Thermochromic Materials Market - Forecast(2022 - 2027)

Report Code: CMR 89162 Report Format: PDF + Excel

Thermochromic Materials Market Overview

Thermochromic materials market size is forecast to reach $2.5 billion by 2026, after growing at a CAGR of 8.6% during 2021-2026. Thermochromic materials are generally organic leuco dye mixtures, which change reversibly their color by a temperature change. A change in the crystalline phase and structure is responsible for the color transition. The market growth is expected to be driven by the rise in the use of thermochromic materials in various applications, such as safety inks, thermometers, OLED screens, and body armors. Further, the application of thermochromic materials as an indicator to determine the quality of the frozen meat and dairy products, is anticipated to fuel the demand. However, thermochromic inks are considered as costly as the production of thermochromic materials involves the use of highly specialized and complex manufacturing process than conventional inks, which is projected to be a significant challenge for the thermochromic materials industry during the forecast period.

COVID-19 Impact

With the supply of only essential goods and restricted movement, the lockdown has had a massive impact on the thermochromic materials industry which has practically come to a stand-still. Due to the sealed borders and import-export restrictions, procurement of raw materials such as ink, label stock, plates, and dies amongt other components has been challenging. Also, the expense of sanitizing factories twice a day, having workers undergo daily health check-ups with an infrared thermometer, providing masks and face shields add up to be a major challenge for the proper functioning of thermochromic materials industries. During these hard moments, the movement of labor from urban landscapes to their respective villages further adds to the woes. Thus, there is a disruption in the smooth functioning of the thermochromic materials supply chain, which is affecting the thermochromic materials market.

Thermochromic Materials Market Report Coverage

The report: “Thermochromic Materials Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the thermochromic materials Industry.

By Type: Irreversible, and Reversible

By Material: Liquid Crystal (Dye) Systems, Leuco (Dye) Systems, Pigments, and Others

By End-Use Industry: Construction (Exterior Walls, Windows, and Others), Packaging (Pharmaceutical Drugs, Beer Cans, Soft Drinks, Coffee Cups, and Others), Printing & Coating, Textiles (Sport Textiles, Military Textiles, Fashionable Textiles, and Others), Medical (Thermography, Arthroscopy, Thermometers, and Others), Industrial (Heat Exchangers, Reactors, and Others), and Others

By Geography: North America (U.S., Canada, and Mexico), Europe (U.K, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

  • Europe dominates the thermochromic materials market, owing to the growth of the packaging, construction, and medical manufacturing industry. The use of thermochromic materials in inks for flexographic printing and screen printing is expected to be key aspects of the market growth in the region.
  • The growing demand for innovative products with temperature-based, color transition abilities for entertainment or functional applications has contributed significantly to market growth in recent years.
  • There is a growing awareness among manufacturers of military equipment regarding pigments for camouflaging their sensitive devices from infrared detection, which is anticipated to substantially drive the market growth.
  • Furthermore, the increasing usage of organic leuco dye mixtures as food quality indicators to determine the quality of the frozen meat and foods is expected to bolster the market during the forecast period.

Thermochromic Materials Market Segment Analysis By Type 

The reversible segment held the largest share in the thermochromic materials market in 2020 and is growing at a CAGR of 9.2% during 2021-2026. For applications in building envelopes, reversible thermochromic materials with an optical response in the solar temperature variable range are of particular interest. They show a dark color and low solar reflectance (high absorptance) for cold external conditions due to its crystalline phase and structure, thus increasing surface temperature. Furthermore, irreversible thermochromic materials do not return to their original color on reversing the temperature and hence they are limited to a single-time use, which is expected to boost demand for the reversible thermochromic materials over the forecast period.

Thermochromic Materials Market Segment Analysis By Material 

The leuco (dye) systems segment held the largest share in the thermochromic materials market in 2020. These come in a variety of forms, dispersion (ink concentrate /pigment), powder, or plastic pellets and are more commonly used on textiles in the design disciplines.  The organic leuco dye mixtures materials are widely used due to their color transition properties when exposed to different temperatures. In addition, organic leuco dye mixtures materials are tough, durable, and cost-effective as compared to other materials and used in medical, packaging, printing & coating. These qualities make it suitable for use in various applications, which is the major factor that drives its market growth during the forecast period.

Thermochromic Materials Market Segment Analysis - By End-Use Industry

The printing & coating segment held the largest share in the thermochromic materials market in 2020 and is growing at a CAGR of 8.7% during 2021-2026, owing to an increase in demand for thermal paper for POS systems. There is an increasing demand for thermal paper rolls in POS (point-of-sale) systems, as it helps in meeting the changing needs of the customers as well as record transactions for accounting purposes, without having to spend excessively. The use of thermochromic materials is also gaining momentum for interactive packaging that encourages consumers to take a product off the shelf and use it. Also, owing to its high reflection properties and growing demand for indication material, thermochromic materials are 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, which is also fueling the demand for thermochromic materials in the printing & coating applications during the forecast period.

Thermochromic Materials Market Segment Analysis - By Geography

Europe region held the largest share in the thermochromic materials market in 2020 up to 34%, owing to a spiraling demand from the food and beverages sector to ascertain the quality of frozen meat and dairy products. According to The Brewers of Europe, the total production of beer increased from 3,464,000 hectoliters to 3,659,000 hectoliters in Switzerland. And the Consumption rose to 470 million liters in 2018. According to the International Trade Administration (ITA), the total local production of food processing and packaging industry in Ukraine increased from USD 81,065 thousand in 2017 to USD 9,823 thousand in 2018, which then increased to USD 100,000 thousand in 2019. In the European industry, smart textiles are also the main growth factor. With the rising population and individual per capita income, the region's demand for smart textiles such as sportswear is also increasing rapidly. For instance, the export value of ski equipment for winter sports increased from USD 10,862 thousand in 2019 to USD 12,082 thousand in 2020 in Switzerland. With the increasing export value, it can be determined that the demand for smart textiles such as sportswear is continuously increasing in the region. Therefore, owing to these factors the demand for thermochromic materials is anticipated to increase, which will then drive the market growth in the region during the forecast period.

Figure: Europe Thermochromic Materials Market Revenue, 2020-2026 (US$ Billion)


Thermochromic Materials Market Drivers

Increasing Demand from Various End-Use Industries

Thermochromic materials due to their color transition and crystalline phase structure find application in different end-use industries. Their market is driven by the fashion and home furnishing industry's demand for smart textiles. Any of these apps are tablecloths that change color upon interaction with hot objects on the table, ski costumes, chairs whose color shows where a person is seated, and clothing that changes color with a specific motif painted on them. For applications such as protection or camouflage, thermochromic textiles may also be used as versatile sensors for practical use. Thermochromic inks are used for marking, safety printing, and promotional packaging items. In many industrial sectors, thermochromic materials are primarily used as temperature indicators to assess the difference in temperature and heat reaction in chemical reactions and to calculate the distribution of temperature in chemical heating devices, such as heat exchangers and reactors. All these extensive applications are driving the demand for thermochromic materials in various end-use industries.

Flourishing Construction Industry Accelerating the Demand for Thermochromic Materials

The thermochromic material coating on the building reflects the solar radiation, especially the infrared regime, and transmit visible radiation regime. This enables to use of thermochromic material for building applications. Rising energy costs and global warming concerns have sparked the implementation of guidelines, promoting the need for solar management options for architectural applications. And governments of various countries are heavily investing in expanding the construction sector. For instance, in 2019, the Thailand government allocated THB4 billion (US$125.6 million) to finance five low-cost housing projects in the country. In February 2020, the Department of Human Settlements allocated R95.9-billion, which will support the delivery of 22,696 housing subsidies in South Africa during 2020-2021. Thermochromic pigments are incorporated into building materials, such as common white coatings, colored paintings, also with the addition of TiO2, white textile membrane coverings. Thus, with the increasing construction activity, the demand for thermochromic materials to impart heat-control & color-changing abilities to windows, exterior walls, and other construction components will also eventually increase, which will then drive the market growth.

Thermochromic Materials Market Challenges

Poor Light Fastness of Thermochromic Materials

The global demand for thermochromic materials is limited by a major disadvantage of thermochromic materials, i.e., they typically exhibit low light fastness. In the presence of UV rays, certain materials degrade and undergo photochemical fading. Moreover, thermochromic inks are more costly than traditional inks. This is due to the highly advanced and complex processing of thermochromic materials. In addition, advanced printing processes might be needed to print with an irreversible thermochromic ink to prevent accidental activation during printing, which greatly increases costs. In order to ensure that thermochromic inks comply with regulatory requirements, companies using thermochromic inks for packaging in the event of direct food contact need to comply with regulatory guidelines and undergo specific testing. All of these factors act as a significant challenge for the thermochromic materials market.

Thermochromic Materials Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the thermochromic materials market. Major players in the thermochromic materials market are OliKrom, Matsui International Company, Good Life Innovations Ltd, New Color Chemical Co., Ltd (NCC), Gem’innov, LCR Hallcrest, Smarol Industrial Co. Ltd., QCR Solutions Corp., CTI (Chromatic Technologies), and Hali Industrial Co. Ltd. & L’Arca Srl.

Acquisitions/Technology Launches

In June 2019, a phosphorescent paint for marking on the ground was developed by Olikrom. This pigment absorbed sunlight during the day, without any electrical connection, to replace it during the night.

Relevant Reports

Textile Chemicals Market – Forecast (2021 - 2026)

Report Code: CMR 0077

Smart Textile Market – Forecast (2021 - 2026)

Report Code: ESR 0140

For more Chemicals and Materials Market reports, please click here

1. Thermochromic Materials Market- Market Overview
    1.1 Definitions and Scope
2. Thermochromic Materials Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Material
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Thermochromic Materials Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Thermochromic Materials Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Thermochromic Materials Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Thermochromic Materials Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Thermochromic Materials Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Thermochromic Materials Market – By Type (Market Size -$Million/Billion)
    8.1 Irreversible
    8.2 Reversible
9. Thermochromic Materials Market– By Material (Market Size -$Million/Billion)
    9.1 Liquid Crystal (Dye) Systems
    9.2 Leuco (Dye) Systems
    9.3 Pigments
    9.4 Others
10. Thermochromic Materials Market– By End-Use Industry (Market Size -$Million/Billion)
    10.1 Construction
        10.1.1 Exterior Walls
        10.1.2 Windows
        10.1.3 Others
    10.2 Packaging
        10.2.1 Pharmaceutical Drugs
        10.2.2 Beer Cans
        10.2.3 Soft Drinks
        10.2.4 Coffee Cups
        10.2.5 Others
    10.3 Printing & Coating
    10.4 Textiles
        10.4.1 Sport Textiles
        10.4.2 Military Textiles
        10.4.3 Fashionable Textiles
        10.4.4 Others
    10.5 Medical
        10.5.1 Thermography
        10.5.2 Arthroscopy
        10.5.3 Thermometers
        10.5.4 Others
    10.6 Industrial
        10.6.1 Heat Exchangers
        10.6.2 Reactors
        10.6.3 Others
    10.7 Others
11. Thermochromic Materials Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherland
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zeeland
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 U.A.E
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Thermochromic Materials Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Thermochromic Materials Market – Market Share Analysis Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Thermochromic Materials Market – Key Company List by Country Premium Premium
15. Thermochromic Materials Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1Company 1
    15.2Company 2
    15.3Company 3
    15.4Company 4
    15.5Company 5
    15.6Company 6
    15.7Company 7
    15.8Company 8
    15.9 Company 9
    15.10Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Thermochromic Materials:Product Outlook Market 2019-2024 ($M)
1.1 Reversible Market 2019-2024 ($M) - Global Industry Research
1.2 Irreversible Market 2019-2024 ($M) - Global Industry Research
2.Global Thermochromic Materials:Application Outlook Market 2019-2024 ($M)
2.1 Food Quality Indicator Market 2019-2024 ($M) - Global Industry Research
2.2 Paper Market 2019-2024 ($M) - Global Industry Research
2.3 Pigment Market 2019-2024 ($M) - Global Industry Research
2.4 Thermometer Market 2019-2024 ($M) - Global Industry Research
3.Global Thermochromic Materials:Product Outlook Market 2019-2024 (Volume/Units)
3.1 Reversible Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Irreversible Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Thermochromic Materials:Application Outlook Market 2019-2024 (Volume/Units)
4.1 Food Quality Indicator Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Paper Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Pigment Market 2019-2024 (Volume/Units) - Global Industry Research
4.4 Thermometer Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Thermochromic Materials:Product Outlook Market 2019-2024 ($M)
5.1 Reversible Market 2019-2024 ($M) - Regional Industry Research
5.2 Irreversible Market 2019-2024 ($M) - Regional Industry Research
6.North America Thermochromic Materials:Application Outlook Market 2019-2024 ($M)
6.1 Food Quality Indicator Market 2019-2024 ($M) - Regional Industry Research
6.2 Paper Market 2019-2024 ($M) - Regional Industry Research
6.3 Pigment Market 2019-2024 ($M) - Regional Industry Research
6.4 Thermometer Market 2019-2024 ($M) - Regional Industry Research
7.South America Thermochromic Materials:Product Outlook Market 2019-2024 ($M)
7.1 Reversible Market 2019-2024 ($M) - Regional Industry Research
7.2 Irreversible Market 2019-2024 ($M) - Regional Industry Research
8.South America Thermochromic Materials:Application Outlook Market 2019-2024 ($M)
8.1 Food Quality Indicator Market 2019-2024 ($M) - Regional Industry Research
8.2 Paper Market 2019-2024 ($M) - Regional Industry Research
8.3 Pigment Market 2019-2024 ($M) - Regional Industry Research
8.4 Thermometer Market 2019-2024 ($M) - Regional Industry Research
9.Europe Thermochromic Materials:Product Outlook Market 2019-2024 ($M)
9.1 Reversible Market 2019-2024 ($M) - Regional Industry Research
9.2 Irreversible Market 2019-2024 ($M) - Regional Industry Research
10.Europe Thermochromic Materials:Application Outlook Market 2019-2024 ($M)
10.1 Food Quality Indicator Market 2019-2024 ($M) - Regional Industry Research
10.2 Paper Market 2019-2024 ($M) - Regional Industry Research
10.3 Pigment Market 2019-2024 ($M) - Regional Industry Research
10.4 Thermometer Market 2019-2024 ($M) - Regional Industry Research
11.APAC Thermochromic Materials:Product Outlook Market 2019-2024 ($M)
11.1 Reversible Market 2019-2024 ($M) - Regional Industry Research
11.2 Irreversible Market 2019-2024 ($M) - Regional Industry Research
12.APAC Thermochromic Materials:Application Outlook Market 2019-2024 ($M)
12.1 Food Quality Indicator Market 2019-2024 ($M) - Regional Industry Research
12.2 Paper Market 2019-2024 ($M) - Regional Industry Research
12.3 Pigment Market 2019-2024 ($M) - Regional Industry Research
12.4 Thermometer Market 2019-2024 ($M) - Regional Industry Research
13.MENA Thermochromic Materials:Product Outlook Market 2019-2024 ($M)
13.1 Reversible Market 2019-2024 ($M) - Regional Industry Research
13.2 Irreversible Market 2019-2024 ($M) - Regional Industry Research
14.MENA Thermochromic Materials:Application Outlook Market 2019-2024 ($M)
14.1 Food Quality Indicator Market 2019-2024 ($M) - Regional Industry Research
14.2 Paper Market 2019-2024 ($M) - Regional Industry Research
14.3 Pigment Market 2019-2024 ($M) - Regional Industry Research
14.4 Thermometer Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Thermochromic Materials Market Revenue, 2019-2024 ($M)
2.Canada Thermochromic Materials Market Revenue, 2019-2024 ($M)
3.Mexico Thermochromic Materials Market Revenue, 2019-2024 ($M)
4.Brazil Thermochromic Materials Market Revenue, 2019-2024 ($M)
5.Argentina Thermochromic Materials Market Revenue, 2019-2024 ($M)
6.Peru Thermochromic Materials Market Revenue, 2019-2024 ($M)
7.Colombia Thermochromic Materials Market Revenue, 2019-2024 ($M)
8.Chile Thermochromic Materials Market Revenue, 2019-2024 ($M)
9.Rest of South America Thermochromic Materials Market Revenue, 2019-2024 ($M)
10.UK Thermochromic Materials Market Revenue, 2019-2024 ($M)
11.Germany Thermochromic Materials Market Revenue, 2019-2024 ($M)
12.France Thermochromic Materials Market Revenue, 2019-2024 ($M)
13.Italy Thermochromic Materials Market Revenue, 2019-2024 ($M)
14.Spain Thermochromic Materials Market Revenue, 2019-2024 ($M)
15.Rest of Europe Thermochromic Materials Market Revenue, 2019-2024 ($M)
16.China Thermochromic Materials Market Revenue, 2019-2024 ($M)
17.India Thermochromic Materials Market Revenue, 2019-2024 ($M)
18.Japan Thermochromic Materials Market Revenue, 2019-2024 ($M)
19.South Korea Thermochromic Materials Market Revenue, 2019-2024 ($M)
20.South Africa Thermochromic Materials Market Revenue, 2019-2024 ($M)
21.North America Thermochromic Materials By Application
22.South America Thermochromic Materials By Application
23.Europe Thermochromic Materials By Application
24.APAC Thermochromic Materials By Application
25.MENA Thermochromic Materials By Application
26.Sfxc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Indestructible Paint Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.H W Sand Corp, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Fraunhofer Iap, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Olikrom, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Kolortek Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Shanghai Caison Color Material Chem Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Lcr Hallcrest Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Smarol Industry Co Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.New Prismatic Enterprise Co Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)