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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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.
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