The latest market report published by Credence Research, Inc. “Thermochromic Materials Market By Type (Reversible & Irreversible), Application (Food quality indicators, Papers, Pigments, Thermometers and Others) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global Thermochromic Materials Market Is Expected To Grow At A Cagr Of 9.1% Over The Forecast Period Of 2017 To 2025.
The global market for thermochromic materials is witnessing growth mainly owing to rise in demand for innovative products with temperature-based, and abilities to change color for functional applications. Moreover, growing demand for thermochromic pigments in paints and coatings along with rise in demand for thermochromic materials in food quality indicators to determine the quality of dairy products and frozen meat is another factor propelling the market growth.
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Reversible technology is preferred over the irreversible technology. But, attaining reversibility by maintaining the stability of the solution is a complicated process, thus hampered the growth of the market.
However, various R & D projects are undertaken by the manufacturers to develop stable reversible materials, which is likely to enhance demand for reversible materials from the various application industries.
At present the market is in a nascent stage. Most of the manufacturers are attempting to achieve full commercialization. The market is monopolistic in nature and characterized by the presence of few key players. Manufacturers are catering to their local markets. Moreover, entry barriers are high for the new entrants. Some of the players present in this market are Olikrom, Fraunhofer IAP, SFXC, H.W. Sands Corp., and Smarol Industry Co. Ltd. among others.
- Increasing R & D projects undertaken by manufacturers
- Rising demand from end use application
- Asia Pacific offers huge market potential