The thermochromic materials market is projected to grow from USD 1.3 billion in 2019 to USD 2.1 billion by 2024, at a CAGR of 9.5%. The high growth of niche applications consuming thermochromic materials across the world, coupled with efficient and superior properties of thermochromic materials, is driving the market.

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The key players in the thermochromic materials market include OliKrom (France), LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEMINNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China).

Chromatic Technologies (US) is the world-wide leader in the manufacturing of thermochromic inks and smart materials. It is engaged in the production of temperature inks, sunlight inks, reveal inks, glow-in-the-dark inks, security inks, and trigger inks, color-changing plastics, cold-chain alerts indicator, high-pressure pasteurization (HPP) indicators, and others. CTI is an innovation company that provides solutions to the world’s major brands and package printers. It focuses on aggressive R&D program that successfully allows CTI to provide custom innovation incubators for major brands worldwide.

LCR Hallcrest (US) is engaged in designing, developing, and manufacturing of temperature-sensitive and chemical reactive materials. It offers temperature labels, healthcare thermometers, permanent color change pigments & coatings, dishwasher disinfection labels, custom labels, color change pigments, cold chain integrity labels, food display temperature labels, and others. LCR Hallcrest also provides thermochromic materials through its subsidiaries, namely, TMC Hallcrest (UK), Thermographics (US), and Colourchange (UK). The company strives to develop solutions that help its customers gain a competitive advantage. LCR Hallcrest develops high-quality, innovative, and cost-effective solutions through customized material compositions and advanced manufacturing methods.

Printing & coating is the fastest growing end-use industry of thermochromic materials.

Thermochromic materials are used in a wide range of end-use industries such as packaging, printing & coating, medical, textile, industrial, and others. Printing & coating is the fastest-growing end-use industry of thermochromic materials owing to a significant increase in the demand for thermal paper for POS systems. Thermochromic materials are also widely used in security printing applications such as vouchers, certificates, tickets, tax stamps, stock certificates, tamper-evident labels, passports, and others. The property of thermochromic materials to change its color with fluctuation in temperature reversibly/irreversibly promotes their demand in several anti-counterfeiting applications.

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