Thermochromic Materials Market to Undertake Strapping Growth During 2024
Prominent
manufacturers in the global thermochromic materials market are
OliKrom, Good Life Innovations Ltd, Matsui International Company, QCR
Solutions Corp., New Color Chemical Co., Hali Industrial Co. Ltd.,
LCR Hallcrest, Ltd (NCC), Gem’innov, Smarol Industrial Co. Ltd.,
CTI (Chromatic Technologies), and L’Arca Srl.
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There
is solid competition among the players in the global thermocromic
materials market. One of the key strategies adopted by manufacturers
to beat competition is product differentiation. Use of special effect
inks such as thermochromic and photochromic inks is in line with
latest marketing trends that emphasizes upon consumer and brand
intercativity.
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As
per a report by Transparency Market Research, the global market for
thermochromic materials will clock a solid 9.3% CAGR from 2017 to
2025 to become worth US$2.174 bn in 2025 from US$.988 bn in 2016.
Demand
from Smart Textiles and Smart Packaging Market Makes North America
Market Leader
Depending
upon the type of thermochromism, the two broad segments of the global
thermochromic materials are reversible and irreversible. Of the two,
the reversible segment accounts for maximum share in the market. In
2016, the segment’s dominant share came to a substantial 60% in the
market. Reversible thermochromic materials find application in bath
toys, textiles, baby diapers, battery gauges, etc. Their demand
primarily stems from the fact that irreversible thermochromic
materials are limited to single-use as they fail to return to their
original color on reversing the temperature.
Based
on geography, the key segments of the global thermochromic materials
are North America, Latin America, Europe, Asia Pacific, and the
Middle East and Africa. North America, among them, holds a dominant
share in the market. In 2016, it held almost a third of market share.
In the years ahead, the region will likely grow its dominant share
slightly to 34.8% on the back of demand for thermochromic materials
from the smart textiles and smart packaging markets.
Wide
Array of End-use Industries Drive up Demand
Thermochromic
materials find application in different end-use industries. Their
market is being driven by the demand for smart textiles from the
fashion and home furnishing industry. Some such applications are
tablecloths that change color upon contact with hot items on the
table, ski outfits, chairs whose color indicates where a person has
been sitting, and apparels having a particular motif painted on them
that changes color. Thermochromic textiles can also be used as
flexible sensors for functional usage for applications such as
security or camouflage. Thermochromic inks are applied on packaging
products for labelling, security printing, and for promotional
activities.
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Market
Hobbled by Poor Light Fastness of Thermochromic Materials
The
global thermochromic materials market, on the other hand, is
restrained by a major drawback of thermochromic materials, i.e., they
generally exhibit poor light fastness. Such materials degrade in the
presence of UV rays and undergo photochemical fading. In addition,
thermochromic inks are more expensive than conventional inks. This is
because manufacturing of thermochromic materials is highly
specialized and complex. “Moreover, to thwart accidental activation
during printing, specialized printing processes may be required to
print with an irreversible thermochromic ink which increases costs
significantly. Companies using thermochromic inks for packaging in
case of direct food contact need to meet regulatory guidelines and
undertake specific testing in order to ensure that thermochromic inks
are compliant with the regulatory standards. This serves to add to
costs and delay introduction of new products,” adds the lead
analyst of the report.
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