The thermochromic material market is expected to record a CAGR of over 5% during the forecast period. The major factor driving the market studied is the increasing demand for thermochromic material as a roof coat in major economies of the world. However, the complex and costly manufacturing process of thermochromic material is expected to hinder the growth of the market studied.
-Increasing demand for thermochromic dyes in the textile industry is likely to act as an opportunity for the market studied in the coming years.
-Roof coating application is expected to dominate the market studied over the forecast period.
-Asia-Pacific dominated the market across the world with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand for Thermochromic Material as Roof Coat
- Thermochromic materials are generally organic leuco-dye mixtures, composed of color former, color developer, and solvent. The color former is usually a cyclic ester and determines the base color. The color developer is a weak acid and produces the color change and the final color intensity. The solvent (alcohol or ester) melting point affects the color transition temperature.
- Thermochromic material roof coatings are prepared by incorporating a commercial thermochromic dye into a white acrylic elastomer matrix.
- Thermochromic materials can optimize thermal roof performances for different seasons. In summer at higher temperatures they are brighter reducing cooling loads, while in winter at lower temperatures, they are darker, resulting in an increase of the energy absorption, and therefore, in a reduction of the heating loads.
- Owing to the rising global warming and concerns regarding the environment, people are opting for eco-friendly methods of roof coatings.
- Owing to the above-mentioned factors, the application of thermochromic material as a roof coats is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is projected to be the fastest-growing region for thermochromic material in the near future, on account of the increasing acceptance of green building codes and increased infrastructure spending by the governments of India and China.
- The largest producers of thermochromic material are based in the Asia-Pacific region. Some of the leading companies in the production of thermochromic material are LCR Hallcrest LLC, Hali Pigment Co. Ltd, Chromatic Technologies Inc, QCR Solutions Corp, and OliKrom.
- The rapid growth in economies and increasing per capita income among consumers in developing countries in the Asia-Pacific region are increasing the demand for decorations. This, in turn, is increasing the demand for thermochromic paints and coatings.
- Thermochromic dyes are often used for rigid applications, such as thermometers, security printing, cosmetics, medical thermography, or food packaging.
- Increasing demand for security printing, cosmetics, medical thermography, and the food packaging industry is likely to boost market in the Asia-Pacific region.
- Owing to the above-mentioned factors, the market for thermochromic material in the Asia-Pacific region is projected to grow significantly during the study period.
The thermochromic material market is partially fragmented in nature with only a few major players dominating the market. Some of the major companies are LCR Hallcrest LLC, Hali Pigment Co. Ltd, Chromatic Technologies Inc., QCR Solutions Corp., and OliKrom.
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