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The thermochromic materials market is estimated to increase by USD 1.47 billion and grow at a CAGR of 7.24% between 2022 and 2027. The growth of the market depends on several factors, including the increasing demand for food quality indicators, the increasing use of thermochromic pigments in inks, paints, and coatings, and the growing demand for thermochromic materials in APAC. A significant driver behind the market's growth is the escalating demand for food quality indicators. There's a noticeable uptick in the emphasis on quality assurance and product authenticity, spurred by heightened regulatory requirements from governments regarding coding and marking on prepared food items. Food manufacturers are actively pursuing dependable coding techniques to bolster product safety and adhere to stringent standards for accuracy and throughput in their production processes.
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This report extensively covers market segmentation by type (reversible and irreversible), application (pigments, thermometers, food quality indicators, papers, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the reversible segment will be significant during the forecast period. Lawrence Industries offers ChromaZone free-flowing powders and aqueous slurries, which are reversible thermochromic pigments. These materials can be utilized in various applications, such as brand protection and security, novelty promotional products, and toys. Thus, the increasing use of reversible thermochromic materials in different end-user industries will augment the growth of the global market during the forecast period.
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The reversible segment was valued at USD 1,82 billion in 2017 and continued to grow by 2021. Reversible was the largest segment of the global market in 2022 and is expected to remain the largest segment during the forecast period. Reversible thermochromic materials are ideal for sensory applications as these materials change at a predetermined temperature. These sensors support recognizing overheating hazards; therefore, the demand for reversible materials in the sensors is high in baby products and chemical containers. Also, various vendors have designed and developed a reversible pigment-based apparel line for endurance athletes and other sportspeople to facilitate exhaustion detection. The Unseen, a London-based company, has also introduced reversible thermochromic hair dyes, which enable consumers to change their hair color depending on their surrounding environments. This, in turn, will fuel the global market during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was the largest segment of the global market in 2022 and will continue to remain the largest segment during the forecast period. Strict government regulations concerning industrial safety and flourishing manufacturing hub in North America are some of the major drivers boosting the usage of thermochromic materials. Moreover, the developments in printing and coating applications, packaging applications, and the medical manufacturing industry in major countries such as the US and Canada are also driving the growth of the market in North America.
The Market is witnessing rapid growth, driven by advancements in coding techniques and intelligent materials. Chromatic Technologies (CTI) is at the forefront of research in this field. These materials, including the white acrylic elastomer matrix and water-based inks, are revolutionizing various industries such as aerospace, apparel, and infrastructure. With their ability for heat regulation and high precision, thermochromic substances find applications in products ranging from batteries to infant items. Moreover, their use in cookware and chemical containers ensures consumer safety through accurate temperature monitoring. As infrastructure spending increases globally, thermochromic materials play a vital role in enhancing energy efficiency and sustainability. With their integration into international supply chains and home furnishings, the Thermochromic Materials Market promises continued innovation and expansion in the future. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for food quality indicators is a key factor driving the growth of the market. There has been a rising interest in quality assurance and product authenticity with an increase in regulatory demands by governments for appropriate coding and marking on cooked food products. Food product manufacturers are seeking highly reliable coding methods that can help them enhance their product safety while complying with the high accuracy and high throughput demands for their production.
Moreover, scientists have developed a food quality indicator to detect the level of amines that cause seafood spoilage. They are used to check the quality of frozen foods, such as meat and dairy products. Thus, the increasing demand as food quality indicators will boost the growth of the market in focus during the forecast period.
The emergence of smart materials is the primary trend in the market. Smart materials are used in a wide range of applications. Hence, their properties can be changed by external conditions, like electricity, light, and temperature. Smart ones are used in aerospace, manufacturing, and healthcare. These are usually referred to as smart because these materials are programmed by material composition. Its micro-structures are modified, especially processed, so that they can adapt to various levels of stimuli in a controlled manner. Smart materials are widely used in the automotive industry for automatic heat and light control. Thermochromic material is one such example of smart material. This type of material is temperature responsive, which means it undergo changes with the change in temperature.
Moreover, there is a wide range of applications of this smart material called thermochromic material, which includes food packaging, textiles, pigments, food quality indicators, thermometers, kettles, and tester strips, which are present on the sides of batteries. Thermochromic inks are used for printing on food packaging and clothing. Increasing use of these smart materials in a wide range of applications is expected to drive the market for thermochromic material during the forecast period.
The expensive production process is a major challenge to the growth of the global market. One of the major challenges faced by the market is the expensive production process. The high cost of raw materials and energy largely influences the overall thermochromic material production cost. The phenomenon of thermochromism arises from the various types of rearrangement at the molecular level. The mechanisms include a change in ligand geometry, phase transition, equilibria between different molecular structures, and a change in the number of solvent molecules in the coordination sphere.
Reversible thermochromic pigments have a cyclic aryl lactone dye, a diaminoalkane activator, an ester, and titanium dioxide as an opacifier. The acid activators used in reversible thermochromic pigments include phenols, phosphinic, carboxylic, phosphonic acids, and metal salts. Thus, the expensive production process of will hamper the growth of the market in focus during the forecast period.
Key Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Atlanta Chemical Engineering LLC - The company offers thermochromic materials such as Thermochromic Paints. Also, under this segment, the company manufactures color-changing thermochromic and Sun UV Activated products in the US.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing significant growth propelled by advancements in coding techniques and cutting-edge technologies. Chromatic Technologies (CTI) and Kolorjet are among the key players driving innovation in this sector. These materials, such as leuco dyes and liquid crystals, play a crucial role in various applications, including food packaging, cosmetics, and textiles. With increasing demand for cost-effective and environmentally friendly solutions, PVC-free water-based ink and specialized inks are gaining traction in the market. Moreover, the market is witnessing rising investments in infrastructure and green building codes, driving the adoption of thermochromic substances for heat regulation and light regulation. With applications ranging from smart textiles to security printing, the Thermochromic Materials Market promises significant opportunities in the future.
Moreover, the market is undergoing extensive growth, driven by factors like advanced materials research and the demand for intelligent materials in various industries. This market analysis encompasses a wide array of applications, including food packaging, textiles, and home furnishings. Developing countries are increasingly investing in infrastructure, spurring demand for cost-effective thermochromic solutions in construction materials like roof coats. With precise temperature-sensitive properties, these materials play a vital role in medical thermography and seafood preservation. Moreover, advancements in printing technology enable the incorporation of thermochromic substances in packaging formats and garment printing. The market's growth is further influenced by regulatory environments favoring eco-friendly alternatives like water-based inks and the development of innovative products like the white acrylic elastomer matrix. As international supply chains expand, the Thermochromic Materials Market continues to evolve to meet diverse industry demands.
Thermochromic Materials Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.24% |
Market growth 2023-2027 |
USD 1.47 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.0 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Atlanta Chemical Engineering LLC, Chromatic Technologies Inc., FX Pigments Pvt. Ltd., Geminnov, Good Life Innovations Ltd., Hali Pigment Co. Ltd., Indestructible Paint Ltd., Insilico Co. Ltd., Kolortek Co. Ltd., LCR Hallcrest LLC, Matsui International Inc., Moving Color Inc., New Color Chemical Co. Ltd., Olikrom SAS, Otto Chemie Pvt. Ltd., QCR Solutions Corp., Simaco GmbH, Smarol Industry Co. Ltd., United Mineral and Chemical Corp., and Vivify |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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