Temperature Sensitive Coating Market size is forecast to reach $535 million by 2026, after growing at a CAGR of 6.5% during 2021-2026. Growing application scope in the household sector, particularly in emerging economies such as China, India, Vietnam, and Brazil, are expected to boost the market in the future, owing to increased consumer disposable income. Temperature-sensitive coating using liquid crystals technology is used in thermometer labels, such as forehead, freezer, nursery, and aquarium thermometers. In addition, favorable government regulations governing the handling and transportation of pharmaceutical items are expected to stimulate product demand. The IATA Temperature Control Regulations, for instance, address temperature control issues in the pharmaceutical industry. As a result of these restrictions, product labels are now required in pharmaceutical shipments. Furthermore, Corrosion Under Insulation (CUI) is one of the most serious concerns that companies face, hence many are implementing temperature-sensitive assets as a standard practice. Over the projection period, the aforementioned factors are projected to raise product demand.
Due to the covid-19 outbreak, various countries have gone under shut down owing to which the market is witnessing a period of low demand from its end-use industries. According to the European Steel Association (EUROFER), in March 2020, demand for new commercial vehicles fell by 47.3% across the EU. In June 2020, registrations of new passenger cars in the EU totaled 949,722 units, a drop of 22.3% compared to the same month last year, as measures to prevent the spread of the coronavirus have led to the closure of dealerships. Which has also affected the temperature-sensitive coating market.
Temperature Sensitive Coating Market Segment Analysis – By Product
Reversible temperature sensitive coating held the largest share in the temperature sensitive coating market in 2020, attributed to high demand from application industries such as household and pharmaceuticals. Various technologies, such as leuco dye and liquid crystals, are used to create reversible products. Because of its reduced price and extensive application breadth, Leuco dye technology is favored over liquid crystals technology for graphics, quality control, packaging, process control, labeling, and advertising. When there are wider temperature fluctuations and accuracy is less important, this method is used. Liquid crystals have a high thermal sensitivity and are used in thermometers with temperature differences as tiny as 0.2 degrees Fahrenheit. Chemical indicators are one-time use devices that change phase when they reach the desired temperature. These coatings are primarily employed to provide evidence of temperature attainment and to monitor applications.
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Temperature Sensitive Coating Market Segment Analysis – By Application
Household application held the largest share in the temperature sensitive coating market in 2020 and is growing at a CAGR of 6.8% during the forecast period. Due to the rising application scope for ornamental products such as heat-sensitive mugs and pencils, as well as color-changing toys. Furthermore, over the projection period, rising product demand from emerging economies such as India and, China, is expected to propel market expansion. As these countries’ residential construction and consumer disposable income are steadily increasing. For, instance, in 2019, China’s government invested 1.9 billion on 13 public housing projects. According to International Trade Administration (ITA), the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. Furthermore, the industrial application is also growing at a significant rate during the forecast period. Owning to rising product demand in a variety of industrial applications such as paper coloration, brand protection, and protecting against Corrosion Under Insulation (CUI).
Temperature Sensitive Coating Market Segment Analysis – By Geography
Europe dominated the global temperature sensitive coating market in 2020 with 35%, attributed to high consumer disposable income combined with the increasing residential construction activities in the region. According to the Global Construction Perspectives and Oxford Economics report, the U.K is expected to become the world’s sixth-largest construction market by 2030. Over the next 15 years, U.K. is expected to build 3.3 million homes. In addition, Belgium’s government is taking initiatives to support the construction of new houses in the country. For instance, a system of tax reductions on homes and mortgages, an Accesspack loan scheme, and an investment fund for public housing, aiming to fund the construction of 6,000 new dwellings has been undertaken by the Government in the period 2016-2017. These initiatives are having an influence on the expansion of residential buildings as well as, numerous household ornamental products. Thus, in turn, complementing temperature sensitive coatings market growth.
Temperature Sensitive Coating Market Drivers
Growing Demand from Industrial Applications
The temperature sensitive coating is used for various industrial applications including crack detection. The temperature sensitive coating based on a platinum porphyrin trapped in a thin film generated from a sol-gel process. Temperature sensitive coating is deposited on top of an aluminum plate for this test, which is then subjected to dynamic fatigue using an electrodynamic shaker. To detect cracks in the aluminum, the changes in the surface temperature of the plate as it was excited at its resonance frequency were recorded. This method simplifies the visualization and measurement of cracks in real time. When compared to traditional thermography, this method shows the surface-temperature change for aluminum below the resolution of traditional instrumentation. Therefore, the demand for temperature sensitive coating is increasing for applications such as crack detection, and protecting against Corrosion Under Insulation (CUI).
Temperature Sensitive Coating Market Challenges
High Product Cost and Specialized Manufacturing Process
High product costs, combined with an increasing need for temperature-sensitive, accurate products at low prices, are expected to stymie market expansion throughout the projection period. Furthermore, temperature sensitive coatings, such as room and refrigeration thermometers, forehead thermometers, and food quality indicators, use liquid crystals. This technology has a wide range of applications; but, due to extremely specialized manufacturing procedures, demand is currently minimal. Therefore, these are the factors limiting the temperature sensitive coating marker growth.
Temperature Sensitive Coating Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Temperature Sensitive Coating Market. Major players in the Temperature Sensitive Coating market includes LCR Hallcrest, CAPCO, LA-CO Industries, B&H Colour Change, TIP Temperature Products, SFXC, LakfbriekKorthals BV and Good Life Innovations, Ltd, among others.
Europe dominated the global temperature sensitive coating market in 2020, owning to high consumer disposable income combined with the increasing residential construction activities in the region.
Rising demand for irreversible temperature sensitive products for quality purposes in various applications such as riveting, annealing, welding, and metalworking, is expected to drive product demand in industrial applications.
Furthermore, technological advancements in the automotive sector, such as Lamborghini’s color-changing cars, are expected to boost market growth in the coming years.
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