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Thermochromic Materials Market by Material (Leuco Dyes, Liquid Crystals, Pigments), End-use industry (Packaging, Printing & Coating, Medical, Textile), Region (Europe, North America, APAC, South America, Middle East & Africa) - Global Forecast to 2024

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Date: 09-Jul-2019
No. of pages: 112
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“The thermochromic materials market is projected to register a CAGR of 9.5%, in terms of value, between2019and2024.”

The market size of thermochromic materials is estimated at USD 1.3 billion in 2019 and is projected to reach USD 2.1 billion by 2024, at a CAGR of 9.5%. The market growth is attributed to the rising demand for thermochromic materials from applications such as food & beverage packaging, cosmetic & baby products packaging, pharmaceuticals packaging, and other smart packaging, among others. However, the high cost of thermochromic materials is restraining the growth of the market. In addition, leuco dyes shortage in China is the major challenge for the market growth.

“The leuco dyes material segment is projected to register the highest CAGR during the forecast period.”

Leuco dyes-based thermochromic materials are specialized dynamic materials that change colour when exposed to different temperatures. They exhibit less accurate temperature response than liquid crystals. They are majorly used in combination with some other pigments. This produces a color change of the base pigment and the color of the pigment combined with leuco dyes. Leuco dyes is the fastest-growing segment of the thermochromic materials market, by material and finds use in an array of end-use industries such as packaging, printing & coating, and medical.

“Printing & coating is projected to be the fastest-growing end-use industry of thermochromic materials during the forecast period.”

Printing & coating is the largest end-use industry of thermochromic materials. Thermochromic materials change color with the variation in temperature, which promotes their use in temperature-sensitive color coating. Thermochromic materials are also widely used in security printing applications such as vouchers, certificates, tickets, tax stamps, stock certificates, tamper-evident labels, passports and others. The property of thermochromic materials to change its color with fluctuation in temperature reversibly/irreversibly promotes their demand in several anti-counterfeiting applications.

“APAC is projected to be the fastest-growing thermochromic materials market during the forecast period.”

The APAC market is projected to register the highest growth for thermochromic materials, in terms of value and volume, owing to the rapid development of the printing & coating industry in the region. The grow this backed by the region’s favorable manufacturing conditions and the promising textile industry. The use of thermochromic materials as an important chemical intermediate in various applications such as food & beverage packaging, medical indicators, and thermal printing is driving the market in the country. Emerging economies such as India, China, and South Korea have been the major revenue pockets for the APAC market. The availability of inexpensive raw materials, labor, and land coupled with a moderately stringent regulatory framework are some of the factors that have aided the region to emerge as one of the leaders in the thermochromic materials market. These factors are fueling the thermochromic materials market in the APAC region.

This study was validated through primary interviews conducted with various industry experts, worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.                            


  • By Company Type– Tier1: 57%, Tier2: 29%, and Tier3: 14%

  • By Designation–C Level: 43%, Director Level: 35%, and Others: 22%

  • By Region–APAC: 40%Europe: 30%, North America: 19%, Middle East & Africa: 6%,and South America: 5%


The report profiles several leading players of the thermochromic materials market that include OliKrom (France), LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEM'INNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China).The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the thermochromic materials market.

Research Coverage:

The report offers insights on thermochromic materials used in various end-use industries across regions. It aims at estimating the size of the thermochromic materials market during the forecast period and projects the future growth of the market across the type, material, end-use industry, and region segments. The report also includes an in-depth competitive analysis of the key players in the thermochromic materials market along with their company profiles, SWOT analysis, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants in the thermochromic materials market by providing them with the closest approximations of the revenues for the overall market and its various sub-segments. This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies. The report will also help stakeholders understand the pulse of the market and help acquire information on key drivers, restraints, challenges, and opportunities affecting the growth of the thermochromic materials market.

Thermochromic Materials Market by Material (Leuco Dyes, Liquid Crystals, Pigments), End-use industry (Packaging, Printing & Coating, Medical, Textile), Region (Europe, North America, APAC, South America, Middle East & Africa) - Global Forecast to 2024

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 thermochromic Materials Market Segmentation
1.3.2 Regions Covered
1.3.3 Years Considered For the Study
1.4 Currency
1.5 Unit Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions
2.5 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the thermochromic Materials Market
4.2 Thermochromic Materials Market, By Material
4.3 Thermochromic Materials Market, By Country
4.4 Europe: thermochromic Materials Market, By End-Use Industry and Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand in Smart Packaging Application
5.2.1.2 Increased Demand For Product Differentiation and Improved Appearance of Products
5.2.2 Restraints
5.2.2.1 Higher Cost Than That of Conventional Inks and Colorants
5.2.2.2 Poor Light Fastness Properties
5.2.3 Opportunities
5.2.3.1 Increasing Demand in Niche and Newer Applications
5.2.4 Challenges
5.2.4.1 Shortage of Leuco Dyes in China
5.3 Porter’s Five Forces Analysis
5.3.1 Bargaining Power of Suppliers
5.3.2 Bargaining Power of Buyers
5.3.3 Threat of New Entrants
5.3.4 Threat of Substitutes
5.3.5 Intensity of Competitive Rivalry

6 Thermochromic Materials Market, By Type
6.1 Introduction
6.2 Reversible
6.3 Irreversible

7 Thermochromic Materials Market, By Material
7.1 Introduction
7.2 Leuco Dyes
7.3 Liquid Crystals
7.4 Pigments
7.5 Others
7.5.1 Vanadium Oxide (Vo2)
7.5.2 Copper (I)-Iodide

8 Thermochromic Materials Market, By End-Use Industry
8.1 Introduction
8.2 Packaging
8.3 Printing & Coating
8.4 Medical
8.5 Textile
8.6 Industrial
8.7 Others

9 Thermochromic Materials Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Increasing Use of Thermochromic Materials in Food Quality Indicators, Medical Devices, Food Packaging, and Security Printing is Expected to Drive the Demand
9.2.2 Canada
9.2.2.1 The Growing Trend Among Manufacturers to Offer High-Quality Packaging to Differentiate their Brands is Fueling the Market
9.2.3 Mexico
9.2.3.1 The Growing Food & Beverage Packaging and Thermal Printing Industries are Propelling the Demand
9.3 Europe
9.3.1 Germany
9.3.1.1 Increasing Demand For Attractive Packaging Among Consumers is Contributing to the Market Growth
9.3.2 France
9.3.2.1 Thermochromic Materials are Used in Different Applications, Including Food & Beverage Packaging
9.3.3 UK
9.3.3.1 Growth in Smart and Sustainable Packaging is Boosting the Market
9.3.4 Italy
9.3.4.1 The Increasing Number of Packaging and Coating Manufacturers in the Country is Fueling the Market
9.3.5 Spain
9.3.5.1 Growth in the Packaging, Medical, and Textile Industries is Boosting the Demand For Thermochromic Materials
9.3.6 Rest of Europe
9.4 APAC
9.4.1 China
9.4.1.1 Availability of Inexpensive Raw Materials, Labor, and Land, Along With A Moderately Stringent Regulatory Framework, is Fueling the Market
9.4.2 Japan
9.4.2.1 The Growing Use of Smart Packaging in Printing Labels and Food & Beverage Applications is Driving the Demand
9.4.3 India
9.4.3.1 Growth of the Market is Attributed to the Growing Cosmetic & Food Packaging and thermal Printing Industries in the Country
9.4.4 South Korea
9.4.4.1 Consumer Preference For Color Changing and Smart Packaging Techniques is Driving the Market
9.4.5 Rest of APAC
9.5 Middle East & Africa
9.5.1 Saudi Arabia
9.5.1.1 The Growing Use of Thermochromic Materials in Food & Beverage Packaging Application is A Major Growth Driver
9.5.2 South Africa
9.5.2.1 The Paper and Packaging Industries are Creating Growth Opportunities For Thermochromic Materials Manufacturers
9.5.3 Rest of Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.1.1 The Increased Purchasing Power of Consumers is Influencing the Market Positively
9.6.2 Argentina
9.6.2.1 The Development of the Industrial Base is A Major Growth Driver For the Market
9.6.3 Rest of South America

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping, 2018
10.2.1 Terminology/Nomenclature
10.2.1.1 Visionary Leaders
10.2.1.2 Innovators
10.2.1.3 Dynamic Differentiators
10.2.1.4 Emerging Companies
10.2.2 Strength of Product Portfolio
10.2.3 Business Strategy Excellence
10.3 Market Ranking of Key Players, 2018
10.4 Competitive Scenario
10.4.1 New Product Launch, 2013–2018
10.4.2 Expansion, 2013–2018
10.4.3 Partnership & Agreement, 2013–2018

11 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
11.1 Olikrom
11.2 LCR HalLcrest
11.3 Chromatic Technologies
11.4 Matsui International Company
11.5 New Prisematic Enterprise
11.6 GEM'INNOV
11.7 Kolorjet
11.8 Kolortek
11.9 Smarol Industry
11.10 Hali Industrial
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
11.11 Other Players
11.11.1 Fx Pigments
11.11.2 N.C.C-New Color Chemical
11.11.3 Moving Colors
11.11.4 Good Life Innovations
11.11.5 Shanghai Caison Color Material Chem
11.11.6 H.W. Sands Corp.
11.11.7 Indestructible Paint
11.11.8 Eptanova
11.11.9 Yamamoto Chemical
11.11.10 Vipul Chemicals

12 Appendix
12.1 Discussion Guide
12.2 Knowledge Store: Marketsandmarkets Subscription Portal
12.3 Available Customizations
12.4 Related Reports
12.5 Author Details

List of Tables

Table 1 Thermochromic Materials Market Size, By Type, 2017–2024 (USD Million)
Table 2 Thermochromic Materials Market Size, By Type, 2017–2024 (Ton)
Table 3 Thermochromic Materials Market Size, By Material, 2017-2024 (USD Million)
Table 4 Thermochromic Materials Market Size, By Material, 2017-2024 (Ton)
Table 5 Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 6 Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 7 Thermochromic Materials Market Size, By Region, 2017–2024 (USD Million)
Table 8 Thermochromic Materials Market Size, By Region, 2017–2024 (Ton)
Table 9 North America: Thermochromic Materials Market Size, By Country, 2017–2024 (USD Million)
Table 10 North America: Thermochromic Materials Market Size, By Country, 2017–2024 (Ton)
Table 11 North America: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 12 North America: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 13 US: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 14 US: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 15 Canada: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 16 Canada: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 17 Mexico: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 18 Mexico: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 19 Europe: Thermochromic Materials Market Size, By Country, 2017–2024 (USD Million)
Table 20 Europe: Thermochromic Materials Market Size, By Country, 2017–2024 (Ton)
Table 21 Europe: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 22 Europe: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 23 Germany: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 24 Germany: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 25 France: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 26 France: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 27 UK: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 28 UK: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 29 Italy: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 30 Italy: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 31 Spain: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 32 Spain: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 33 Rest of Europe: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 34 Rest of Europe: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 35 APAC: Thermochromic Materials Market Size, By Country, 2017–2024 (USD Million)
Table 36 APAC: Thermochromic Materials Market Size, By Country, 2017–2024 (Ton)
Table 37 APAC: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Million)
Table 38 APAC: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 39 China: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 40 China: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 41 Japan: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 42 Japan: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 43 India: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 44 India: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 45 South Korea: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 46 South Korea: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 47 Rest of APAC: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 48 Rest of APAC: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 49 Middle East & Africa: Thermochromic Materials Market Size, By Country, 2017–2024 (USD Million)
Table 50 Middle East & Africa: Thermochromic Materials Market Size, By Country, 2017–2024 (Ton)
Table 51 Middle East & Africa: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 52 Middle East & Africa: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 53 Saudi Arabia: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 54 Saudi Arabia: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 55 South Africa: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 56 South Africa: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 57 Rest Oe Middle East & Africa: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 58 Rest of Middle East & Africa: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 59 South America: Thermochromic Materials Market Size, By Country, 2017–2024 (USD Million)
Table 60 South America: Thermochromic Materials Market Size, By Country, 2017–2024 (Ton)
Table 61 South America: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 62 South America: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 63 Brazil: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 64 Brazil: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 65 Argentina: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 66 Argentina: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)
Table 67 Rest of South America: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (USD Thousand)
Table 68 Rest of South America: Thermochromic Materials Market Size, By End-Use Industry, 2017–2024 (Ton)

List of Figures

Figure 1 Thermochromic Materials Market: Research Design
Figure 2 Thermochromic Materials Market: Bottom-Up Approach
Figure 3 Thermochromic Materials Market: Top-Down Approach
Figure 4 Thermochromic Materials Market: Data Triangulation
Figure 5 Leuco Dyes Segment Led the Thermochromic Materials Market in 2018
Figure 6 Printing & Coating to Be the Fastest-Growing End-Use Industry of Thermochromic Materials
Figure 7 APAC to Be the Fastest-Growing Thermochromic Materials Market
Figure 8 Increasing Use of Thermochromic Materials in the Packaging Industry to Boost the Market
Figure 9 Leuco Dyes to Be the Largest Segment of the Market
Figure 10 India to Register the Highest CAGR
Figure 11 Printing & Coating Segment and Germany Accounted For the Largest Market Share
Figure 12 Drivers, Restraints, Opportunities, and Challenges in Thermochromic Materials Market
Figure 13 Porter’s Five Forces Analysis of Thermochromic Materials Market
Figure 14 Irreversible Thermochromic Materials Segment to Dominate The Market
Figure 15 Leuco Dyes Segment to Lead the Thermochromic Materials Market
Figure 16 Printing & Coating Segment to Lead the Thermochromic Materials Market
Figure 17 APAC to Lead the Thermochromic Materials Market
Figure 18 Thermochromic Materials Market in India to Register the Highest CAGR, in Terms of Value
Figure 19 North America: Thermochromic Materials Market Snapshot
Figure 20 Europe: Thermochromic Materials Market Snapshot
Figure 21 APAC: Thermochromic Materials Market Snapshot
Figure 22 Companies Adopted New Product Launch as the Key Growth Strategy Between 2013 and 2018
Figure 23 Thermochromic Materials Market: Competitive Leadership Mapping, 2018
Figure 24 Market Ranking, 2018
Figure 25 Olikrom: SWOT Analysis
Figure 26 LCR HalLcrest: SWOT Analysis
Figure 27 Chromatic Technologies: SWOT Analysis
Figure 28 Matsui International Company: SWOT Analysis
Figure 29 New Prisematic Enterprise: SWOT Analysis

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