APAC is the fastest-growing Thermochromic Materials market

Thermochromic Materials Market

CITY, Country, 2021-Oct-14 — /EPR Network/ —

The market size of thermochromic materials is estimated to be USD 1.3 billion in 2019 and is projected to reach USD 2.1 billion by 2024, at a CAGR of 9.5%. Thermochromic materials have found most of their applications in food & beverage packaging, as smart packaging provide consumers with the information about the current temperature of the product and ascertain the quality of frozen meat and dairy products, globally.

The use of thermochromic materials in smart packaging applications is increasing rapidly with growing demand for thermal indicators and color changing interactive packaging. Thermochromic materials absorb heat to change their chemical or physical structure and emit different wavelengths of light, exhibiting varied colors. This results in a color changing phenomenon of these materials. Liquid crystal-based materials exhibit a change in color with temperature because of change in crystal structure with temperature, whereas leuco dyes-based materials change molecular structure with temperature. Both liquid crystals and leuco dyes are microencapsulated and used in a wide range of applications, including paints, fabric, plastics, and inks. Thus, the increasing demand for thermochromic materials in niche applications is providing excellent growth opportunities for manufacturers.

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The leuco dyes segment led the market, by material in 2018. The leuco dyes segment of the market is projected to register the highest CAGR during the forecast period. Leuco dyes-based thermochromic materials exhibit less accurate temperature response than liquid crystal-based thermochromic materials. They are majorly used in combination with some other pigments. This produces a color change of the base pigment and the color of the pigment combined with  leuco dyes. Leuco dyes are used in various applications where temperature response accuracy is not critical, such as bath toys, novelties, flying discs, consumer goods, and textiles.

Printing & coating is the largest and fastest-growing end-use industry of thermochromic materials. Thermochromic materials find use in a wide range of applications such as vouchers, certificates, tickets, tax stamps, stock certificates, tamper-evident labels, passports, and others. Increasing investments in printing & coating manufacturing and the usage of thermochromic materials in these products have led to the growth of the market in the printing & coating end-use industry.

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APAC is the fastest-growing market, in terms of both production and demand. China is the leading consumer of thermochromic materials in the region owing to the presence of a developed packaging sector, high domestic demand, and easy availability of raw materials. APAC is the strategic location for manufacturing textiles due to the availability of low-cost labor and growing demand from end-use industries.

Apart from China, Japan and India are the major markets for thermochromic materials in the region owing to the growth of smart packaging applications in these countries. Increasing opportunities from the packaging industry in China, Japan, and India, along with the rise in demand from other countries, including Taiwan and South Korea, are expected to support the APAC thermochromic materials market.

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