Increasing demand in the smart packaging application, coupled with the growing demand for product differentiation and improved appearance of products, are some of the main factors driving the market growth.
US Thermochromic Market Size – USD 1.29 billion in 2019, Growth - CAGR of 9.2%, Trends – Growing demand from developing nations.
The global US Thermochromic Materials Market is forecast to reach USD 2.51 Billion by 2027, according to a new report by Reports and Data. The rising growth of niche applications using US Thermochromic materials across the globe, combined with superior and efficient properties, is driving the market. The increasing demand for innovative products with color-changing, temperature-based abilities for functional or entertainment applications has contributed towards the market growth in the last few years.
The temperature-sensitive materials are being used in the form of coatings, inks, polymers, and paper sheets to produce practical products, which provide ease of access, convenience, and amusement to customers. Forehead strip thermometer is the example of printed liquid crystals that changes color to effectively indicate increased body temperature during surgeries. Technological innovations like the encapsulation of flexible electronics OLED devices and the introduction of energy management construction films are a major driving aspect for the product. Moreover, the increasing demand in the textile industry is estimated to complement product demand over the forecasted period.
The COVID-19 impact:
COVID-19 outbreak has adverse effects on most of the businesses across the globe, including the US Thermochromic materials market. Closed foundries and canceled events in the industry is due to the rising Coronavirus infections from China. With international trade fairs being canceled, the infectious disease also has a global impact. The lockdown in several regions has severely impacted the market around the world. Moreover, with shutting down of the major players like LCR HalLcrest till the lockdown has been applied will negatively impact the flourishing market.
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Top Leading Players: Olikrom, LCR Hallcrest, Chromatic Technologies, Matsui International Company, New Prisematic Enterprise, GEM'INNOV, Kolorjet, Kolortek, Smarol Industry, And Hali Industrial, Among Others.
Key Companies In The Market Include:
Irreversible US Thermochromic Material Is Expected To Be The Fastest-Growing Product Segment During The Forecast Period. Irreversible Materials Are Extensively Used In Packaging, Security Inks, And Other Coating Applications Owing To Their Property Of Changing Appearance When Being Exposed To Diverse Temperatures.
Pigments Account For The Second Major Share Of The Industry Revenues In 2019. These Are Mostly Printed Onto Plastic Filmsand Preferred Over Conventional Dye Systems, Because Of Their High-Performance Efficiency, Longevity, And Consistency. Pigments Such As Leuco Dyes And Liquid Crystals Have Aided In Developing Infrared Camouflage For Military Assets And Many Other Functional Areas.
Among The End-User Segment Of The Market, Printing Coating Is Expected To Register An Excellent CAGR Of 9.4% Over The Forecasted Period Owing To Increasing Demand For Thermal Paper For POS Systems.
The Usage Of US Thermochromic Materials Is Gaining Popularity For Interactive Packaging That Enables The Consumers To Take A Product Off The Shelf And Use It.
Europe Is Expected To Register A Decent Growth Rate Of 9.4% Over The Forecasted Period Owing To The Demand From The Printing Coating And Packaging End-Use Industries.
Among The Material Segment, Pigments Are Anticipated To Register The Highest CAGR Over The Forecasted Period.
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Market Segmentation:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Reversible
- Irreversible
Material Outlook (Revenue, USD Billion; 2017-2027)
- Leuco Dyes
- Liquid Crystals
- Pigments
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Packaging
- Printing Coating
- Medical
- Textile
- Industrial
- Others
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key Questions Covered In The Global US Thermochromic Materials Market Report:
- What Is The Expected Market Size Of The Global US Thermochromic Materials Market During The Forecast Period?
- What Factors Are Expected To Hamper Global US Thermochromic Materials Market Growth Over The Forecast Period?
- Which Application Segment Is Expected To Dominate Other Application Segments Over The Forecast Period?
- Which Region Is Expected To Dominate In Terms Of Revenue During The Forecast Period?
- What Are The Key Outcomes Of Porter’s Five Forces Analysis And SWOT Analysis?
- Which Leading Players Are Operating In The Global US Thermochromic Materials Market?
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