Thermochromic Materials Market
Thermochromic Materials Market (Type - Reversible and Irreversible) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Global Thermochromic Materials Market: Key Highlights
- The global demand for thermochromic materials stood nearly US$ 1.16 Bn in 2018 and is projected to reach over US$ 2.33 Bn by 2027. The market for thermochromic materials is primarily driven by rising demand for smart packaging and smart textile products.
- Thermochromic materials are temperature sensitive materials that change color on exposure to heat. The various mechanisms used to obtain thermochromism are charge transfer, crystalline field, modification of chemical structure and temperature induced phenomena such as phase transformations, decompositions, etc.
- Thermochromic materials are commonly made from leuco dyes or liquid crystals. Both, liquid crystals and leuco dyes, are encapsulated in microcapsules prior to their use in their various applications. Use of such thermochromic microcapsules are rapidly increasing in multiple applications across the world.
- Companies are adopting innovative technologies such as thermochromic materials inorder to differentiate their products in an increasingly competitive market scenario. Use of special effect inks such as thermochromic and photochromic inks is in line with the marketing trends that focus on interactivity between the consumer and the brand.
- 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 Insights
- Thermochromic materials are used for a broad range of applications in various end-use industries. These materials are being increasingly used in smart textiles for fashion and home furnishing applications. These applications include ski outfits; tablecloths whose color changes upon contact with hot table items; chairs whose color indicates where a person has been sitting; apparels that have a particular motif painted on them that changes its color.
- Thermochromic textiles can also be used as flexible sensors for functional usage for applications such as security or camouflage. The use of thermochromic materials in energy conservation, in particular as coatings for ‘switchable glass’, is being investigated by several research institutions. This type of glass lets heat through in the winter to take advantage of passive solar heating and blocks it in the summer.
- Thermochromic inks are applied on packaging products for applications in marketing a labelling, security printing as well as for promotional activities.
- In terms of demand, the use of reversible thermochromic materials dominates over that of irreversible thermochromic materials and this trend is anticipated to be maintained throughout the forecast period.
- 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.
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Global Thermochromic Materials Market: Regional Insights
- North America is estimated to have highest demand for thermochromic materials in 2018. It is likely to remain the dominant market during the forecast period. In North America, U.S. was a major region for thermochromic material in 2018. Rising usage of thermochromic materials in various forms such as polymer, inks and pigments for various application such as interior decorations, packaging for food & beverages, in textiles and also for promotional activity. These are the major factors which is anticipated to drive the demand for thermochromic materials during the forecast period.
- Asia Pacific accounted for moderate share for thermochromic material market in 2018. Asia Pacific is anticipated to exhibit significant growth rate compare to all other regions during the forecast period. Increasing awareness of thermochromic material for textile, decorative items, footwear and other consumer goods are the key factors which is expected to drive the demand for thermochromic material in Asia Pacific region. Japan and China are the key countries contributed majority of the share for thermochromic materials in Asia Pacific region in 2018.
- Other regions such as Europe, Latin America and Middle East & Africa thermochromic material market is anticipated to grow at relatively slower rate compare to North America and Asia Pacific. In Europe, Germany market is expected to grow at faster rate compare to other countries in Europe. Presence of major food & beverage manufactures followed by easy availability and awareness related to thermochromic material are the key factors which makes the Germany market highly lucrative.
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Global Thermochromic materials Market: Competition Landscape
- Key manufacturers of Thermochromic Materials are
- Matsui International Company,
- Good Life Innovations Ltd
- New Color Chemical Co., Ltd (NCC)
- LCR Hallcrest
- Smarol Industrial Co. Ltd.
- QCR Solutions Corp.
- CTI (Chromatic Technologies)
- Hali Industrial Co. Ltd. & L’Arca Srl.
- 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. 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: Scope of the Report
TMR’s recent publication on the global thermochromic materials market provides audiences with an overall market outlook, with the help of comprehensive assessment of the global market scenario. TMR’s study on the global thermochromic materials market analyzes the market with respect to the historical and current market scenario and offers forecast for the period from 2019 to 2027.
Report readers are able to make important decisions pertaining to their business with a wealth of information and exclusive insights on the global thermochromic materials market enclosed in the study. The report on the global thermochromic materials market also provides in-depth understanding of key market trends and advancement made by companies. This TMR report is divided into different sections to allow readers to gain individual understanding of the global thermochromic materials market.
Global Thermochromic Materials Market: Key Queries Addressed in Report
- How much volume sales is expected to be generated in the global thermochromic materials market by the products during the forecast period?
- What are key growth indicators and market dynamics that are expected to drive the global thermochromic materials market in the next five years?
- Which regions are estimated to provide lucrative opportunities to the global thermochromic materials market during the forecast period?
- What are the essential strategies adopted by key players operating in the global thermochromic materials market in order to expand their geographical presence?
The first section of the TMR’s report on the global thermochromic materials market begins with a premise that includes report scope, market segmentation, and research highlights. This is followed by the executive summary that highlights aspects of the global thermochromic materials market covered in the study. This section provides brief understanding of market elements and enables readers to understand the aspects covered in the study. The report also includes market dynamics on thermochromic materials that offer understanding of market drivers, restraints, and opportunities.
The next section includes segmentation analysis of the global thermochromic materials market. This evaluation includes segmentation of the global thermochromic materials market based on product type and region. Furthermore, analysis of key segments, year-on-year growth projection, and basis point share analysis are included in the report. These help readers identify promising areas for growth of the market.
The TMR’s study on the global thermochromic materials market offers assessment of the geographical landscape of the market. The regional study helps market competitors make important decisions pertaining to their business. Individualized, region-wise, and segment-wise analysis helps readers decipher the growth potential for the market across various geographies. Supported by year-on-year growth projection and global market value and volume share, this section is a vital part of the thermochromic materials report.
The study on the global thermochromic materials market offers a holistic competitive value judgment, with details of leading as well as emerging market players. The dashboard view of competitors operating in the global thermochromic materials market allows readers to understand business strategies of these players along with their performance.
Global Thermochromic Materials Market: Research Methodology
The TMR’s report on the global thermochromic materials market is based on detailed estimation of the market, with the inclusion of comprehensive primary and secondary research inputs. Detailed investigation of the global thermochromic materials market, in terms of competition scenario, is supported by individual-level examination of different avenues related to the market. Furthermore, for secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the required understanding of the global thermochromic materials market. This helps TMR’s analysts derive crucial predictions and forecast of the global thermochromic materials market. Readers can access the study of the global thermochromic materials market to gain projected market analysis for the period from 2019 to 2027.
Global Thermochromic materials Market: Segmentation
Middle East & Africa