Introduction
Thermochromic materials are materials or composites that exhibit variations in color induced by elevated temperatures. This property showcased by certain compounds is known as thermochromism and can be reversible or irreversible upon cooling.
Thermochromic Materials Market: Dynamics
The increasing inclination from the research fraternity to develop products based on thermochromic materials is predominantly up scaling the market from the supplier’s point of view. On the consumer end, thermochromic materials open up a vast variety of recreational as well as functional applications and is anticipated to increase in demand over the long term forecast period. Being also employed as temperature indicators in its applications, the use of thermochromic materials is expected to increase over time. The thermochromic materials are largely employed in the textile and packaging industries. The need for simplified detection of security breach and camouflaging instances has led to the employment of thermochromic materials in the packaging and labeling of goods. Additionally, the increasing popularity of OLED based devices and other flexible electronics is also anticipated to have a significant impact on the global thermochromic materials market.
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However, the thermochromic materials are noted to degrade in the presence of Ultra – Violet (UV) rays and hence, serves as one of the factors restricting the thermochromic materials market growth. Additionally, the price of thermochromic materials is also observed to be higher than the traditional ink due to the complex manufacturing process. Although, the continuous product innovation is expected to aid the industry in overcoming these challenges throughout the forecast period.
With a rising evolution of coating the chemical heating apparatus, prominently heat exchangers, with paints based on thermochromic materials has been observed to be the trend across geographies. This is done for the temperature indication of chemical reactions and also of the stored chemical goods.
Thermochromic Materials Market: Segmentation
The global thermochromic materials market can be segmented on the basis of type, reversibility and end use.
On the basis of type, the global thermochromic materials market can be segmented into:
- Liquid Crystals
- Leuco Dyes
On the basis of reversibility, the global thermochromic materials market can be segmented into:
- Reversible Thermochromic Materials
- Irreversible Thermochromic Materials
On the basis of end use, the global thermochromic materials market can be segmented into:
- Textile
- Paints & Coatings
- Healthcare
- Packaging
- General Industrial
- DIY (Do–It–Yourself)
Thermochromic Materials Market: Regional Outlook
On a regional front, the trend for smart and responsive textiles is widely adopted in the North America region. Hence, North America is expected to account for a prominent proportion in the thermochromic materials market, on consumption basis. Pigments based on thermochromic materials are largely employed in the production of paints and inks. These being significantly consumed in the packaging as well as textiles industry, are expected to be the contributing factors of the Europe thermochromic materials market expand in value – volume terms. On the basis of growth rate, the East Asia and South Asia thermochromic materials market is anticipated to lead from the front. The rising awareness of thermochromic materials with the confident outlook of consumer goods such as textiles and footwear, coupled with the optimistic adoption rate can be considered as the potential factors for the rapid growth. The Latin America and Middle East & Africa thermochromic materials market is expected to account significantly in the global market and also showcase steady year–on–year growth over the forecast period.
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Some of the market participants in the global thermochromic materials market identified across the value chain include Matsui International Co, Inc., GEM’INNOV, QCR Solutions Corp, Chromatic Technologies Inc, OliKrom SAS and FX Pigments Pvt. Ltd., among others.