ALBANY, New York, July 26, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Thermochromic Materials (Reversible and Irreversible) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2025." According to the report, the global market for thermochromic materials was valued at US$ 988.9 Mn in 2016 and is anticipated to reach US$ 2,173.8 Mn in 2025, expanding at a CAGR of 9.3% between 2017 and 2025.
Thermochromic materials are materials in which a change of temperature induces an observable change of color in the material. This phenomenon can be reversible, wherein the material changes back to its original color on reversal of the temperature change, or it can be irreversible. The most commonly used thermochromic materials are leuco dyes and liquid crystals (LCs). Thermochromic liquid crystals are usually in the nematic form in which the molecules are oriented in parallel but not arranged in well-defined planes. Liquid crystals are used in precision applications such as temperature sensitive thermometers, LCD Screens, stress analysis, refrigerators etc. As compared to liquid crystals, leuco dyes allow provide wide range of colors to be used, however their response temperatures are more difficult to set with accuracy. Thermochromic leuco inks are applied on products for functional usage, where the thermochromic ink indicates the temperature at a particular time, or for marketing and promotional purposes, product labelling, and some applications in security printing. The need for companies to differentiate their products in an increasingly competitive market scenario is making them adopt innovative technologies such as color-changing inks for smart packaging and textiles. The demand for thermochromic materials is anticipated to grow at a fast CAGR of 9.3% during the forecast period.
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In terms of type of thermochromism, reversible was the largest segment of the thermochromic material market, accounting for more than 60% share in 2016. Upon heating, heat-activated thermochromic materials change from a colored state at room temperature to colorless state while cold-activated thermochromic materials change from a colorless state at room temperature to colored state upon cooling. Reversible thermochromic materials are used in textiles, baby diapers, bath toys, battery gauges, etc. Irreversible thermochromic materials held a smaller share of more than 30% in 2016 and these materials are mainly used in product labels, security labels, food & beverages packaging labels etc. Irreversible thermochromic materials do not return to their original color on reversing the temperature and hence they are limited to a single-time use.
In terms of demand, North America constituted the largest share of the thermochromic materials market accounting for around a third for the market share in 2016. The thermochromic materials market in North America is likely to be boosted by increasing demand for thermochromic materials from the smart textiles and smart packaging markets. Europe was another leading consumer of thermochromic materials accounting for more than 30% of the global market in 2016. Germany and France were the major consumers of thermochromic materials in Europe in 2016. The thermochromic materials market in Asia Pacific is anticipated to grow at a speedy CAGR during the forecast period. The demand for thermochromic materials is low in Latin America and Middle East & Africa and this trend is expected to continue during the forecast period.
Key manufacturers of Thermochromic Materials are OliKrom, Matsui International Company, Good Life Innovations Ltd, New Color Chemical Co., Ltd (NCC), Gem'innov, LCR Hallcrest, Smarol Industrial Co. Ltd., QCR Solutions Corp., CTI (Chromatic Technologies), Hali Industrial Co. Ltd. & L'Arca Srl.
The report segments the global thermochromic materials market as follows:
Thermochromic Materials Market: Type Analysis
Thermochromic Materials Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
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