New York, NY -- (SBWIRE) -- 10/12/2018 -- The Global Thermochromic Materials Market generated USD 5.1 billion in 2017 and is anticipated to grow at a CAGR of 5.4% during the forecast period.

Thermochromic materials are capable of altering their color according to the changes in temperatures. These materials operate within the temperature range of -10 degree Centigrade to 69 degree Centigrade. Some applications of thermochromic materials include food packaging, thermometers, and papers among others.

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The demand for thermochromic materials has increased over the years owing to growing adoption of smart and intelligent packaging. The increasing use of these materials in food quality indicators to determine the quality of frozen and meat products has supported the thermochromic materials market growth. The rising use in inks, paints, and coatings has further boosted the demand for these materials. The increasing applications in smart textiles, growing demand from emerging economies, rising applications, and technological advancements would provide numerous growth opportunities in the thermochromic materials market during the forecast period.

The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Thermochromic Materials Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.

Europe generated the highest revenue in 2017 owing to growing demand from the food and beverages sector, and rising use in medical devices such as thermometers. Presence of leading players in the region, along with increasing applications in diverse industries would support thermochromic materials market growth during the forecast period.

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Competitive Landscape and Key Vendors

The global thermochromic materials market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.

The companies in the thermochromic materials market include Shanghai Caison Color Material Chem. Co., Ltd., Indestructible Paints Limited, New Color Chemical Co., Hali Industrial Co. Ltd., QCR Solutions, Fraunhofer IAP, Kolortek Co., Ltd., LCR Hallcrest LLC, and New Prismatic Enterprises Co. Ltd.

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Key Segments

Type
- Liquid Crystals
- Leuco Dyes

Product
- Reversible Thermochromic Materials
- Irreversible Thermochromic Materials

Application
- Paints and Pigments
- Medical Devices
- Food Quality Indicators
- Others

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