Growing demand for thermochromic materials in end user industries and increase in demand for enhance appearance product and product differentiation are expected to drive the growth of the thermochromic materials market. The global thermochromic materials market was valued at USD 1.45 billion in 2018 and is expected to reach USD 3.01 billion in 2026, growing at a CAGR of 9.62% during the forecast period.
Thermochromic materials are used for the production of coatings, inks, polymers and paper sheets to manufacture products of convenience and amusement value. Thermochromic material has wide advantages which include manufacturing process flexibility, cost-effectiveness, and Color diversity.
Thermochromic materials have a huge application in the packaging industry. Thermochromic materials are popular in enhancing the aesthetic qualities and used as incorporate temperature indicators, sun protection, and infringement indicators. Also, it is widely used various printing applications such as certificates, vouchers, tickets, tax stamps, stock certificates, tamper-evident labels, passports, and others.
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Rising demand for thermochromic materials in end-use industries like packaging, medical, and industrial in emerging countries is the key factors attributed to the market growth. Furthermore, rising demand for thermochromic materials in inks, paints, and coatings and an increase in use for food quality indicators to determine the quality of frozen meat and dairy products. On the other hand, high costs as compared to other conventional colors and inks and limited light-emitting properties is acting as a restraint to this market. However, continuous development in commercializing stable reversible materials and a growing number of applications is expected to create major growth opportunities during the forecast period.