Thermochromic Material Market Expected to Reach $1.3 Billion by 2030

According to a new report published by Allied Market Research titled, “Thermochromic Material Market by Type, Material, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global thermochromic material market was valued at $1.0 billion in 2020, and is projected to reach $1.3 billion by 2030, growing at a CAGR of 3.4% from 2020 to 2030.

Thermochromic materials are often used for color developer for various use in textile, pharmaceutical and others. Thermochromic material is generally a dye mixture which is made by weak acid and produce the color change and the final color intensity. In addition, thermochromic materials are used to detect the temperature. Moreover, there are several types of thermochromic materials available at wide range of activation temperatures, which can be applied to different surfaces such as liquid dye, leuco dye, single color liquid crystal, irreversible dye system and others.

The global thermochromic material market is segmented on the basis of type, material, technology, end-use industry and region. Depending on type, the market is bifurcated into reversible and irreversible. On the basis of material, it is categorized into leuco dyes, liquid crystals and others. On the basis of end-use industry, it is segmented into packaging, printing & coating, medical, textile, industrial and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global thermochromic material market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report 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).

The global thermochromic material market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the thermochromic material market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Key Findings Of The Study:

• On the basis of type, the irreversible segment emerged as the leader with around 51.77% of the global market share in 2020, and is anticipated to be the largest market during the forecast period.
• On the basis of material, the printing and coating emerged as the global leader by acquiring around 36.89% of the global market share in 2020, and is anticipated to be the largest market during the forecast period.
• On the basis of end-use industry, the leuco dyes segment registered the highest market share of around 41.5% and is projected to maintain the same during the forecast period.
• On the basis of region, Asia Pacific registered the highest market share of around 38.54% and is projected to maintain the same during the forecast period.

Impact Of Covid-19 On The Global Thermochromic Material Market

• As a result of the global economic slowdown, the production of major industries such as pulp & paper, textile, printing & coating and others were stopped for a shorter period of time. The strict regulations of government led to decrease in the sector due to which there is a sluggish decline in the growth of global thermochromic material market.
• The pharmaceutical and healthcare industry accounts for a major share in terms of consumption of thermochromic material globally. After the major lockdown across the globe there is a significant growth in the healthcare industry, which led to increase in demand for thermochromic material across the globe. However, there is a sluggish effect on the thermochromic material due to Covid-19.
• The production of textile was not stopped due to the minor restrictions on common use commodities which led to increase in supply of thermochromic material, which in turn had a sluggish effect on the thermochromic material market.  
• Due to the COVID outbreak, online shopping plays a vital role which led to increase in the demand for packaging & printing; however, there is sluggish impact on thermochromic material market. 
• The food packaging industry accounts for significant share in terms of consumption of thermochromic material globally. Attributed to the outbreak of COVID-19 pandemic, the demand for food packaging increased. As a result, the demand for thermochromic material has also increased; however, there is a sluggish impact on the global thermochromic material market.