The global thermochromic materials market size is anticipated to reach USD 8.29 billion by 2026 according to a new report published by Polaris Market Research. The report “Thermochromic Materials Market Share, Size, Trends, Industry Analysis Report By Type (Liquid Crystals, Leuco Dyes); By Product (Reversible Thermochromic Materials, Irreversible Thermochromic Materials); By Application (Paints and Pigments, Medical Devices, Food Quality Indicators); By Regions: Segment Forecast, 2019 – 2026” provides detailed insight into current growth indices and taps future market trends.
In 2018, paints and pigments segment dominated the global
market in revenue terms. 2018 also saw Europe coming good with majority share
in global thermochromic materials market. A growing demand for reversible
thermochromic materials in application industries is expected to drive market
growth over forecast period.
The textile industry drives growth due to nurturing of smart
textiles. The use of product in paints, inks and pigments bolsters growth. A
growing trend towards smart and intelligent packaging has shot the demand for
product in food quality indicators and labeling ahead. There has been diligent
use of product in applications such as toys, baby diapers and battery gauges
which are on an increasing drive worldwide. A growing demand from developing
economies, striving applications and technological advancements are factors
expected to boost the industry growth during forecast period.
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The growing use of product in food quality indicators to ascertain
the quality of frozen meat and dairy products in double with use of
thermochromic materials in inks, paints and coatings is forecasted to drive
growth.
Restraints exist with difficult to encrypt chemical formulations
and in keeping formulation stable over the entire process of reversible
thermochromic materials which are expected to hamper market growth. However
constant R&D will ease the instability issues with reversible materials and
will in turn attract market growth.
Europe dominated the global industry for thermochromic materials
during forecast period. A significant rise in determining quality of packaging
in frozen food and meat supports the growth in the region. An increasing trend
overseen is employing smart and intelligent packaging which has resulted in
high product demand in the region.
Asia pacific has grown at a fast rate during forecast period.
Increasing demand from textile and automotive industries is the reason for high
growth of thermochromic materials in the region. Leading global players are
eyeing nations of China, Japan and India to strongly foster growth
opportunities on offer by these countries.
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The players functionally merge with other players to come up with
new product launches in order to meet consumer expectations. The key industry
players in thermochromic materials market include Shanghai Caison Color
Material Chem.Co. Ltd., QCR Solutions, Indestructible Paints Limited, New Color
Chemical Co, Hali Industrial Co Ltd., Fraunhofer IAPP, Kolortek CO. Ltd.,
LCR Hallcrest LLC, and New Prismatic Enterprises Co. LTD.
