Thermochromic Materials Market - Forecasts from 2024 to 2029

The market for thermochromic materials is showing substantial growth with a compound annual growth rate (CAGR) of 7.78% during the forecast period (2024-2029).

Thermochromic materials are substances that have the property of changing color when there is a temperature change. The material can be inorganic or polymer based such as iron oxide (Fe3O4), iron silicide (FeSi2), niobium dioxide (NbO2), etc. The color-changing properties of the material could have broad applications in the fields of sensors, displays, anti-counterfeiting, biomedicine, and many others. The major driving factor is the growing usage of these materials in the labels, coating, paint, ink, and pigments for exhibiting the property of thermochromism.

Thermochromic materials are segmented based on the material type into liquid-crystal, leuco dyes, pigments, and other materials. These materials show different properties for different applications. Thermochromic liquid crystals, used for acute thermal sensitivity, detect very small temperature changes. It undergoes a reversible thermally induced color change. They are calibrated to display green at a rated temperature. Another common type used is Leuco dye. They exhibit color change over a temperature of approximately 5ºF (3ºC). It undergoes a reversible color change. They are available in different forms, such as slurry, powder, paint, water-based ink, epoxy, or masterbatch. Leuco dyes can be designed to respond to broad temperature changes in different colors.

• The application of thermochromic smart windows to regulate the dynamics of light and heat plays an important role in these materials in the building and construction industry. Sustainable and eco-friendly solutions are at the forefront for using thermochromic applications such as coatings, when exposed to heat, the pigments expand or contract, causing a color change. The building and construction industries account for almost one-third of the total global energy consumption. Thus, thermochromic materials could be utilized for overall energy saving and carbon regulation.

THERMOCHROMIC MATERIALS MARKET DRIVERS:

• Thermochromic materials are demanded as a roof coat

The construction and building industry is growing across regions due to the demand for expanding urbanization. Developing economies need more buildings and houses, thus increasing the demand for the raw materials used in the industry. According to the United Nations, around 57% of the world's population in 2022 resided in the cities, which is likely to grow in upcoming years. The demand for innovative materials, such as thermochromic materials, has increased in the sector, owing to their use in roofs for energy saving.

Certain researches are ongoing with their daily life application. The smart roof and windows would use the thermochromic materials properties to draw the right amount of light from the sunlight and then reflect the rest. It could keep the house warm in cold countries and save electricity and carbon emissions. Further, the materials would come with the property that they are not blocking the photovoltaic cells for charging. Thermochromic materials can be economical, energy-saving, and environmentally friendly for application in houses and buildings.

• Growing demand for thermochromic dyes in fashion and other industries

Thermochromic materials have been a growing application in multiple fields, such as camouflaging in the military application; thermochromic dyes are used, which absorb the incident radiant energy and get heated to become colorless. Such dyes are useful applications in the fashion industry, too, where clothes are offered with color-changing properties. Thermochromic dyes are been used in electrical devices where the color change is used for getting the overload warnings.

Moreover, one of the larger applications of the thermochromic technology has been done by the automobile industry. BMW launched a unique color-changing car that uses many advanced technologies. The car has several sensors and cameras for detecting surrounding temperature and lighting conditions. These sensors and equipment then connect with the car computers, which change the car color accordingly. These changes take place in real time, giving an exquisite look. The car has specialized paint for changing color when exposed to different temperatures. These paints are made up of tiny pigments that are temperature-sensitive and suspended in a clear liquid coating.

• Demand for the improved appearance of the packaging

With the growing demand for the food and beverages, cosmetics industry, and other industries the need for advanced packaging has also increased due to the competitive nature of marketing in the industries. The companies are looking for new and innovative packaging solutions for product differentiation. One such offering is thermochromic inks by the ProAmpac, which features color-changing ink technology that changes color upon reaching a critical temperature threshold. As the temperature decreases, the ink reverts to its original color. This capability allows for versatile applications, and full-color transformations can be achievable.

Further, in July 2022, Molson Coors launched limited-edition packs featuring labels that change color according to the drink's temperature. The company is using thermochromic ink, which can turn the mountain peaks on Coors bottles and cans blue when the beer is cold enough to drink. The company pioneered this type of technology in its beer products.

• The North American region will dominate the thermochromic materials market during the forecast period.

North America would play a crucial role in developing the thermochromic materials market. The thermochromic materials are innovative in their application and development; thus, the countries in North America would play a crucial role in their execution. Agriculture, food, and related industries contributed roughly $1.530 trillion to U.S. gross domestic product (GDP) in 2023, a major contributor to the packaging industry. Further, the usage of thermochromic materials in buildings for roofs and windows has been growing, which is useful for energy efficiency and carbon saving. Further, many automobile companies are using thermochromic materials for the color-changing properties of the car, giving it a luxury look and expanding the market.

Thermochromic materials restraints:

• While the thermochromic materials market is showing robust growth and demand, the high manufacturing cost plays a significant impediment to the market's growth. The high manufacturing cost of these materials is significant in the packaging, coatings, dying, etc. application, whereas other replacement materials are much cheaper and cost-effective in the application.
• Moreover, many times certain materials are used to show poor performance in the application, where the wear and tear is high in the applications. Certain materials used are not environmentally safe for use.

Thermochromic Materials Market Key Developments:

• In May 2024, i2Cool is a startup company specializing in electricity-free cooling technology. They are innovators of green and energy-efficient materials, such as electricity-free cooling paint (paint) and electricity-free cooling film (iFilm), which can be implemented in over 100 projects globally and in more than 20 countries worldwide. They attracted nearly HKD100 million (USD13.8 million) in its Series A round financing from Trustar Capital (the private equity investment business under CITIC Capital Holdings Limited), Future Times Technology Holding Company Limited, The Hong Kong and China Gas Company Limited, and investors from earlier funding rounds. The solution for the cooling can be implemented in industries like architecture, the chemical industry, power & telecom, new energy, logistics, grain storage, and photovoltaics. The company is committed to using the funding for the R&D of new technologies, expanding its product portfolio, and accelerating its push into global markets.
• In February 2023, the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) validated that using thermochromic windows in office buildings could lead to massive savings and energy efficiency. Perovskite materials are used for the thermochromic windows to absorb energy from the sun shift, this technology mitigates heating loads in warm climates and cooling loads in colder regions. This saves a significant amount of energy annually, with the main source of savings coming from requiring less heating energy for highly glazed office buildings in cold or seasonal climates.
• In September 2022, OliKrom became a leading company in the smart material manufacturing of photochromic, thermochromic, luminescent, phytochromes, and chemochromes. They are showing strong commercial growth and are thus ready to expand the production site. They acquired 4,500 m2 land adjacent to the current production site. The company plans to expand in the domains of health, cosmetics, luxury, space, defense, etc.

The thermochromic materials market is segmented and analyzed as follows:

By End User

• Printing & Coating
• Packaging
• Medical
• Textile
• Other Industries

By Type

• Reversible Thermochromic Material
• Irreversible Thermochromic Material

By Material

• Liquid Crystal
• Leuco Dyes
• Pigments
• Other Materials

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Rest of South America
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• UAE
• Rest of the Middle East and Africa
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific