Printing & coating is the fastest growing end-use industry of thermochromic materials

 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%. The high growth of niche applications consuming thermochromic materials across the world, coupled with efficient and superior properties of thermochromic materials, is driving 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).

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, and 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.  

The leuco dyes segment is estimated to lead the thermochromic materials market, by material, during the forecast period.

Leuco dyes is the fastest-growing segment of the thermochromic materials market, by material owing to the presence of a large number of manufacturers of leuco dyes. Leuco dyes-based thermochromic materials are specialized dynamic materials that change color when exposed to different temperatures. 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 are used in various applications where temperature response accuracy is not critical, such as bath toys, novelties, flying discs, consumer goods, and textiles. They are also used in battery state indicators.

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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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Printing & coating is the fastest growing end-use industry of thermochromic materials.

Thermochromic materials are used in a wide range of end-use industries such as packaging, printing & coating, medical, textile, industrial, and others. Printing & coating is the fastest-growing end-use industry of thermochromic materials owing to a significant increase in the demand for thermal paper for POS systems. 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.

High economic growth rate and growing printing & coating industry in China, Japan, and India are projected to lead the thermochromic materials market in APAC during the forecast period.

APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of thermochromic materials. 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 China. APAC is emerging as a leading consumer of thermochromic materials due to the increasing demand from domestic as well as international markets.

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