Thermochromic Materials Market

SKU: DMCH5657 | Last Updated On: Aug 03 2022 | Available Formats

Thermochromic Materials Market Expected to reach a high CAGR 3.4% By 2029: DataM Intelligence

Thermochromic materials market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 3.4% during the forecast period (2022-2029).

Thermochromism refers to a material's ability to change color due to a change in temperature. The word is based on thermos, meaning temperature and chromic, meaning color. Thermochromic materials can change their color depending upon a wide range of temperatures. 

Liquid crystals and leuco dyes are the most common materials used for achieving thermochromic effects. The thermochromic effect of the material can be either reversible or irreversible depending upon the configuration of the material and the required application. Thermochromic materials are widely used in packaging, printing, coating and painting applications. 

Market Dynamics

The thermochromic materials demand is mainly driven by the increasing demand for smart packaging across various industries. The high costs involved in thermochromic materials are a key factor in limiting the growth of this market. 

Increasing demand for smart packaging across various industries

Rapid technological innovation in recent years has led to the adoption of smart packaging. One of the major applications of smart packaging has been preserving genuine products' authenticity. Given the rise rates of counterfeiting in recent years, many companies have adopted smart packaging to preserve authenticity. 

Smart packaging utilizes reversible thermochromic materials for subtly changing vivid color combinations which are unique and cannot be copied by imitators. Another major usage of thermochromic materials has been in tamper-proof packaging. Irreversible thermochromic material is used to make the seal which changes color permanently when tampering is attempted. 

Smart packaging is increasingly used for the long-distance transportation of fresh produce and frozen foods. Thermochromic material is embedded within the packaging, which subtly changes color when a certain temperature threshold is reached, indicating potential spoilage of the produce. Thermochromic materials are a key element of various smart packaging materials; hence, the increasing demand for smart packaging is a key driver for the global thermochromic materials market growth. 

High cost of thermochromic materials

Thermochromic materials are a rapidly evolving technological industry. Advanced knowledge of materials and chemistry is required to develop new types of thermochromic materials. Companies have to hire hundreds of skilled personnel at attractive salaries to develop a suitable research division. The research and development process also requires the usage of advanced machinery and equipment, which further adds to the cost. 

Developing new thermochromic materials takes years, with various configurations and parameters to be checked and the material behavior to be evaluated at various temperatures. Furthermore, various regulatory bodies require approvals before the material can be deployed to market. Thermochromic materials have a different manufacturing process than other materials, adding to the cost. The high cost of thermochromic materials is a key challenge for the growth of the global market. 

COVID-19 impact analysis

The COVID-19 pandemic created a difficult situation for the global thermochromic materials market. Many applications for thermochromic materials mainly occur in various sectors of the manufacturing and construction industries. Due to widespread restrictions during the pandemic, many end-user industries were highly affected. 

Demand across various domains for thermochromic materials decreased considerably, affecting the revenues of thermochromic material manufacturing companies. The only sector which saw a stable demand was medical packaging. Demand for security taggants and tamper-proof packaging for medical equipment and pharmaceuticals increased during the pandemic, as many criminals took advantage of the situation and started peddling counterfeit medical goods. COVID-19 vaccine manufacturers saw another major usage to ensure tamper-proof vaccine packaging. 

Thermochromic materials are an evolving field with many innovations currently under development. The industry relies on new product launches for different applications to maintain growth. The pandemic deeply affected the launch of new products along with existing research and developmental work. However, with the receding of the pandemic, the situation is expected to improve gradually in the coming months. 

A shortage of precursor chemicals and other raw materials has been caused by global supply chain problems directly attributed to the pandemic. It has affected the production of thermochromic materials when the demand has shown encouraging signs of recovery. The overall post-pandemic situation is not expected to improve until the end of 2022. Despite all the challenges, the global thermochromic materials market has a long-term positive outlook. Given the rapid growth across major industries, it is likely that the demand for thermochromic materials will increase significantly in the coming years. 

Thermochromic Materials Market Scope



Market CAGR


Segments Covered

By Type, By Material, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

To know more insights into the Market, Get Our Sample Brochure

Segment Analysis

The global thermochromic materials market is segmented into type, material, application and region. The thermochromic materials market by type is further segmented into irreversible and reversible. The irreversible type of thermochromic material is leading within this segmentation. Growing problems with tampering and counterfeiting have given rise to adopting smart tamper-proof packaging. Irreversible thermochromic materials are widely used for the manufacturing of tamper-proof seals. Any tampering with the packaging results in permanent discoloration of the seal, making it easier to identify tampering. 

Geographical Analysis

Asia-Pacific is expected to have a leading share in the global thermochromic materials market. The leading position is primarily due to the concentration of industries that utilize thermochromic materials. Food packaging, printing, roof coatings and pigments are some of the major industries in the region. 

Although much innovation regarding the usage of thermochromic materials happens in North America and Europe, the application of thermochromic materials is carried out in Asia-Pacific, mainly since mass production occurs in the region. Many roof coatings utilize thermochromic materials for signaling the complete drying of the coating. Asia-Pacific has a well-developed chemical industry that manufactures roof coatings, with China, India, Taiwan and South Korea among the leading players. 

Another major application of thermochromic materials is printing, especially high-security documents such as national ID cards, passports and currency notes. Thermochromic materials are used in the color-shifting optically variable ink (OVI), which changes color when viewed from different angles. It has become a key security feature for currency notes and passports. Almost all major countries in the region print their currency notes and passports at their security printing enterprises. Due to their large populations, China and India generate substantial demand for currency notes. 

Thermochromic materials are also used in the production of colored textiles. Varying types of materials are used to obtain different color combinations. Asia-Pacific has a well-developed textile industry, with Bangladesh, China, Vietnam, Thailand and Indonesia leading textile manufacturers. Due to the accelerated growth of various industries, Asia-Pacific is expected to continue retaining the largest share in the global thermochromic materials market. 

Competitive Landscape

The global thermochromic materials market is competitive since various thermochromic materials are suitable for different applications. Some major players contributing to growth in the market are Matsui International, Inc., OliKrom, LCR Hallcrest LLC, Chromatic Technologies Inc., Gem'Innov, Eptanova S.R.L, Smarol Industry Co., Ltd., Kolortek Paints, Hali Pigment Co., Ltd. and New Prisematic Enterprise Co., Ltd. The major market players several growth strategies such as launching new products, joint ventures, collaborations, patenting new materials and production expansion to contribute to the growth of the global industry.

Matsui International, INC 

Overview: Matsui International, Inc is a company that develops and manufactures various types of inks and specialty products for various commercial and industrial applications. The company sells its products globally in all major regions with nearly 1200 distributors. The company's major offices and manufacturing units are located in Japan, U.S. and China. Matsui International, Inc was established in 1923 and is headquartered in Kyoto, Japan. 

Product Portfolio

• Chromicolor is the company's proprietary range of thermochro*mic materials for various commercial and industrial applications. It primarily consists of temperature-sensitive pigments that can appear and disappear under a wide range of temperatures. 11 different color shades are available under the Chromicolor range. 5-10% concentration of Chromicolor pigment in polypropylene resin can be used for injection and extrusion molding applications. 

Key Developments: 

• In 2022, Matsui International, Inc. unveiled Phantom Clear, a thermochromic ink specially designed for gym and active sportswear clothing. The ink prints and dries clear and changes to a dark color during body temperature changes caused by intense exercise and sports. 

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report

20% Discount Applied*

Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!