Global Thermochromic Materials Market 2017-2021
About Thermochromic Materials
With changes in temperature, thermochromic materials also change their color. These materials are used in pigments, thermometers, food quality indicators, kettles, test strips on batteries, and textiles. These materials are also used in food packaging. They are generally categorized into two types: liquid crystals and leuco dyes. Liquid crystals are used in liquid crystal display (LCD) screens, thermometers, and mood rings. Leuco dyes are less expensive than liquid crystals and are used in a wide range of applications such as quality control, product labeling, advertising and promotional applications, toys, game pieces, and packaging.
Technavio’s analysts forecast the global thermochromic materials market to grow at a CAGR of 6.77% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global thermochromic materials market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of thermochromic materials.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Thermochromic Materials Market 2017-2021
Technavio recognizes the following companies as the key players in the global thermochromic materials market: Hali Pigment, LCR Hallcrest, Matsui International, and QCR Solutions
Other Prominent Vendors in the market are: Good Life Innovations, Gem'innov, Chromatic Technologies, SFXC, SMAROL INDUSTRY, and NCC.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of smart materials. Smart materials are used in a wide range of applications. Hence, their properties can be changed by external conditions, like electricity, light, temperature. Smart materials are used in aerospace, manufacturing, and healthcare. These materials are usually referred as smart because these materials are programmed by material composition. Its micro-structures are modified, especially processed, so that, they can adapt to various levels of stimuli in a controlled manner. Smart materials are widely used in automotive industry for automatic heat and light control.”
According to the report, one of the major drivers for this market is Increasing demand for thermochromic material as food quality indicators. The demand for high-quality food products from consumers have led to the development of a different type of food quality indicators. These indicators are used to indicate consumers about the food's condition inside the packaging by changing color. The indicators are generally placed inside the sealed package in order to alert consumers about the chemical changes in the product. Scientists have developed indicators to identify products, which are unsafe for consumption. For instance, the Food and Drug Administration's (FDA) National Center for Toxicological Research (NCRT) identified volatile amines as the cause of seafood spoilage. Therefore, the scientists have developed a food quality indicator to detect the level of amines that cause the seafood spoilage. Thermochromic materials are used to check the quality of frozen foods such as meat and dairy products.
Further, the report states that one of the major factors hindering the growth of this market is Product limitations. Although thermochromic material can be used in a wide variety of industries, there are a few drawbacks to their use as well. Thermochromic inks are sensitive to UV light. In addition, they have less life in the printed form if exposed to high temperatures and light over long periods of time. For instance, thermochromic liquid crystals need specific printing equipment. They are also expensive to manufacture. Factors like sensitivity to UV radiation, high temperature, and some chemicals or solvents pose a negative impact on thermochromic material's lifespan. In addition, thermochromic inks are water-based flexographic or gravure inks, which hinder the market growth. These factors will hamper the market growth of thermochromic materials during the forecast period. Therefore, thermochromic material manufacturers are investing heavily in R&D activities to overcome the challenges of the market and to produce new and improved products.
Hali Pigment, LCR Hallcrest, Matsui International, QCR Solutions, Good Life Innovations, Gem'innov, Chromatic Technologies, SFXC, SMAROL INDUSTRY, and NCC.