According to the latest market study released by Technavio, the global thermochromic materials market is expected to grow at a CAGR close to 7% during the forecast period.
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Technavio has published a new market research report on the global thermochromic materials market 2017-2021 under their chemicals and materials library. (Graphic: Business Wire)
This research report titled ‘Global Thermochromic Materials market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global thermochromic materials market into the following type of application:
- Pigments
- Thermometers
- Food quality indicators
- Papers
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The top three revenue-generating segments are discussed below:
Pigments
Due to the versatility of pigment and their improved performance, the global thermochromic materials market by pigments is projected to grow at the fastest pace among all the application segments. Pigments are widely used in the production of inks and paints. Due to their consistency, longevity, and high efficiency, pigments are used in plastic films. Pigments are usually preferred over conventional dye systems.
According to Ajay Adikhari, a lead analyst at Technavio for metals and minerals research, “The demand is fueled by the growing production of affordable pigments with enhanced color. Construction activities such as exterior walls, windows, and other construction components use thermochromic pigments because of their heat-control abilities.”
Thermometers
The increasing use of liquid crystals in thermometers is the key factor driving the market for thermochromic materials in thermometers. Liquid crystals are used for manufacturing forehead thermometers. The forehead strip thermometers change color to indicate the body temperature effectively.
“Industrial applications such as thermal mapping, medical devices, aquarium, and room thermometers use liquid crystal thermometers,” says Ajay.
Food quality indicators
Owing to the increasing demand for indicators to determine the quality of the frozen meat and foods, the global thermochromic materials market by food quality indicator will witness a moderate growth during the forecast period. Smart packaging systems that are made of thermochromic materials help consumers to detect the condition of the food through a direct visual change such as a change in color.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Hali Pigment
- LCR Hallcrest
- Matsui International
- QCR Solutions
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