Pune, India, August 2023, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Thermochromic Material Market.
Market Research Future (MRFR) has published a cooked research report on the “Global Thermochromic Material Market” that contains information from 2018 to 2032. The Thermochromic Material market is estimated to register a CAGR of 3.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Thermochromic Material market— OliKrom (France), LCR Hallcrest (U.S.), Chromatic Technologies (CTI) (US), Matsui International Company (U.S.), New Prismatic Enterprise (Taiwan), GEMINNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China).
The global Thermochromic Material market is accounted to register a CAGR of 3.50% during the forecast period and is estimated to reach USD 2.04 Billion by 2032.
The Thermochromic Material Market relates to the industry focused on the production and application of materials that change color in response to temperature fluctuations. These materials are used in various applications such as smart textiles, temperature indicators, and novelty products, due to their ability to respond dynamically to heat.
The global Thermochromic Material market has been segmented based on Type, Material and End-use.
On the basis of Type, the market is segmented into Reversible and Irreversible. The market was dominated by the reversible category. Reversible thermochromic materials are substances that change at a certain temperature and are ideal for sensory applications.
Based on Material, the global Thermochromic Material market has been segmented into leuco dyes, liquid crystals, pigments and others. Due to their excellent performance flexibility and enhanced performance features, pigments made the greatest revenue. These pigments are widely used to cover surfaces in consumer goods through the use of paints and inks.
Based on End Use, the global Thermochromic Material market has been segmented into packaging, printing and coating, medical, textile, industrial and others. Due to the market's growing demand for thermal paper for POS systems, the printing and coating segment generated the most revenue. It is becoming more and more common to employ thermochromic materials for interactive packaging that enables customers to remove the product off the shelf and use it.
The global Thermochromic Material market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Thermochromic Material market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Thermochromic Material market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Thermochromic Material market comprises of Middle East, Africa, and Latin America.
The European Thermochromic Material Market dominated this market in 2022. The demand from the packaging, printing, and coating end-use sectors is expanding the market for thermochromic materials in the area. The business for smart packaging is rising quickly in Western European countries like France and the UK, which is increasing the demand for thermochromic materials.
Additionally, the second-largest market share for Thermochromic Material is held by North America. because more pigment is needed across a variety of end-use industries. The United States owned a substantial percentage of the North American regional market due to its developed economy, and it is projected that it would continue to grow at a relatively slower rate throughout the course of the forecast period. The usage of these pigments in flexographic and screen-printing inks is predicted to be the primary factor driving growth in the industry.
Moreover, from 2023 to 2032, the Thermochromic material Market in Asia-Pacific is anticipated to experience the quickest CAGR growth. The increasing usage of thermochromic pigments in the manufacturing of novelty items and the textile industry, as well as the expanding demand for the materials in the Japanese vehicle industry, are expected to support market growth in the region. Rising foreign investment is also expected to hasten industry expansion rates in this region during the next seven years. The thermochromic material market in India had the highest rate of growth in the Asia-Pacific region, while the thermochromic material market in China had the greatest market share.
Key Findings of the Study
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