Thermochromic Material Market Size was valued at USD 1.55 Billion in 2023. The thermochromic material industry is projected to grow from USD 1.60 Billion in 2024 to USD 2.04 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.07% during the forecast period (2024 - 2032). One of the key market drivers fueling the growth of the thermochromic materials market is the rising demand for smart packaging applications across the globe. Additionally, the market is growing faster due to cutting-edge technologies like thermochromic materials for differentiating their products and their widespread use in smart textiles for apparel and home furnishings.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the main factors propelling the market's CAGR expansion is the rising demand for thermochromic materials as food quality indicators. With more governments demanding proper tagging and marking on cooked food products, there has been a rise in interest in quality assurance and product authenticity. Manufacturers of food products are looking for highly dependable coding techniques that will enable them to improve product safety while meeting their production requirements for high precision and high throughput. In addition, scientists have created a food quality indicator to find the amine levels that lead to seafood deterioration. Frozen goods like meat and dairy are tested for quality using thermochromic materials. Thus, the market under consideration would experience faster growth during the forecast period due to the rising demand for thermochromic materials as food quality indicators.
Furthermore, another main trend in the industry is the advent of smart materials. A variety of applications use smart materials. Consequently, external factors like electricity, light, and temperature can alter their qualities. Healthcare, industrial, and aerospace all use smart materials. Because they are controlled by the composition of the material, these materials are frequently referred to as intelligent materials. Its microstructures are altered, particularly processed, to enable controlled adaptation to a range of stimuli. Smart materials are frequently employed in the automobile sector for automatic heat and light regulation. One such example of intelligent material is a thermochromic substance. This kind of material responds to temperature fluctuations by going through changes. However, thermochromic material, a type of smart material, has many uses, including in food packaging, fabrics, pigments, food quality indicators, thermometers, kettles, and tester strips found on the edges of batteries. The printing of garments and food packaging is done with thermochromic inks. The thermochromic material market revenue is anticipated to grow over the course of the forecast period as more and more of these smart materials are used in a variety of applications.
The thermochromic material market segmentation, based on type includes Reversible and Irreversible. The reversible segment dominated the market. Materials that change at a specific temperature are known as reversible thermochromic materials, and these materials are perfect for sensory applications. The use of reversible materials in the sensors is highly demanded in infant items and chemical containers since these sensors assist in identifying overheating concerns.
Figure 1: Thermochromic Material Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The thermochromic material market segmentation, based on material, includes leuco dyes, liquid crystals, pigments and others. The pigments category generated the most income driven by their great performance adaptability and enhanced performance traits. These pigments are frequently found in paints and inks, which are employed to coat surfaces in consumer goods. During the projected period, the pigments segment is anticipated to grow due to the introduction of novel pigments with improved color and cheaper costs.
The thermochromic material market segmentation, based on end-use, includes packaging, printing and coating, medical, textile, industrial and others. The printing and coating category generated the most income because the market's need for thermal paper for POS systems has increased significantly. The use of thermochromic materials for interactive packaging that allows customers to take the product off the shelf and utilize it is growing in popularity.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The European thermochromic material market area will dominate this market. The region's market for thermochromic materials is growing as a result of demand from the packaging and printing and coating end-use industries. The demand for thermochromic materials is expanding as a result of the rapid expansion of the smart packaging industry in Western European nations like France and the UK.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: THERMOCHROMIC MATERIAL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America thermochromic material market accounts for the second-largest market share due to the increase in pigment demand across a range of end-use industries. Due to its established economy, the U.S. held a significant portion of the North American regional market and is anticipated to expand at a comparatively slower rate throughout the forecast period. The main driver of growth in the area is anticipated to be the use of these pigments in inks for flexographic and screen printing. Further, the US thermochromic material market held the largest market share, and the Canada thermochromic material market was the fastest growing market in the region.
The Asia-Pacific Thermochromic material Market is expected to grow at the fastest CAGR from 2023 to 2032. The market expansion in the area is projected to be boosted by the rising use of thermochromic pigments in the production of novelty goods and the textile sector, as well as the rising demand for the materials in the Japanese automobile industry. Over the next seven years, rising foreign investment is also projected to accelerate industry expansion rates in this region. Moreover, China’s thermochromic material market held the largest market share, and the Indian thermochromic material market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the thermochromic material market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, thermochromic material industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the thermochromic material industry to benefit clients and increase the market sector. In recent years, the thermochromic material industry has offered some of the most significant advantages to market. Major players in the thermochromic material market attempting to increase market demand by investing in research and development operations include OliKrom (France), LCR Hallcrest (U.S.), Chromatic Technologies (CTI) (US), Matsui International Company (U.S.), New Prismatic Enterprise (Taiwan), GEMINNOV (France), Hali Industrial (China), Kolorjet (India) and Kolortek (China).
Matsui International, Inc.'s parent firm, Matsui Shikiso Chemical, was established in Kyoto, Japan's cultural centre, in 1923. Offering a variety of water-based inks, specialized inks, and solutions for a wide range of applications, Matsui International has always been a PVC-free water-based ink manufacturer and supporter of ecologically responsible practices since entering the textile industry in 1950. Products containing pigment and ink are produced and sold by Matsui International Co., Inc. Products for molding, painting, burnout, and discharge are provided by the company. Matsui International is a company.
Chromatic Technologies Inc. (CTI) is a company that drives innovation and supports the growth of brands by enhancing lives with chemistry that warns, guards against, and surprises. In order to boost consumer contact and buy intent, CTI offers thermochromic, photochromic, and glow-in-the-dark ink technologies in various formats, hues, and temperatures. Its technology offers adaptability by seamlessly merging different packaging formats like cans, plastic, shrink, paper, film, and more. Due to its versatility, it is suitable for a variety of international supply chains and regulatory environments. The development and production of every CTI product takes place in Colorado, USA.
January 2021: TMC Hallcrest and LCR Hallcrest, two of the top manufacturers of temperature monitoring instruments and indicators worldwide, have been acquired by SpotSee, a pioneer in connectivity and supply chain condition monitoring solutions.
April 2020: To safeguard all brand-new COVID-19 medications, Chromatic Technologies Inc. (CTI) and American Thermal Instruments (ATI) in Dayton, Ohio, have joined forces to donate revolutionary printed temperature, tampering, and authentication technology for free.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.55 Billion |
| Market Size 2024 | USD 1.60 Billion |
| Market Size 2032 | USD 2.04 Billion |
| Compound Annual Growth Rate (CAGR) | 3.07% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, End-use and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | OliKrom (France), LCR Hallcrest (U.S.), Chromatic Technologies (CTI) (US), Matsui International Company (U.S.), New Prismatic Enterprise (Taiwan), GEMINNOV (France), Hali Industrial (China), Kolorjet (India) and Kolortek (China) |
| Key Market Opportunities | Increasing demand for the end-user industries such as smart textiles |
| Key Market Dynamics | Rising demand as a food indicator |
Thermochromic Material Market Highlights:
Frequently Asked Questions (FAQ) :
The thermochromic material market size was valued at USD 1.55 Billion in 2023.
The thermochromic material market is projected to grow at a CAGR of 3.07% during the forecast period, 2024-2032.
Europe had the largest share in the thermochromic material market
The key players in the thermochromic material market are OliKrom (France), LCR Hallcrest (U.S.), Chromatic Technologies (CTI) (US), Matsui International Company (U.S.), New Prismatic Enterprise (Taiwan), GEMINNOV (France), Hali Industrial (China), Kolorjet (India) and Kolortek (China).
The reversible category dominated the thermochromic material market in 2023.
The printing & coating category had the largest share in the thermochromic material market.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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