New York, NY -- (SBWIRE) -- 12/24/2020 -- The global thermochromic materials market is forecast to grow at a rate of 9.2% CAGR from USD 1.29 billion in 2019 to USD 2.51 billion in 2027. Thermochromic materials have the capability to change thermal radiation into a chromatic effect, thereby changing the colour. This transition between displayed colours is usually transient, and it depends on temperature. This property is one of the prominent reason that is driving the market growth.
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Market Drivers
Thermochromic materials are majorly used in the production of inks, coatings, polymers, and paper sheets to produce products of amusement and convenience. Reversible materials accounted for 37.6% of the global revenue in 2019. Reversible materials transition at a predetermined temperature threshold, which makes them ideal for sensory applications. Pigments accounted for 33.2% of the global thermochromic industry revenues in 2019, driven by their improved performance and high versatility characteristics.
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.
Key participants include Olikrom, LCR HalLcrest, Chromatic Technologies, Matsui International Company, New Prisematic Enterprise, GEM'INNOV, Kolorjet, Kolortek, Smarol Industry, and Hali Industrial, among others.
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)
Reversible
Irreversible
Material Outlook (Revenue, USD Billion; 2017-2027)
Leuco Dyes
Liquid Crystals
Pigments
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End-User Outlook (Revenue, USD Billion; 2017-2027)
Packaging
Printing & Coating
Medical
Textile
Industrial
Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
Regional Outlook
The Asia Pacific region is forecast to be the fastest-growing over the projection period. The rising demand for thermochromic food quality indicators in European countries is expected to drive the growth for thermochromic materials. In North America, the increasing demand for pigments drives the demand for materials in the U.S. The usage of these pigments in inks for screen and flexographic printing is expected to be the prime growth driver.
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