NEW YORK, July 18, 2023 /PRNewswire/ — The thermochromic materials market is estimated to grow by USD 1,474.46 million from 2022 to 2027, growing at a CAGR of over 7.24%. North America is estimated to account for 32% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America, leading the global thermochromic materials market in 2022, will continue to maintain its position throughout the forecast period. The utilization of thermochromic materials in North America is driven by stringent government regulations related to industrial safety and the presence of thriving manufacturing hubs. Additionally, the advancements in printing and coating applications, packaging applications, and the medical manufacturing industry in key countries like the US and Canada contribute to the growth of the thermochromic materials market in North America. For Comprehensive details on the market size of historic period(2017 to 2021) and forecast period (2023-2027) – View the Sample report

Key Developments:

• Rapid advances in technology, intense competition, and changing dynamics in the market are the key factors for the intense competition among vendors.
• With the rising competition, the market will see consolidation. However, manufacturing complexities and high production costs pose significant risk factors for vendors in the market. 

Market Dynamics

Major Drivers & Challenges- 

Increasing demand for thermochromic materials as food quality indicators is a major factor notably driving the growth of the market. With the growing regulatory requirements and emphasis on product authenticity and quality assurance, there is a rising interest in appropriate coding and marking of cooked food products. Food product manufacturers are actively seeking reliable coding methods to ensure product safety while meeting the demands for high accuracy and throughput in production. Additionally, scientists have developed a food quality indicator that utilizes thermochromic materials to detect amine levels, which can lead to seafood spoilage. The increasing demand for thermochromic materials as food quality indicators is expected to drive market growth during the forecast period.

The expensive production process is a major challenge hindering market growth. The high production cost of thermochromic materials poses a significant challenge for the market. This cost is primarily influenced by the expensive raw materials and energy required in the production process. The phenomenon of thermochromism is driven by molecular-level rearrangements, including ligand geometry changes, phase transitions, equilibria between different molecular structures, and alterations in solvent molecules within the coordination sphere. Reversible thermochromic pigments utilize components such as cyclic aryl lactone dye, diaminoalkane activator, ester, and opacifier like titanium dioxide. Acid activators used in reversible thermochromic pigments consist of phenols, phosphinic, carboxylic, and phosphonic acids, as well as metal salts. The costly production process of thermochromic materials is expected to impede market growth during the forecast period.

Key Trends–

The emergence of smart materials is the primary trend in the market. Today, smart materials are used in a wide range of applications. Therefore, external conditions, like electricity, light, and temperature, change their properties. Major applications of smart materials arise from the aerospace, manufacturing, and healthcare industries. These materials are usually referred to as smart because these materials are programmed by material composition. Its micro-structures are modified, especially processed, so that they can adapt to various levels of stimuli in a controlled manner. In the automotive industry, smart materials are widely used for automatic heat and light control. Thermochromic material is one such example of smart material. This type of material is temperature responsive, which means they undergo changes with the change in temperature.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report

Vendor Landscape

The thermochromic materials market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Company Profiles

The thermochromic materials market report includes information on the product launches, sustainability, and prospects of leading vendors including Atlanta Chemical Engineering LLC, Chromatic Technologies Inc., FX Pigments Pvt. Ltd., Geminnov, Good Life Innovations Ltd., Hali Pigment Co. Ltd., Indestructible Paint Ltd., Insilico Co. Ltd., Kolortek Co. Ltd., LCR Hallcrest LLC, Matsui International Inc., Moving Color Inc., New Color Chemical Co. Ltd., Olikrom SAS, Otto Chemie Pvt. Ltd., QCR Solutions Corp., Simaco GmbH, Smarol Industry Co. Ltd., United Mineral and Chemical Corp., and Vivify.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Market Segmentation

This report extensively covers market segmentation by type (reversible and irreversible), application (pigments, thermometers, food quality indicators, papers, and others), and geography (North America, APAC, Europe, South America, and the Middle East and Africa).  

• The market share growth by the reversible segment will be significant during the forecast period. ChromaZone free-flowing powders and aqueous slurries offered by Lawrence Industries are reversible thermochromic pigments that find applications in brand protection and security, novelty promotional products, and toys. The increasing adoption of reversible thermochromic materials in various industries will drive the growth of the global thermochromic materials market. Reversible thermochromic materials constitute the largest segment of the market in 2022 and are expected to maintain this position throughout the forecast period. These materials are particularly suitable for sensory applications as they undergo a change at a predetermined temperature. They are widely used in sensors to detect overheating risks, making them valuable in baby products and chemical containers. Additionally, vendors have developed reversible pigment-based apparel for endurance athletes and other sports enthusiasts, allowing for exhaustion detection. London-based company, The Unseen, has introduced reversible thermochromic hair dyes that enable users to change their hair colour based on their surroundings. These innovative applications will contribute to the growth of the global reversible thermochromic materials market in the forecast period.

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1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global thermochromic materials market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global thermochromic materials market 2017 – 2021 ($ million)

• 4.2 Type Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 – 2021 ($ million)

• 4.3 Application Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Application Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type – Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Reversible – Market size and forecast 2022-2027
• Exhibit 34: Chart on Reversible – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Reversible – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Reversible – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Reversible – Year-over-year growth 2022-2027 (%)

• 6.4 Irreversible – Market size and forecast 2022-2027
• Exhibit 38: Chart on Irreversible – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Irreversible – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Irreversible – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Irreversible – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by Application

• 7.1 Market segments 
• Exhibit 43: Chart on Application – Market share 2022-2027 (%)
• Exhibit 44: Data Table on Application – Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 45: Chart on Comparison by Application
• Exhibit 46: Data Table on Comparison by Application

• 7.3 Pigments – Market size and forecast 2022-2027
• Exhibit 47: Chart on Pigments – Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Pigments – Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Pigments – Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Pigments – Year-over-year growth 2022-2027 (%)

• 7.4 Thermometers – Market size and forecast 2022-2027
• Exhibit 51: Chart on Thermometers – Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Thermometers – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Thermometers – Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Thermometers – Year-over-year growth 2022-2027 (%)

• 7.5 Food quality indicators – Market size and forecast 2022-2027 
• Exhibit 55: Chart on Food quality indicators – Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Food quality indicators – Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Food quality indicators – Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Food quality indicators – Year-over-year growth 2022-2027 (%)

• 7.6 Papers – Market size and forecast 2022-2027
• Exhibit 59: Chart on Papers – Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Papers – Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Papers – Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Papers – Year-over-year growth 2022-2027 (%)

• 7.7 Others – Market size and forecast 2022-2027
• Exhibit 63: Chart on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Others – Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Others – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Others – Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by Application 
• Exhibit 67: Market opportunity by Application ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 73: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 APAC – Market size and forecast 2022-2027
• Exhibit 77: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027
• Exhibit 81: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 85: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 89: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 93: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027
• Exhibit 97: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027
• Exhibit 101: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 UK – Market size and forecast 2022-2027 
• Exhibit 109: Chart on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Atlanta Chemical Engineering LLC 
• Exhibit 120: Atlanta Chemical Engineering LLC – Overview
• Exhibit 121: Atlanta Chemical Engineering LLC – Product / Service
• Exhibit 122: Atlanta Chemical Engineering LLC – Key offerings

• 12.4 Chromatic Technologies Inc. 
• Exhibit 123: Chromatic Technologies Inc. – Overview
• Exhibit 124: Chromatic Technologies Inc. – Product / Service
• Exhibit 125: Chromatic Technologies Inc. – Key offerings

• 12.5 FX Pigments Pvt. Ltd. 
• Exhibit 126: FX Pigments Pvt. Ltd. – Overview
• Exhibit 127: FX Pigments Pvt. Ltd. – Product / Service
• Exhibit 128: FX Pigments Pvt. Ltd. – Key offerings

• 12.6 Geminnov 
• Exhibit 129: Geminnov – Overview
• Exhibit 130: Geminnov – Product / Service
• Exhibit 131: Geminnov – Key offerings

• 12.7 Good Life Innovations Ltd. 
• Exhibit 132: Good Life Innovations Ltd. – Overview
• Exhibit 133: Good Life Innovations Ltd. – Product / Service
• Exhibit 134: Good Life Innovations Ltd. – Key offerings

• 12.8 Hali Pigment Co. Ltd. 
• Exhibit 135: Hali Pigment Co. Ltd. – Overview
• Exhibit 136: Hali Pigment Co. Ltd. – Product / Service
• Exhibit 137: Hali Pigment Co. Ltd. – Key offerings

• 12.9 LCR Hallcrest LLC 
• Exhibit 138: LCR Hallcrest LLC – Overview
• Exhibit 139: LCR Hallcrest LLC – Product / Service
• Exhibit 140: LCR Hallcrest LLC – Key offerings

• 12.10 Matsui International Inc. 
• Exhibit 141: Matsui International Inc. – Overview
• Exhibit 142: Matsui International Inc. – Product / Service
• Exhibit 143: Matsui International Inc. – Key offerings

• 12.11 Moving Color Inc. 
• Exhibit 144: Moving Color Inc. – Overview
• Exhibit 145: Moving Color Inc. – Product / Service
• Exhibit 146: Moving Color Inc. – Key offerings

• 12.12 Olikrom SAS 
• Exhibit 147: Olikrom SAS – Overview
• Exhibit 148: Olikrom SAS – Product / Service
• Exhibit 149: Olikrom SAS – Key offerings

• 12.13 Otto Chemie Pvt. Ltd. 
• Exhibit 150: Otto Chemie Pvt. Ltd. – Overview
• Exhibit 151: Otto Chemie Pvt. Ltd. – Product / Service
• Exhibit 152: Otto Chemie Pvt. Ltd. – Key offerings

• 12.14 QCR Solutions Corp. 
• Exhibit 153: QCR Solutions Corp. – Overview
• Exhibit 154: QCR Solutions Corp. – Product / Service
• Exhibit 155: QCR Solutions Corp. – Key offerings

• 12.15 Simaco GmbH 
• Exhibit 156: Simaco GmbH – Overview
• Exhibit 157: Simaco GmbH – Product / Service
• Exhibit 158: Simaco GmbH – Key offerings

• 12.16 Smarol Industry Co. Ltd. 
• Exhibit 159: Smarol Industry Co. Ltd. – Overview
• Exhibit 160: Smarol Industry Co. Ltd. – Product / Service
• Exhibit 161: Smarol Industry Co. Ltd. – Key offerings

• 12.17 Vivify 
• Exhibit 162: Vivify – Overview
• Exhibit 163: Vivify – Product / Service
• Exhibit 164: Vivify – Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 165: Inclusions checklist
• Exhibit 166: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 167: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 168: Research methodology
• Exhibit 169: Validation techniques employed for market sizing
• Exhibit 170: Information sources

• 13.5 List of abbreviations 
• Exhibit 171: List of abbreviations

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