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Thermochromic Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Thermochromic Materials Market Analysis and it is Segmented by Type (Reversible Thermochromic Material and Irreversible Thermochromic Material), Material (Liquid Crystal, Leuco Dyes, Pigment, and Other Materials), Application (Roof Coatings, Paints, Thermochromic Ink, Dyes, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa)

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Thermochromic Materials Market Size

Thermochromic Material Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Thermochromic Material Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Thermochromic Material Market with other markets in Chemicals & Materials Industry

Plastics, Polymers, and Elastomers

Adhesives and Sealants

Commodity Chemicals

Water and Wastewater Treatment

Advanced Materials

Construction Chemicals and Materials

Thermochromic Materials Market Analysis

The thermochromic material market is expected to record a CAGR of over 5% during the forecast period. The major factor driving the market studied is the increasing demand for thermochromic material as a roof coat in major economies of the world. However, the complex and costly manufacturing process of thermochromic material is expected to hinder the growth of the market studied.

Increasing demand for thermochromic dyes in the textile industry is likely to act as an opportunity for the market studied in the coming years.

Roof coating application is expected to dominate the market studied over the forecast period.

Asia-Pacific dominated the market across the world with the largest consumption from countries, such as China and India.

Thermochromic Materials Market Trends

This section covers the major market trends shaping the Thermochromic Material Market according to our research experts:

Increasing Demand for Thermochromic Material as Roof Coat

  • Thermochromic materials are generally organic leuco-dye mixtures, composed of color former, color developer, and solvent. The color former is usually a cyclic ester and determines the base color. The color developer is a weak acid and produces the color change and the final color intensity. The solvent (alcohol or ester) melting point affects the color transition temperature.
  • Thermochromic material roof coatings are prepared by incorporating a commercial thermochromic dye into a white acrylic elastomer matrix.
  • Thermochromic materials can optimize thermal roof performances for different seasons. In summer at higher temperatures they are brighter reducing cooling loads, while in winter at lower temperatures, they are darker, resulting in an increase of the energy absorption, and therefore, in a reduction of the heating loads.
  • Owing to the rising global warming and concerns regarding the environment, people are opting for eco-friendly methods of roof coatings.
  • Owing to the above-mentioned factors, the application of thermochromic material as a roof coats is likely to dominate during the forecast period.
Thermochromic Material Market : Revenue (%), by Application, Global, 2019

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is projected to be the fastest-growing region for thermochromic material in the near future, on account of the increasing acceptance of green building codes and increased infrastructure spending by the governments of India and China.
  • The largest producers of thermochromic material are based in the Asia-Pacific region. Some of the leading companies in the production of thermochromic material are LCR Hallcrest LLC, Hali Pigment Co. Ltd, Chromatic Technologies Inc, QCR Solutions Corp, and OliKrom.
  • The rapid growth in economies and increasing per capita income among consumers in developing countries in the Asia-Pacific region are increasing the demand for decorations. This, in turn, is increasing the demand for thermochromic paints and coatings.
  • Thermochromic dyes are often used for rigid applications, such as thermometers, security printing, cosmetics, medical thermography, or food packaging.
  • Increasing demand for security printing, cosmetics, medical thermography, and the food packaging industry is likely to boost market in the Asia-Pacific region.
  • Owing to the above-mentioned factors, the market for thermochromic material in the Asia-Pacific region is projected to grow significantly during the study period.
Thermochromic Material Market : Growth Rate by Region, 2020-2025

Thermochromic Materials Industry Overview

The thermochromic material market is partially fragmented in nature with only a few major players dominating the market. Some of the major companies are LCR Hallcrest LLC, Hali Pigment Co. Ltd, Chromatic Technologies Inc., QCR Solutions Corp., and OliKrom.

Thermochromic Materials Market Leaders

  1. LCR Hallcrest LLC

  2. Hali Pigment co.,ltd

  3. OliKrom

  4. QCR Solutions Corp

  5. Chromatic Technologies Inc.

*Disclaimer: Major Players sorted in no particular order

Thermochromic Material Market Concentration
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Thermochromic Materials Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Themochromic Material as Roof Coat

      2. 4.1.2 Growing Demand of Thermochromic Ink in Printing, Packaging, and High Temperature Alert Warnings

      3. 4.1.3 Others Drivers

    2. 4.2 Restraints

      1. 4.2.1 High Manufacturing Cost of Thermochromic Material

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

    5. 4.5 Raw Material Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Reversible Thermochromic Material

      2. 5.1.2 Irreversible Thermochromic Material

    2. 5.2 Material

      1. 5.2.1 Liquid Crystal

      2. 5.2.2 Leuco Dyes

      3. 5.2.3 Pigment

      4. 5.2.4 Other Materials

    3. 5.3 Application

      1. 5.3.1 Roof Coatings

      2. 5.3.2 Printing

      3. 5.3.3 Food Packaging

      4. 5.3.4 Cosmetics

      5. 5.3.5 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 France

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 LCR Hallcrest LLC

      2. 6.4.2 Hali Pigment Co. Ltd

      3. 6.4.3 Chromatic Technologies Inc.

      4. 6.4.4 QCR Solutions Corp.

      5. 6.4.5 OliKrom

      6. 6.4.6 SFXC

      7. 6.4.7 MICI

      8. 6.4.8 RPM International Inc.

      9. 6.4.9 Good Life Innovations Ltd

      10. 6.4.10 FX Pigments Pvt. Ltd

      11. 6.4.11 Smarol Industry Co. Ltd

      12. 6.4.12 Kolortek Co. Ltd

      13. 6.4.13 Kolorjet Chemicals Pvt. Ltd

      14. 6.4.14 Colourchange

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Demand for Thermochromic Colors in the Textile Industry

    2. 7.2 Other Opportunities

**Subject to Availability
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Thermochromic Materials Industry Segmentation

The thermochromic material market report includes:

Type
Reversible Thermochromic Material
Irreversible Thermochromic Material
Material
Liquid Crystal
Leuco Dyes
Pigment
Other Materials
Application
Roof Coatings
Printing
Food Packaging
Cosmetics
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
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Thermochromic Materials Market Research FAQs

The Thermochromic Material Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

LCR Hallcrest LLC, Hali Pigment co.,ltd, OliKrom, QCR Solutions Corp and Chromatic Technologies Inc. are the major companies operating in the Thermochromic Material Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Thermochromic Material Market.

The report covers the Thermochromic Material Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermochromic Material Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Thermochromic Materials Industry Report

Statistics for the 2024 Thermochromic Materials market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Thermochromic Materials analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Thermochromic Materials Market Report Snapshots

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Thermochromic Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)