Global thermochromic materials market is expected to reach a valuation of around $8.1 billion by the end of 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Key findings of the thermochromic materials market are listed below:
- In the year 2017, the global market was led by the paints and pigments segment, in terms of revenue.
- In 2017, Europe procured maximum share in the worldwide thermochromic materials market.
As per the report, the market is primarily driven by the increasing adoption of smart textiles, and burgeoning use of paints, inks, and pigments. Another key growth factor is the growing adoption of smart and intelligent packaging, which has also accelerated the demand for thermochromic materials within labeling and food quality indicators.
Applications such as battery gauges, baby diapers, and toys have seen increasing use of thermochromic materials, which has further augmented worldwide product demand. Increasing demand from developing regions, growing applications, and advancements in technology are additional forces expected to propel the thermochromic materials industry growth over the estimated time.
In terms of the regional landscape, the report segments the global market into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Europe is anticipated to emerge as the highest contributor to thermochromic materials market over the forecast period. Factors that support market growth in the region comprise of substantial demand from food and beverage sector for determining the quality of packaged food products including meat and frozen food. The surging adoption of smart and intelligent packaging has also led to high demand for thermochromic materials within the region.
The findings of the report suggest that, the Asia-Pacific market is anticipated to grow at the fastest rate over the forecast period. This can be accredited to the growing demand from automotive and textile applications. Moreover, major global players are growing their presence in emerging economies of India, China, and Japan, in an effort to tap the growth potential offered by these nations, further augmenting thermochromic materials market in the region.
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The competitive landscape of the global thermochromic materials market comprises of eminent industry players such as Indestructible Paints Limited, Shanghai Caison Color Material Chem. Co., Ltd., Hali Industrial Co. Ltd., New Color Chemical Co., Fraunhofer IAP, QCR Solutions, LCR Hallcrest LLC, Kolortek Co., Ltd., and New Prismatic Enterprises Co. Ltd. These producers launch revolutionary products and often join forces with other market leaders to innovate new products that meet the rising consumer demands, thereby augmenting the global thermochromic materials market size.
The report also delivers a comprehensive analysis of the thermochromic materials market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, product, application spectrum, and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments. Furthermore, the report also provides valuable industry analysis with regards to Porter’s five force including bargaining power of supplier, bargaining power of buyer, the threat of substitute, the threat of new entrant, and degree of competition.