As cited by the research report titled ‘Global Thermochromic Material Market Size study, by Type (Reversible, Irreversible), by Material (Leuco Dyes, Liquid Crystals, Pigments, Others), by End use industry (Packaging, Printing & Coating, Medical, Textile, Industrial, Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global thermochromic material market was worth USD 1.4 billion in 2020 and is projected to grow with a CAGR of 9.5% during the study period, further accumulating USD 2.6 billion over 2021-2027.
 

Rising trend among researchers to produce goods using thermochromic materials is a major factor driving global thermochromic material market growth. Thermochromic materials are used in a wide variety of recreational and functional applications predominately as temperature indicators, thus augmenting the product demand.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4219772/
 

The use of thermochromic materials in packaging and labelling of commodities is growing as it makes it easier to identify any security breaches and camouflaging incidents. Furthermore, rising popularity of OLED-based gadgets and other flexible electronics is likely to bolster the overall market.
 

For the record, thermochromic materials are categorized into two groups on the basis of their uses, namely 'Thermal' which refers to heat, and 'Chrome' which refers to coloration. With changing temperature, thermochromic materials undergo a reversible change from color to colorless. Temperature changes can also be caused due to various factors like UV irradiation and sunlight.
 

Speaking of the negatives, higher costs of thermochromic materials as compared to conventional inks and colorants is likely to hinder market progression over the forecast duration of 2021-2027.
 

Based on type, the worldwide thermochromic material industry is segmented into reversible and irreversible. Considering material range, the marketplace is divided into leuco dyes, pigments, liquid crystals, and others. Speaking of end use ambit, the business space is categorized into packaging, medical, printing & coating, textile, industrial, and others.
 

Considering the regional frame of reference, Europe market is poised to record significant growth over 2021-2027, owing to increased demand from the printing & coating as well as packaging end-use industries in the region.
 

Meanwhile, Asia Pacific market is also expected to show lucrative growth patterns over the forecast period, on account of presence of large population and growing infrastructural development across the region.
 

Prominent players influencing global thermochromic material industry trends are Kolortek Co. Ltd., Kolorjet Chemicals Pvt Ltd., Hali Industrial Co. Ltd., Gem'innov, Smarol Industry Co. Ltd, New Prisematic Enterprise Co. Ltd., Matsui International Co. Inc., Chromatic Technologies Inc (CTI), LCR Hallcrest LLC, and OliKrom.