Rising Popularity of Switchable Glass Due to Rise in Energy Conservation Initiatives to Offer Profitable Growth Opportunities for Thermochromic Materials Market, notes TMR Study

ALBANY, N.Y., Jan. 18, 2022 /PRNewswire/ -- The growing popularity of thermochromic materials due to their phenomenal properties may influence the growth trajectory of the market between 2019 and 2027. Its extensive usage in paints, coatings, textiles, packaging, and others may lead to steady growth of the thermochromic materials market during the forecast period.

Transparency Market Research (TMR) has conducted extensive analysis on various aspects related to the growth of the thermochromic materials market. Experts at TMR predict the global market for thermochromic materials to expand at a CAGR of 8% during the forecast period. The global thermochromic materials market stood at US$ 1.16 Bn in 2018 and is prognosticated to reach US$ 2.33 Bn by 2027.

Various industries are focusing on using thermochromic materials for differentiating their products across the fiercely competitive market. This aspect is likely to offer considerable growth opportunities to the thermochromic materials market players. Furthermore, the specialty of thermochromic materials to change color on heat exposure is expected to drive demand. However, as manufacturing thermochromic materials involves a complex and specialized process, the 'expensiveness' quotient proves to be a great restraint and hinders the overall growth structure of the global market. The players in the thermochromic materials market should focus on making the products more affordable for expanding their consumer base.

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Key Findings of Report

Reversible Type to Witness High Demand as Compared to Irreversible Type

The reversible segment accounted for a growth share of 60% in 2018 in terms of type. A similar trend is expected during the forecast period. While reversible thermochromic materials can turn back to its original color, irreversible thermochromic materials cannot retain their color. This is the reason why the irreversible segmented only constituted 30% of the total market share in 2018. The demand for reversible thermochromic materials is expected to be more than irreversible materials during this forecast period.

Utilization of Thermochromic Material in Switchable Glass to Offer Growth Prospects

The use of thermochromic material coating in switchable glass is likely to serve as a prominent growth-generating factor. Switchable glass or smart glass enables optimal power usage. The awareness about energy conservation has increased rapidly over the years. As thermochromic materials are used as a coating for switchable glass, the demand is expected to increase. These factors are anticipated to fuel the thermochromic materials market growth.

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Regional Landscape of Thermochromic Materials Market

In terms of volume, North America accounted for more than 30% market share in 2018 and is anticipated to witness a similar trend during the forecast period. The U.S. is a major growth-generating country for the region. The rising demand for food and beverage packaging and interior decorations is projected to witness substantial growth prospects in the thermochromic materials market in North America.

Asia Pacific is prognosticated to witness rapid growth during the forecast period. Awareness about the use of thermochromic materials in various end-use industries such as decorative items, textile, footwear, etc. is increasing steadily, thus adding value to the growth structure. Countries including China and Japan are likely to contribute extensively to the growth of the thermochromic materials market in Asia Pacific.

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The market in Europe, Middle East & Africa, and Latin America is expected to witness growth at a slower pace as compared to other regions. In Europe, the market in Germany is extrapolated to observe lucrative growth owing to the presence of key food and beverage manufacturers.

Some well-entrenched players in the thermochromic materials market are New Color Chemical Co., Ltd, CTI (Chromatic Technologies), Matsui International Company, Hali Industrial Co. Ltd. & L'Arca Srl., LCR Hallcrest, and Good Life Innovations Ltd.

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