The Global Thermochromic Materials Market was valued at USD 5.1 billion in 2017 and is anticipated to grow at a CAGR of 5.4% from 2018 to 2026.
Thermochromic materials possess the ability to convert thermal radiation into a chromatic effect, thereby altering the perceived color. The transition between displayed colors is generally temporary, and is dependent on the temperature. Thermochromic materials are categorized into liquid crystals, and Leuco dyes. Liquid crystals are used in applications such as thermometers, LCD screens, and jewelry, which require higher precision. Leuco dyes use a wider range of colors, however, offer reduced accuracy in terms of temperature range. They are dye-based, more robust and less expensive.
North America Thermochromic Materials Market Share By Product, 2017 - 2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
The major driving factor of the Thermochromic Materials market includes growing applications in inks, paints, and coatings. The increasing demand for thermochromic materials in food quality indicators also boosts the Thermochromic Materials market growth. The increasing adoption of smart and intelligent packaging is expected to fuel the market growth during the forecast period. Thermochromic materials are increasingly being used in smart textiles for fashion and home furnishing applications, thereby supporting market growth. Growing applications in toys, baby diapers, and battery gauges have further increased its demand worldwide. Growing demand from emerging economies, increasing applications, and technological advancements would provide numerous growth opportunities in the market during the forecast period.
The global Thermochromic materials market is segmented on the basis of type, product, application, and geography. The type segment is categorized into Liquid Crystals, and Leuco Dyes. The demand for liquid crystals is increasing significantly owing to increasing applications in textiles, thermometers and LCD screens among others.
The product segment is segmented into Reversible Thermochromic Materials, and Irreversible Thermochromic Materials. The Reversible Thermochromic Materials segment dominated the global market in 2017.
The applications of thermochromic materials include Paints and Pigments, Medical Devices, Food Quality Indicators, and others. The paints and pigments segment accounted for the highest market share in 2017 owing to growing use in consumer goods.
North America Thermochromic Materials Market, By Product, 2017 - 2026
Geographically, the thermochromic materials market is segmented across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Europe accounted for the largest share in the global Thermochromic Materials Market in 2017 owing to increasing demand from the food and beverage sector to determine the quality of frozen meat and dairy products.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The leading players in the thermochromic materials market include Shanghai Caison Color Material Chem. Co., Ltd., Indestructible Paints Limited, New Color Chemical Co., Hali Industrial Co. Ltd., QCR Solutions, Fraunhofer IAP, Kolortek Co., Ltd., LCR Hallcrest LLC, and New Prismatic Enterprises Co. Ltd.