Printing & coating to be largest and fastest-growing end-use industry for Thermochromic Materials Market till 2024
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%.
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), GEM'INNOV (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.
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.
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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.
Reference: https://www.marketsandmarkets.com/Market-Reports/thermochromic-material-market-253699772.html
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