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“The thermochromic materials market is projected to register a CAGR of 9.5%, in terms of value, between 2019 and 2024.”
The market size of thermochromic materials is estimated at USD 1.3 billion in 2019 and is projected to reach USD 2.1 billion by 2024, at a CAGR of 9.5%. The market growth is attributed to the rising demand for thermochromic materials from applications such as food & beverage packaging, cosmetic & baby products packaging, pharmaceuticals packaging, and other smart packaging, among others. However, the high cost of thermochromic materials is restraining the growth of the market. In addition, leuco dyes shortage in China is the major challenge for the market growth.
“The leuco dyes material segment is projected to register the highest CAGR during the forecast period.”
Leuco dyes-based thermochromic materials are specialized dynamic materials that change colour when exposed to different temperatures. They exhibit less accurate temperature response than liquid crystals. They are majorly used in combination with some other pigments. This produces a color change of the base pigment and the color of the pigment combined with leuco dyes. Leuco dyes is the fastest-growing segment of the thermochromic materials market, by material and finds use in an array of end-use industries such as packaging, printing & coating, and medical.
“Printing & coating is projected to be the fastest-growing end-use industry of thermochromic materials during the forecast period.”
Printing & coating is the largest end-use industry of thermochromic materials. Thermochromic materials change color with the variation in temperature, which promotes their use in temperature-sensitive color coating. Thermochromic materials are also widely used in security printing applications such as vouchers, certificates, tickets, tax stamps, stock certificates, tamper-evident labels, passports and others. The property of thermochromic materials to change its color with fluctuation in temperature reversibly/irreversibly promotes their demand in several anti-counterfeiting applications.
“APAC is projected to be the fastest-growing thermochromic materials market during the forecast period.”
The APAC market is projected to register the highest growth for thermochromic materials, in terms of value and volume, owing to the rapid development of the printing & coating industry in the region. The growth is backed by the region’s favorable manufacturing conditions and the promising textile industry. The use of thermochromic materials as an important chemical intermediate in various applications such as food & beverage packaging, medical indicators, and thermal printing is driving the market in the country. Emerging economies such as India, China, and South Korea have been the major revenue pockets for the APAC market. The availability of inexpensive raw materials, labor, and land coupled with a moderately stringent regulatory framework are some of the factors that have aided the region to emerge as one of the leaders in the thermochromic materials market. These factors are fueling the thermochromic materials market in the APAC region.
This study was validated through primary interviews conducted with various industry experts, worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
- By Company Type– Tier 1: 57%, Tier 2: 29%, and Tier 3: 14%
- By Designation–C Level: 43%, Director Level: 35%, and Others: 22%
- By Region– APAC: 40% Europe: 30%, North America: 19%, Middle East & Africa: 6%, and South America: 5%
The report profiles several leading players of the thermochromic materials market that include OliKrom (France), LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEM’INNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China).The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the thermochromic materials market.
- The report offers insights on thermochromic materials used in various end-use industries across regions. It aims at estimating the size of the thermochromic materials market during the forecast period and projects the future growth of the market across the type, material, end-use industry, and region segments.
- The report also includes an in-depth competitive analysis of the key players in the thermochromic materials market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in the thermochromic materials market by providing them with the closest approximations of the revenues for the overall market and its various sub-segments.
- This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
- The report will also help stakeholders understand the pulse of the market and help acquire information on key drivers, restraints, challenges, and opportunities affecting the growth of the thermochromic materials market.