The Thermochromic Materials Market is projected to grow from USD 1.3 billion in 2019 to USD 2.1 billion by 2024, at a CAGR of 9.5%. The high growth of niche applications consuming thermochromic materials across the world, coupled with efficient and superior properties of thermochromic materials, is driving the market.

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Browse 68 market data Tables and 29 Figures spread through 112 Pages and in-depth TOC on "Thermochromic Materials Market by Material (Leuco Dyes, Liquid Crystals, Pigments), End-use industry (Packaging, Printing & Coating, Medical, Textile), Region (Europe, North America, APAC, South America, Middle East & Africa) - Global Forecast to 2024".

Irreversible thermochromic materials is expected to be the largest and fastest-growing segment of the market, by type, during the forecast period.
On the basis of type, the thermochromic materials market has been categorized into reversible and irreversible thermochromic materials. Irreversible is projected to be the fastest-growing segment of the thermochromic materials market, by type during the forecast period. Irreversible thermochromic materials are widely used in security inks, packaging, and other coating applications as they change appearance when exposed to diverse temperatures. The color will remain unchanged, once the activation temperature is reached. The thermochromic materials market is witnessing significant growth due to the growing demand for thermochromic materials in medical applications.

Printing & coating is expected to be the largest and fastest-growing end-use industry during the forecast period
The end-use industries of thermochromic materials include packaging, printing & coating, medical, textile, industrial, and others. Printing & coating is the fastest-growing end-use industry of thermochromic materials owing to a significant increase in the demand for thermal paper for POS systems. The use of thermochromic materials is gaining momentum for interactive packaging that encourages consumers to take a product off the shelf and use it.
Although printing & coating accounted for the largest market share in 2018 and is expected to be the fastest-growing segment during the forecast period, packaging, textile, medical, and industrial segments are likely to witness tremendous growth opportunities. This growth is attributed to the technological advancements and innovations in the defense & security equipment such as body armors & helmets and vehicle & aircraft.

Europe is projected to be the largest market during the forecast period.
On the basis of region, the thermochromic materials market has been segmented into APAC, Europe, North America, the Middle East & Africa, and South America. Europe was the largest market for thermochromic materials, which accounted for largest share, in terms of value, in 2018. The thermochromic materials market in Europe is segmented into Germany, France, the UK, Italy, Spain, and Rest of Europe. The growth of the thermochromic materials market in the region is attributed to the demand from the packaging and printing & coating end-use industries. The smart packaging industry in the countries of Western Europe, including France and the UK is growing rapidly, which is fueling the demand for thermochromic materials.

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Key Market Players
The key players profiled in this market are OliKrom (France), LCR Hallcrest (US), Chromatic Technologies (CTI) (US), Matsui International Company (US), New Prisematic Enterprise (Taiwan), Smarol Industry (China), GEM'INNOV (France), Hali Industrial (China), Kolorjet (India), and Kolortek (China).

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