Thermochromic Materials Market to become worth US$2.174 bn in 2025
The global thermochromic materials market has a substantially tough competition, notes Transparency Market Research, according to recently published report. Although such competitiveness exists in the market, most players showcase product differentiation. This is mainly done in order to tackle the high competition that exists between all the market players. Some of the leading players in the global thermochromic market are: New Color Chemical Co., LCR Hallcrest Ltd., Smarol Industries Co. Ltd., L’Arca Srl, QCR Solutions Corp., Matsui International Company, amongst several others.
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As per a report recently published by Transparency Market Research, the global thermochromic materials market is expected to show a CAGR of 9.3% between the forecast duration ranging from 2017 to 2025. The global thermodynamic market had a valuation of US$0.988 bn in 2016, which is further expected to increase at least up to US$2.174 bn at least until the end of the forecast period.
Irreversible Materials Segment Not Preferred Due To Inability to Regain Initial State
The global thermochromic materials market is divided into two segments: reversible and irreversible, based on the product type criteria. Out of both these segments, the reversible thermochromic materials segment holds a leading position, accounting for at least 60% of the total market shares. These materials are commonly used in diapers, textiles, bath toys, battery gauges, and several other products. As compared to the reversible thermochromic materials, the irreversible variety does not possess the ability to gain back their original state, thus not being preferred.
From a regional perspective, the global thermochromic materials market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Amongst all these regions, North America leads as a dominating segment with respect to the market shares reported over here. As per the published report, North America held at least one third of the total market share. In the next few years, the region is expected to grow tremendously due to rise in demand for thermochromic materials to be utilized in smart packaging markets and smart textile industries.
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Rise in Requirement for Camouflage Clothing Boosts Market
Thermochromic materials have uses in various end-use industries. Due to a rising demand of smart textiles for applications in home furnishing and fashion industry, the global thermochromic materials market is experiencing a wide boost in its sales all across the world. Tablecloths with color changing abilities depending on contact with heat, chairs indicating if a person had been sitting at a particular spot, skiing outfits, and color changing apparels parts are some of the examples where thermochromic materials are largely used. An increasing demand for thermochromic textiles used for making better security and camouflage based clothing is also a substantial indication of the global thermochromic materials market witnessing a push in its sales.
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