It offers temperature labels, healthcare thermometers, permanent color change pigments & coatings, dishwasher disinfection labels, custom labels, color change pigments, cold chain integrity labels, food display temperature labels, and others. LCR Hallcrest also provides thermochromic materials through its subsidiaries, namely, TMC Hallcrest (UK), Thermographics (US), and Colourchange (UK). The company strives to develop solutions that help its customers gain a competitive advantage. LCR Hallcrest develops high-quality, innovative, and cost-effective solutions through customized material compositions and advanced manufacturing methods. The company is majorly focused on organic growth strategy to maintain its position as a leading manufacturer in the thermochromic materials market. It launched significant new products which helped the company in expanding its product offerings. For instance, in 2018, it launched Thermostrip WD, a self-adhering, waterproof, color-changing label that measures the surface temperature of medical instruments in washer disinfectors, bedpan washers, and any thermal disinfector. This launch helped the company in broadening its product offerings of thermochromic materials.
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