With 9.3% CAGR, Thermochromic Materials Market Size to Reach USD 3.28 billion by 2029
Exactitude Consultancy
Updated 8 min read
According to Exactitude Consultancy the Global Thermochromic Materials Market value is expected to reach USD 3.28 billion by 2029, growing at a 9.3% CAGR of Between Forecast Period 2023 and 2029.
Luton, Bedfordshire, United Kingdom, March 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Thermochromic Materials Market.
The global thermochromic material market size is projected to reach USD 3.28 billion by 2029 from USD 1.47 billion in 2022, at a CAGR of 9.3% from 2023 to 2029. Thermochromic materials are substances that change their color or transparency in response to changes in temperature. These materials are designed to respond to specific temperature ranges and can be triggered by changes in ambient temperature or by the application of heat. The color change can be reversible or irreversible, depending on the type of material and the intended application. Thermochromic materials are used in a variety of applications, including textiles, coatings, thermometers, smart windows, and packaging, among others. They are often used for visual indicators of temperature changes, as well as for decorative and aesthetic purposes.
Industry Developments
In December 2018, LCR Hallcrest partnered with PPG (US) for the development of a thermochromic coating for National Hockey League (NHL) hockey pucks. The color changing coating will change from purple to clear when a puck’s temperature is above freezing, providing a visual indication that the puck should be replaced. This partnership strengthened the company’s position as a leading manufacturer in the global thermochromic materials market.
In November 2018, CTI launched hi-tech inks to create anti-counterfeit & tamper-proof packages. Its BlindSpotz technology helped in stopping product tampering by inventing the first dual-indicator to detect product tampering from heat and freezing. This launch of innovative tamper proofing product from CTI helped the company emerge as a market leader in thermochromic inks manufacturing.
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The growth of the thermochromic materials market is being driven by the increased demand for smart packaging applications worldwide. This demand is due in part to the use of innovative technologies such as thermochromic materials, which are used to differentiate products and are increasingly being used in smart textiles for fashion and home furnishing applications. Additionally, the use of thermochromic materials as flexible sensors for functional usage, such as security or camouflage, and in energy conservation, particularly as coatings for switchable glass, are contributing to market growth. Other factors that are positively impacting the market include the use of thermochromic materials in product labels, security labels, and food and beverage packaging labels, as well as in the apparel industry, and increased purchasing power of consumers. The rise in packaging products for marketing and labeling innovations also presents profitable opportunities for market players in the forecast period of 2023-2029.
However, the higher cost compared to conventional inks and colorants, and poor light fastness properties are expected to hinder the market growth. The shortage of Leuco Dyes in China is also projected to be a challenge for the thermochromic materials market in the forecast period.
This report on the thermochromic materials market provides details on recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analysis of opportunities in emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, and technological innovations in the market. For more information on the thermochromic materials market, contact Data Bridge Market Research for an analyst brief, and our team will help you make an informed decision to achieve market growth.
Report Attribute
Details
Thermochromic Materials Market size value in 2022
USD 1.47 billion
Revenue forecast in 2029
USD 3.28 billion
Market Growth rate
CAGR of 9.3% from 2023 to 2029
Base year for estimation
2022
Historical data
2018 - 2020
Forecast period
2023 - 2029
Quantitative units
Revenue in USD Million, volume in units, CAGR from 2022 to 2029
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, trends
Segments covered
By Product; Material; Application and By Region
Regional scope
North America; Europe; Asia Pacific; Latin America; MEA
Develop business strategies by understanding the trends shaping and driving the Market.
Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Thermochromic Materials Market in the future.
Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Thermochromic Materials Market leaders.
Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
Track sales in the global and country-specific Market.
Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Impact of Covid-19 On the Global Thermochromic Material Market
As a result of the global economic slowdown, the production of major industries such as pulp & paper, textile, printing & coating and others were stopped for a shorter period. The strict regulations of government led to decrease in the sector due to which there is a sluggish decline in the growth of the global thermochromic material market.
The pharmaceutical and healthcare industry accounts for a major share in terms of consumption of thermochromic material globally. After the major lockdown across the globe, there is a significant growth in the healthcare industry, which led to increase in demand for thermochromic material across the globe. However, there is a sluggish effect on the thermochromic material due to COVID-19.
The production of textile was not stopped due to the minor restrictions on common use commodities, which led to increase in supply of thermochromic material, which in turn imparts a sluggish effect on the thermochromic material market.
Due to the COVID outbreak, online shopping plays a vital role which led to increase in demand for packaging & printing; however, there is a sluggish impact on thermochromic material market.
Key Market Segments: Thermochromic Material Market
By Products
Reversible
Irreversible
By Material
Leuco Dyes
Liquid Crystals
Pigments
By Application
Packaging
Printing and Coating
Medical, Textile
Industrial
By Region
North America
Europe
Asia Pacific
South America
Middle East and Africa
Frequently Asked Questions About This Report
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