Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Thermochromic Materials Market Outlook

The global thermochromic materials market attained a value of USD 1.98 billion in 2023. The thermochromic materials market is further expected to grow in the forecast period of 2024-2032 at a CAGR of around 9.60% to reach around USD 4.52 billion by 2032.

Global Thermochromic Materials Market

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Market Segmentation

The thermochromic materials are being used primarily as temperature indicators in many industrial industries, to identify the temperature and reaction temperature variations in chemical reactions, to quantify the temperature distribution of chemical heating devices, for example, heat exchangers and reactors, and also to indicate the variation in temperature in chemical containers and hazardous materials and storages vaults.

Global Thermochromic Materials Market by End Use

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Based on type, the thermochromic materials market can be divided into reversible and irreversible.

Based on material, the thermochromic materials market is divided into:

  • Leuco Dyes 
  • Liquid Crystals 
  • Pigments 
  • Others

The industry can be broadly categorised based on the end-use segments into:

  • Packaging 
  • Printing and Coating 
  • Medical 
  • Textile 
  • Industrial 
  • Others

The EMR report looks into the regional markets of thermochromic materials like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

Global Thermochromic Materials Market By Region

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Market Analysis

The use of thermochromic materials in protection or camouflaging applications and sensors for practical operations has increased. Due to their quality and durability, they are printed on plastic films through traditional dyes. The technological developments contributed to the launch of energy management films, OLED displays, and flexible electronics. The thermochromic materials are used in these industries, and the growth of these markets are propelling the thermochromic materials market growth further.

Thermochromic materials are used in a wide spectrum of end-use industries, including packaging, printing and coating, medical, automotive, textile, and other applications. The printing and coating segment is the fastest-growing end-use industry of thermochromic products, as the market for thermal paper for POS systems is increasing significantly. Reversible thermochromic type dominates the global market.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global thermochromic materials market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Olikrom
  • LCR Hallcrest LLC
  • Good Life Innovations Ltd
  • Hali Industrial Co. Ltd
  • Smarol Industrial Co. Ltd.
  • Gem'Innov
  • Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter's Five Forces model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Material
  • End Use
  • Region
Breakup by Type
  • Reversible
  • Irreversible
Breakup by Material
  • Leuco Dyes
  • Liquid Crystals
  • Pigments
  • Others
Breakup by End Use
  • Packaging
  • Printing and Coating
  • Medical
  • Textile
  • Industrial
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Olikrom
  • LCR Hallcrest LLC
  • Good Life Innovations Ltd
  • Hali Industrial Co. Ltd
  • Smarol Industrial Co. Ltd.
  • Gem'Innov
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global thermochromic materials market attained a value of nearly USD 1.98 billion.

The market is projected to grow at a CAGR of 9.60% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 4.52 billion by 2032.

The major drivers of the market are rising disposable incomes, increasing demand from end use segments, and growing technological advancements.

The key trends guiding the growth of the market include the launch of energy management films, increasing usage of OLED displays, and surging popularity of flexible electronics.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Reversible and irreversible are the major types of thermochromic materials in the market.

Leuco dyes, liquid crystals, and pigments, among others, are the significant materials in the market.

Packaging, printing and coating, medical, textile, and industrial, among others, are the major end uses of thermochromic materials in the market.

The major players in the global thermochromic materials market are Olikrom, LCR Hallcrest LLC, Good Life Innovations Ltd, Hali Industrial Co. Ltd, Smarol Industrial Co. Ltd., and Gem'Innov, among others.

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