Global Thermochromic Materials Market is anticipated to reach around USD 8.1 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the paints and pigments segment dominated the global market, in terms of revenue. In 2017, Europe accounted for the majority share in the global thermochromic materials market.
The increase in the adoption of smart textiles drives the growth of this thermochromic materials market. Growing use in inks, paints, and pigments further supports the market growth. There has been an increasing adoption of smart and intelligent packaging, which has increased the demand for thermochromic materials in food quality indicators, and labeling. There has been increasing use of thermochromic materials in applications such as toys, baby diapers, and battery gauges, which has further increased its demand worldwide. Growing demand from emerging economies, increasing applications, and technological advancements are factors expected to fuel the thermochromic materials market growth during the forecast period.
Europe dominated the global thermochromic materials market during the forecast period. A significant rise in the demand from the food and beverage sector to determine the quality of packaged food products such as frozen food and meat supports the growth of the market in the region. The increasing adoption of smart and intelligent packaging has resulted in high demand of thermochromic materials in the region. Asia-Pacific is expected to grow at the fastest rate during the forecast period. Increasing demand from the textile and automotive industries augments the thermochromic materials market growth in the region. Leading global players are expanding their presence in developing nations of China, Japan, and India to tap the growth opportunities offered by these countries.
The companies operating 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. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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