According to the report published by Allied Market Research, the global thermochromic material market generated $1.0 billion in 2020, and is projected to reach $1.3 billion by 2030, witnessing a CAGR of 3.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape. Thermochromic material industry growth is driven by surging preference for colored materials among consumers and use of printing inks containing metallic pigments in the flexible packaging industry. On the other hand, excellent color strength and vibrant durable colors present new opportunities in the upcoming years.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, both Europe and Asia-Pacific is projected to manifest the fastest CAGR of 3.5% during the forecast period.
On the other hand, the pharmaceutical and healthcare industry witnessed a significant growth, which led to increasing demand for thermochromic material across the globe.
In addition, online shopping increased the demand for packaging & printing during the pandemic, thereby, fueling the thermochromic material market globally
The report offers detailed segmentation of the global thermochromic material market based on end use, type, and region.
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Based on end use, the leuco dyes segment held the highest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the others segment is estimated to register the highest CAGR of 4.0% from 2021 to 2030.
COVID-19 scenario:
The outbreak of the COVID-19 pandemic has had a mixed impact on the global thermochromic material market.
The pandemic led to a global lockdown and temporary closure to the production of major industries such as pulp & paper, textile, printing & coating, and others across the world, which, in turn, affected the growth of the global thermochromic material market.
Based on type, both the reversible and irreversible segment held the equal market share in 2020, holding more than half of the global thermochromic material market. However, the irreversible segment is expected to continue its leadership status during the forecast period. Moreover, the irreversible segment is also projected to register the highest CAGR of 3.4% from 2021 to 2030.
Leading players of the global thermochromic material market analyzed in the research include OliKrom (France), LCR Hallcrest (U.S.), Chromatic Technologies (CTI) (US), Matsui International Company (U.S.), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEMINNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China).
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