Thermochromic Material Market by Type (Reversible and Irreversible), Material (Leuco Dyes, Liquid Crystals, Pigments and Others), and End-Use Industries (Packaging & Printing & Coating, Medical, Textile, Industrial and Others): Global Opportunity Analysis and Industry Forecast 2020–2030

Thermochromic Material Market Statistics - 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. 

The thermochromic material market has been negatively impacted due to the wake of the COVID-19 pandemic owing to its dependence on chemical manufacturing, polymer catalysis, packaging, and other retail sectors.

Thermochromic are the materials that are divided into two parts based on uses named “Thermal” is heat and “Chrome” is coloration. Thermochromic material shows reversible transition from color to colorless due to the change in temperature. The change in temperature may occur due to various stimuli like, ultraviolet irradiation, sunlight. There are mainly two types of materials used to produce thermochromic effects, namely organic dyes called leuco dyes and liquid crystals.

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Thermochromic materials are generally organic leuco-dye mixtures composed by the solvent, color developer and the color former. Thermochromic material is used as temperature indicators in many industries and also used to determine the reaction heat and temperature variation in chemical reaction. In addition, it is used to measure temperature distribution of chemical heating apparatus such as reactors and heat exchangers and also used to indicate the temperature variation in containers for chemicals, dangerous goods and storage vaults. Moreover, it is used to detect hot and cold by the changing the property of material such as color, shape, size and other. Furthermore, thermochromic materials are heavily used in textile, pharmaceutical, packaging, printing and many other.  

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 categorized into reversible and irreversible. On the basis of material, it is classified 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 of the major industry participants. The key players operating and profiled in the report include OliKrom (France), LCR Hallcrest (U.S.), Chromatic Technologies (CTI) (US), Matsui International Company (U.S.), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEMINNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China).

Global Thermochromic material market, by type

By type, the irreversible segment dominated the global thermochromic material market in 2020, and is projected to remain the fastest-growing segment during the forecast period.

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Global Thermochromic material market, by material

By materials, the packaging segment accounted for the highest market share of around 33.34% in 2020, and is projected to maintain the same during the forecast period. This is attributed to its extensive use in packaging industry and other industries.

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Global Thermochromic material market, by end-use industry

By end-use industry, the leuco dyes segment accounted for around 39.9% of the global thermochromic material market share in 2020. This is attributed to increase in demand for printers in paper & packaging industries across the globe. 

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Global Thermochromic material market, by region

By region, Asia Pacific is projected to be the fastest growing market, owing to presence of large population and rise in infrastructure activities. Demand for packaged products is anticipated to boost the industry growth during the forecast period.

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Key Benefits For Stakeholders

• The report provides an in-depth analysis of the global thermochromic material market trends along with the current and future market forecast.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the thermochromic material industry for strategy building.
• A comprehensive global thermochromic material market analysis covers factors that drive and restrain the market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.

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. The strict regulations of government led to decrease in the sector due to which there is a sluggish decline in the growth of the 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 imparts a sluggish effect on the thermochromic material market.  
• Due to the COVID outbreak, online shopping plays a vital role which led to increase in demand for packaging & printing; however, there is a sluggish impact on thermochromic material market. 
• The food packaging industry accounts for a significant share in terms of consumption of thermochromic material globally. Attributed to the outbreak of COVID-19 pandemic, the demand for food packaging was increased. As a result, the demand for thermochromic material has increased, however there is a sluggish impact on the global thermochromic material market.

Key Market Segments

By Type

• Reversible
• Irreversible

By Material

• Leuco Dyes
• Liquid crystals
• Pigments 
• Others

By End-Use Industry

• Packaging
• Printing & Coating
• Medical
• Textile
• Industrial
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA