United States, Rockville, MD, May 25, 2022 (GLOBE NEWSWIRE) -- According to a newly published report by Fact.MR, a market research and competitive intelligence provider, the global thermochromic materials market is currently valued at around US$ 1.73 billion and is slated to expand at an impressive CAGR of 10.2% over the period of forecast (2022 to 2032).
Thermochromic materials give an accurate measurement of temperature, and thus find high application in strip thermometers, LCD displays on calculators, mood rings, etc.
Moreover, these organic compounds change color sharply and can be used successfully in textiles. They are also used to manufacture thermochromic printing inks, which have the advantage of expressing a finely-colored image.
Browse in-depth TOC on “Thermochromic Material Manufacturers"
80 Tables and
96 Figures
170 Pages
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Key Takeaways from Market Study
- The global thermochromic materials market is set to reach a valuation of US$ 4.57 billion by the end of 2032.
- The market witnessed an 8.5% CAGR over the historic period of 2017-2021.
- Irreversible thermochromic materials dominate the market with a 52.9% market share, which is likely to grow to 54.5% by the end of 2032.
- Under end use, the printing and coatings segment dominates the market with a 31.1% share.
- Based on region, the demand for thermochromic materials is expected to increase at CAGRs of 9.9% and 10.5% in East Asia and South Asia & Oceania, respectively, over the forecast period.
- Together, North America and Europe are likely to represent over 51% of the global market share in 2022.
“While Europe and North America hold high market shares, demand for thermochromic materials is expected to increase faster across the Asian region”, says a Fact.MR analyst.
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Market Development
Suppliers of thermochromic materials are focusing on using thermochromic coatings to replace thermo-sensors and thermometers. Their approach to colour modification carries the advantage of being easy to interpret and use.
Key thermochromic material brands are offering an element of differentiation and are re-branding or modernizing existing products. They are also focusing on incorporating a touch of innovation and design, environmental interaction, coupled with safety and related considerations.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global thermochromic materials market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by type (irreversible and reversible) and end use (printing & coatings, packaging, medical, textiles, and other end uses), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Fact.MR’s Domain Knowledge in Chemicals and Materials Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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