The new report by Expert Market Research titled, ‘Global Thermochromic Materials Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global thermochromic materials market, assessing the market based on its segments like type, material, end-use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2021-2026)
- Historical Market Size (2020): USD 1.5 Billion
- Forecast CAGR (2021-2026): 9.8%
- Forecast Market Size (2026): USD 2.6 Billion
The growth of global thermochromic material is driven by its applications across various end use industries. The demand from textile sector for application in home furnishing and apparels is expected to propel the market growth. Additionally, the utilisation of thermochromic ink in various industrial temperature indicators will likely aid the growth. Moreover, the demand for irreversible thermochromic ink for application in security labels, food & beverages packaging labels and products labels among others is anticipated to increase over the forecast period. However, the reversible thermochromic material are projected to hold the largest share in the global market.
Industry Definition and Major Segments
Thermochromic materials refers to temperature sensitive substances which exhibit change in colour on account of variation in temperature. These changes can be reversible or irreversible. Thermochromic materials find application in various temperature indicators in industries, and chemical reactors, among others.
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Based on type, the thermochromic materials market can be divided into:
- Reversible
- Irreversible
Based on material, the thermochromic materials market is divided into:
- Leuco Dyes
- Liquid Crystals
- Pigments
- Others
The industry can be broadly categorised based on the end-use segments into:
- Packaging
- Printing and Coating
- Medical
- Textile
- Industrial
- Others
The regional markets for thermochromic materials include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Regionally, the North America is expected to have largest share for the global thermochromic materials market over the forecast period. This can be attributed to the increasing application of thermochromic substances such as inks & pigments, and polymers in various decoration materials, clothing apparels, and other consumer goods. Meanwhile, Asia Pacific is expected to witness the fastest growth owing to rapid industrialisation and rising demand for thermochromic consumer goods such as footwears and clothing apparels from countries such as Japan and Korea. Furthermore, regions such as Europe, Latin America and Middle East & Africa are expected to show moderate growth rate due to increasing awareness and availability of thermochromic materials.
Key Market Players
The major players in the market are Olikrom, LCR Hallcrest LLC, Good Life Innovations Ltd, Hali Industrial Co. Ltd, Smarol Industrial Co. Ltd., Gem’Innov, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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