The global thermochromic materials market size is projected to reach USD 2.1 billion by 2024, at a CAGR of 9.5%. The global thermochromic materials market is driven by the growing demand for smart packaging applications. Increased demand for product differentiation and growing awareness about improved appearance of products are boosting the market.
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Thermochromic materials reversibly change their color by temperature variation. Color transition is due to a modification in crystalline phase and structure. Thermochromic materials are widely used as temperature indicators in several end-use industries, to determine the temperature variation and reaction heat. Rising applications of these materials in ink, paints, and coatings applications is the major driving force for the market.
APAC leads in thermochromic materials’ production and demand, driven by robust domestic demand, accessible raw materials, and cost-effective labor. China, a key player, utilizes these materials in diverse applications like food packaging and medical indicators, propelling APAC’s status as a prominent consumer in the global market.
The key players in the thermochromic materials market include OliKrom (France), LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEMINNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China). The thermochromic materials market report analyzes the key growth strategies adopted by the leading market players between 2013 and 2019, which include expansion, new product launch, and merger & acquisition.
Chromatic Technologies (US) is the world-wide leader in the manufacturing of thermochromic inks and smart materials. It is engaged in the production of temperature inks, sunlight inks, reveal inks, glow-in-the-dark inks, security inks, trigger inks, color-changing plastics, cold-chain alerts indicator, high-pressure pasteurization (HPP) indicators, and others. CTI is an innovation company that provides solutions to the world’s major brands and package printers. It focuses on aggressive R&D program that successfully allows CTI to provide custom innovation incubators for major brands worldwide.
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LCR Hallcrest (US) is engaged in designing, developing, and manufacturing of temperature-sensitive and chemical reactive materials. It offers temperature labels, healthcare thermometers, permanent color change pigments & coatings, dishwasher disinfection labels, custom labels, color change pigments, cold chain integrity labels, food display temperature labels, and others. LCR Hallcrest also provides thermochromic materials through its subsidiaries, namely, TMC Hallcrest (UK), Thermographics (US), and Colourchange (UK). The company strives to develop solutions that help its customers gain a competitive advantage. LCR Hallcrest develops high-quality, innovative, and cost-effective solutions through customized material compositions and advanced manufacturing methods. The company is majorly focused on organic growth strategy to maintain its position as a leading manufacturer in the thermochromic materials market. It launched significant new products which helped the company in expanding its product offerings. For instance, in 2018, it launched Thermostrip WD, a self-adhering, waterproof, color-changing label that measures the surface temperature of medical instruments in washer disinfectors, bedpan washers, and any thermal disinfector. This launch helped the company in broadening its product offerings of thermochromic materials.
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