The global thermochromic materials market is expected to reach USD 7.31 Billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for reversible thermochromic materials in application industries is expected to drive demand over the forecast period.
Growing demand for thermochromic
materials in food quality indicators to determine the quality of frozen meat
and dairy products coupled with the increasing use of thermochromic pigments in
inks, paints, and coatings is expected to drive market growth over the forecast
period.
Color diversity,
cost-effectiveness, and manufacturing process flexibility are some of the major
advantages of thermochromic materials. As a result, the demand for
thermochromic pigments in novelty products is increasing significantly. In
addition, the use of reversible temperature-sensitive materials in baby
products and sensors is expected to aid growth over the next eight years.
Complex chemical formulation
coupled with the difficulty in maintaining the formulation stability of
reversible thermochromic materials is expected to hamper the demand for the
materials over the forecast period. However, constant research &
development projects undertaken by the manufacturers are expected to aid in the
development of stable reversible materials, which in turn is likely to attract
demand from the application industries.
For Full Research Report On Thermochromic Materials Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/thermochromic-materials-market
Further key
findings from the report suggest:
- Reversible thermochromic
materials are expected to grow at CAGR of 5.0% over the forecast period on
account of growing demand in baby diapers, sensors and chemical containers
owing to its reversible characteristic
- Irreversible materials
dominated the market with over 60% of the overall revenue share due to
increasing demand for the product in novelty products and textile industry
over the forecast period
- Thermochromic pigments
accounted or the largest volume share in 2016 and the segment is expected
to continue its dominance over the forecast period owing to the increasing
use of the pigments in the manufacturing of paints and inks
- The Asia Pacific is expected
to be the fastest-growing region over the forecast period on account of
the increasing demand for reversible as well as irreversible products in
textile & novelty product manufacturing, and printing industry
- The industry is fragmented
with manufacturers catering to their local markets, creating a monopoly.
In addition, on account of the emerging industry and slow growth, the
existing manufacturers prevent new players from entering the market.
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https://www.grandviewresearch.com/industry-analysis/thermochromic-materials-market/request/rs1
Grand View Research has segmented
the global thermochromic materials market on the basis of product, application,
and region:
Thermochromic
Materials Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2025)
- Reversible
- Irreversible
Thermochromic
Materials Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2025)
- Food quality indicators
- Papers
- Pigments
- Thermometers
- Others
Thermochromic
Materials Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2025)
- North America
- The U.S.
- Europe
- Germany
- The U.K.
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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