The global thermochromic materials market is currently estimated to be at approximately US$ 1.73 billion and is likely to record a remarkable compound annual growth rate of 10.2% from 2022 through 2032.

The list of applications of such materials is very long, including items like mood rings, calculator LCD screens, strip thermometers, and others that monitor temperature with great precision. Besides, textiles are able to effectively utilize such organic compounds due to the sudden colour changes of the latter. Beautifully coloured image can be expressed with the help of thermochromic printing inks that are also fabricated with their help.

Key Takeaways from Market Study

The global thermochromic materials market is projected to account for a substantial value of US$ 4.57 billion by the end of 2032 and is growing at a historical growth rate of 8.5% from 2017 to 2021. Irreversible thermochromic materials hold 52.9 percent, projected to rise to 54.5 percent by 2032. On the basis of end-use industries, the printing and coatings segment leads the market, holding 31.1 percent. Geographically, East Asia and South Asia & Oceania are likely to show high demand growth with CAGRs of 9.9% and 10.5%, respectively, during the same forecast period. North America and Europe have been expected to hold more than a combined 51% market share in 2022, thereby having a substantial influence on the global thermochromic materials market.

Through these growing applications across industries, the strength of the market can be observed with the help of temperature-induced properties in thermochromic materials. While innovations in printing and coating applications continue to dominate the irreversible variant space, dynamic regions such as East Asia and South Asia & Oceania are expected to further fuel the growth of the market. Dominance of the strategy from North America and Europe underlines their roles in setting up standards of industries and accelerating technological progress, ensuring continued market growth and innovation in forthcoming years.

List of Key Companies Profiled in The Report

OliKrom
LCR Hallcrest, LLC
Chromatic Technologies Inc.
Matsui International, LLC
New Prisematic Enterprise Co. Ltd.
Smarol Industries Co. Ltd.
Gem'Innov
Hali Pigment Co. Ltd.
Kolorject Chemicals Pvt. Ltd
Kolortek Co. Ltd.
Others

Region-wise Insights

The North American thermochromic materials market contributes the maximum share of 26.7% and is anticipated to grow at a CAGR of 9.6% during the forecast period. Europe holds the next position, with a market share of 24.4%, and is likely to register the highest regional CAGR of 11.0% during the aforementioned period. The high growth in North America and Europe is triggered by the growing demand for thermochromic materials from various end-use industries such as printing and coatings, packaging, and a host of other rapidly expanding sectors. Moreover, robust industrial infrastructure and innovations being carried out in these regions are some of the key drivers that fuel strong demand for thermochromic materials.

In the Asia Pacific region, including markets from East Asia and South Asia & Oceania, the combined market share comes out to be 37%. In this regard, the East Asia market will grow at a compound annual growth rate of 9.9%, while the South Asia & Oceania market is projected to expand at a compound annual growth rate of 10.5% during 2022-2032. Growth shall be driven by infrastructural activities and increasing demand for packaged pharmaceutical blister packaging products. These factors are touted to drive the consumption of thermochromic materials in the Asia Pacific region, and as such, it is expected to contribute substantially towards the global market over the next few years.

Competitive Landscape

The manufacturers in the thermochromic material competitive arena are stepping up a gear to a stronger emphasis on innovation and product modernization. One such recent trend has been the introduction of reversible thermochromic materials, which come from a combination of color developers, leuco dyes, and melt materials encapsulated via blending. This helps to increase versatility and applicability in a number of industries.

Product development initiatives are being used by the key market players as one of the strategic ways to increase their market presence and associated revenues. For example, in 2022, OliKrom partnered with GRTgaz Group to develop a coating that identifies the first signs of corrosion on overhead pipes using luminescence and color changes. In addition to this, OliKrom is developing disruptive products for luxury, cosmetics, and industrial markets, to be launched this year, and is expected to benefit from the growth opportunities emerging in these respective markets.

Similarly, in 2019, LCR Hallcrest partnered with PPG to innovate thermochromic coatings that change color for NHL hockey pucks. The development changes the puck from purple to clear, further proving the wide range of uses possible with the thermochromic technologies that exist in special sports equipment. Such strategic alliances and new product line innovations reflect and emphasize competitive drive among the market leaders to pioneer new applications in an effort to capture market share in the industry landscape that continues to evolve.