Global Thermochromic Materials Market By Type (Reversible, Irreversible), Material (Leuco Dyes, Liquid Crystals, Pigments, Others), Application (Food Quality Indicators, Paper, Paints & Pigments, Thermometers, Medical Devices, Others), End-Use Industry (Packaging, Printing & Coating, Medical, Textile, Industrial, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Thermochromic Materials Market
Global thermochromic materials market is expected to register a substantial CAGR of 7.77% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the growth of demands from the food & beverages industry due to their effectiveness in identification of quality of food products, along with increased adoption for reversible materials from the various application sectors.
Market Definition: Global Thermochromic Materials Market
Thermochromic materials, commonly known as colour-changing materials are substances that transform their colour to indicate changes in temperature during various reactions, industrial uses, and various consumer uses. These materials help in appropriate identification of temperature also helping identify the changes during various processes.
- Various benefits associated with the material such as enhanced appearance and better product identification amid growing demand for these characteristics; this factor is expected to boost the growth of the market
- High levels of growth associated with smart packaging utilization of these materials will also augment this market growth
- Growing uses associated with paints & pigments applications for these materials is expected to propel the market growth
- Various research & development activities associated with the advancement of materials and their stability will also act as a market driver
- Large financial costs associated with these materials as compared to conventional colorants; this factor is expected to hinder the growth of the market
- Lack of resistance against lights resulting in poor lightfastness characteristics also restricts the market growth
- Concerns regarding the lack of stability and complicated chemical formulation of these materials is expected to restrict the growth of the market
Segmentation: Global Thermochromic Materials Market
- Leuco Dyes
- Liquid Crystals
- Vanadium Oxide (Vo2)
- Copper (I)-Iodide
- Food Quality Indicators
- Paints & Pigments
- Medical Devices
By End-Use Industry
- Printing & Coating
- North America
- Rest of Europe
- South Korea
- New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In December 2018, PPG Industries, Inc. in collaboration with LCR Hallcrest and QCR Solutions Corporation announced the development of thermochromic materials based coating to be applied on National Hockey League’s Winter Classic 2019 game puck, which will be played on 1st January, 2019 in Notre Dame Stadium, Indiana, United States
- In February 2018, Crown announced that Coca-Cola had deployed their “Reveal” ink technology for their cans of “Coke”, “Coke Zero”, “Fanta” and “Sprite” for Lithuania, Latvia and Estonia regions. “Reveal” ink developed by Crown Bevcan Europe & Middle East along with Chromatic Technologies Inc. (CTI) strengthen their product capabilities, by identifying their first usage of inks
Global thermochromic materials market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of thermochromic materials market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global thermochromic materials market are OliKrom; LCR Hallcrest LLC; Indestructible Paint Limited; Chromatic Technologies Inc.; MICI; New Prismatic Enterprise Co.; Gem'innov; SMAROL INDUSTRY CO.,LTD.; Kolortek Co., Ltd; Hali Pigment co.,ltd.; FX Pigments Pvt. Ltd.; Good Life Innovations LTD; Vipul Chemicals India Pvt Ltd.; QCR Solutions Corp; SFXC among others.
Research Methodology: Global Thermochromic Materials Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Competitive analysis of key competitors involved in the market
- Complete analysis of market segmentation and which segments are set to flourish in the forecast period of 2019 to 2026
- Market drivers and restraints analysis along with the analysis of the market structure