Thermochromic Materials Market to Hit USD 3.3 billion by 2031: Transparency Market Research Inc.

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Nov 22, 2023, 06:30 ET

WILMINGTON, Del., Nov. 22, 2023 /PRNewswire/ -- The market for thermochromic materials is growing due to a rise in demand for smart textile and packaging products.

The global thermochromic materials market was estimated at a value of US$ 1.5 billion in 2022. It is anticipated to register a 9.3% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 3.3 billion by 2031.

Thermochromic materials are becoming more and more popular across several industries, most notably the textile industry. The use of thermochromic ink in textiles is becoming more common in smart fabrics used in apparel and home furnishings.

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Thermochromic Materials Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2020–2022
Size in 2022	US$ 1.5 Bn
Forecast (Value) in 2031	US$ 3.3 Bn
Growth Rate (CAGR)	9.3
No. of Pages	152 Pages
Segments covered	Product Type

Key Findings of the Market Report

Thermochromic microcapsules are becoming increasingly popular for a variety of uses.
They are frequently utilized in anti-counterfeit packaging as security measures and as temperature sensors in temperature-sensitive bottles and cups.
Since thermochromic materials need highly specialized and advanced manufacturing techniques, thermochromic pigments are more expensive than conventional inks.
Certain printing techniques employing irreversible thermochromic ink might be required to avoid unintentional activation when printing.
To get past market constraints, businesses are heavily spending on research and development projects to create innovative production procedures.

Market Trends for Thermochromic Materials

The packaging industry uses thermochromic coatings extensively for security printing, labeling, and marketing and promotional purposes. Reversible thermochromic materials are becoming more and more in demand worldwide.
During the projected period, the irreversible category is expected to increase at a quick speed. Food and beverage packaging labels, security labels, and product labels are the main applications for irreversible thermochromic materials. These paints are temperature-sensitive thermochromic materials that can only be used once; they do not revert to their original color when the temperature is changed.
Thermochromic materials are commonly used in ski outfits, color-changing tablecloths that react to heat, and color-changing chairs. These materials are also utilized in clothes that are painted with a theme and change color in response to variations in body heat-induced temperature.
Opportunities for the market for thermochromic materials are expanding in security applications as well as for camouflage in flexible sensor form. The application of these materials in energy saving, namely as coatings for "switchable glass," is being investigated by a number of research institutions.

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Global Market for Thermochromic Materials: Regional Outlook

Various reasons are propelling the growth of the thermochromic materials market throughout the region. These are:

The market for thermochromic materials globally was dominated in 2022 by North America. Throughout the projection period, the region is probably going to keep its top spot. The United States makes a significant contribution to North American business. In the area, thermochromic materials are frequently used in textiles, interior design, food and beverage packaging, and marketing and promotional campaigns.
In 2022, Asia Pacific accounted for a moderate portion of the world's landmass. Since more people are becoming aware of the potential uses of these materials in textiles, décor, footwear, and other consumer goods, the expansion of the thermochromic materials market in Asia Pacific is anticipated to outpace that of other regions over the course of the forecast period. In Asia Pacific, China and Japan are the two biggest markets for thermochromic materials.

Global Thermochromic Materials Market: Key Players

Intense competition is driving businesses operating in the global marketplace to strive for product differentiation. To increase the size of their clientele, they are implementing cutting-edge technologies.

The following companies are well-known participants in the global thermochromic materials market:

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.

Few of key developments by the players in this market are:

Company name	Key Developments
Good Life Innovations Ltd.	In 2023, Good Life Innovations Ltd. announced the introduction of a new range of thermochromic microcapsules for use in food and beverage packaging. These novel microcapsules can be used to produce temperature-responsive packaging and are safe for food contact.
Matsui International Company	In 2023, Matsui International Company introduced a new line of thermochromic microcapsules for use in industrial applications. The novel microcapsules can be used to make industrial components that react to temperature by changing color. They are made to endure high temperatures as well as harsh chemicals.
OliKrom	OliKrom announced in March 2023 the introduction of a new range of thermochromic microcapsules intended for use in interior design. It is possible to make responsive home décor products using the new microcapsules.

Global Thermochromic Materials Market Segmentation

Product Type

Reversible
Irreversible

Region

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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