Press release
Thermochromic Material Market size to hit US$1.3 billion by 2030 | Segments like Type, Material, End-Use Industries, Region
Thermochromic Material Market
Surge in preference for colored materials among consumers and use of printing inks containing metallic pigments in the flexible packaging industry drive the growth of the global thermochromic material market. On the other hand, excellent color strength and vibrant durable colors present new opportunities in the upcoming years.
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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.
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.
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.
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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.
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
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Key Benefits For Stakeholders:
The report provides an in-depth analysis of the global thermochromic material market trends along with the current and future market forecast.
This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the thermochromic material industry for strategy building.
A comprehensive global thermochromic material market analysis covers factors that drive and restrain the market growth.
The qualitative data in this report aims on market dynamics, trends, and developments.
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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