Increasing demand in the smart packaging application, coupled with the growing demand for product differentiation and improved appearance of products, are some of the main factors driving the market growth.
Market Size – USD 1.29 billion in 2019, Market Growth – CAGR of 9.2%, Market Trends – Growing demand from developing nations.
The global thermochromic materials market is forecast to reach USD 2.51 Billion by 2027, according to a new report by Reports and Data. The rising growth of niche applications using thermochromic materials across the globe, combined with superior and efficient properties, is driving the market. The increasing demand for innovative products with color-changing, temperature-based abilities for functional or entertainment applications has contributed towards the market growth in the last few years.
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The temperature-sensitive materials are being used in the form of coatings, inks, polymers, and paper sheets to produce practical products, which provide ease of access, convenience, and amusement to customers. Forehead strip thermometer is the example of printed liquid crystals that changes color to effectively indicate increased body temperature during surgeries. Technological innovations like the encapsulation of flexible electronics & OLED devices and the introduction of energy management construction films are a major driving aspect for the product. Moreover, the increasing demand in the textile industry is estimated to complement product demand over the forecasted period.
In North America, demand for the materials is driven by the growing demand for pigments in the U.S. for printing applications. The usage of these pigments in inks for screen printing and flexographic printing is expected to be the prime aspect of market growth in the region.
The COVID-19 impact:
COVID-19 outbreak has adverse effects on most of the businesses across the globe, including the thermochromic materials market. Closed foundries and canceled events in the industry is due to the rising Coronavirus infections from China. With international trade fairs being canceled, the infectious disease also has a global impact. The lockdown in several regions has severely impacted the market around the world. Moreover, with shutting down of the major players like LCR HalLcrest till the lockdown has been applied will negatively impact the flourishing market.
To identify the key trends in the industry, click on the link below:
Further key findings from the report suggest
- Irreversible thermochromic material is expected to be the fastest-growing product segment during the forecast period. Irreversible materials are extensively used in packaging, security inks, and other coating applications owing to their property of changing appearance when being exposed to diverse temperatures.
- Pigments account for the second major share of the industry revenues in 2019. These are mostly printed onto plastic filmsand preferred over conventional dye systems, because of their high-performance efficiency, longevity, and consistency. Pigments such as leuco dyes and liquid crystals have aided in developing infrared camouflage for military assets and many other functional areas.
- Among the end-user segment of the market, printing & coating is expected to register an excellent CAGR of 9.4% over the forecasted period owing to increasing demand for thermal paper for POS systems.
- The usage of thermochromic materials is gaining popularity for interactive packaging that enables the consumers to take a product off the shelf and use it.
- Europe is expected to register a decent growth rate of 9.4% over the forecasted period owing to the demand from the printing & coating and packaging end-use industries.
- Among the material segment, pigments are anticipated to register the highest CAGR over the forecasted period.
Leading Players Profiled in the Report Include:
- LCR HalLcrest
- Chromatic Technologies
- Matsui International Company
- New Prisematic Enterprise
- Smarol Industry
- Hali Industrial
For the purpose of this report, Reports and Data have segmented into the thermochromic materials market on the basis of product, material, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Material Outlook (Revenue, USD Billion; 2017-2027)
- Leuco Dyes
- Liquid Crystals
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Printing & Coating
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Thermochromic Materials Market Segmentation & Impact Analysis
4.1. Thermochromic Materials Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
220.127.116.11. Growing Demand in Smart Packaging Application
18.104.22.168. Increased Demand For Product Differentiation and Improved Appearance of Products
4.2.3. Market restraints analysis
22.214.171.124. Higher Cost than that of Conventional Inks and Colorants
126.96.36.199. Poor Light Fastness Properties
188.8.131.52. Low Acceptance Rate of New Technologies in Emerging Economies
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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