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Nov 25, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Thermochromic Materials Market.
It was estimated prior to this unanticipated outbreak that the Thermochromic Materials Market is likely to witness an impressive CAGR of 9.2% during the forecast period. The growing demand for thermochromic materials is mainly due to their superior and efficient properties and their wide usage in various applications.
Thermochromic materials are generally organic leuco-dye mixtures, formed by color former, color developer, and solvent. They change reversibly/irreversibly their color by change in temperature. Color transition is on account of a change in structure and crystalline phase.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as reversible and irreversible. The irreversible segment held the larger share of the market in 2020, and is expected to remain dominant during the forecast period. Irreversible thermochromic materials are widely used in packaging, security inks, and other coating applications as the color remains unchanged, once the activation temperature is reached, and due to increasing demand in the medical applications the demand for these thermochromic materials is increasing.
Based on the material type, the market is segmented as leuco dyes, liquid crystals, pigments, and others. The leuco dyes segment is expected to remain dominant during the forecast period. Thermochromic materials made of leuco dyes are specialized dynamic materials that change color when exposed to different temperatures. Leuco dyes are used in a number of applications where temperature response accuracy is not critical, such as novelties, bath toys, flying discs, textiles, and consumer goods. They are also used in battery state indicators.
Based on the end-use industry type, the thermochromic materials market is segmented as packaging, printing & coating, medical, textile, industrial, and others. The printing & coating segment leads the market. Thermochromic materials are also widely used in security printing applications such as certificates, vouchers, tickets, stock certificates, tax stamps, passports, tamper-evident labels, and others. The property of thermochromic materials to change their color with changing temperature reversibly/irreversibly promotes their demand in several applications.
In terms of regions, Europe is estimated to be the largest and Asia-Pacific is estimated to be the fastest-growing thermochromic materials market during the forecast period, with Germany, the UK, France, and Italy being the major countries offering lucrative growth opportunities driven by the smart packaging industry in the western part of Europe. China and India are the growth engines of the Asia-Pacific region.
Key players operating in the global Thermochromic Materials market are-
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Thermochromic Materials analysis report discusses the following heads in great detail:
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