Bangalore, India, June 26, 2018: The recently published Infoholic Research study “Thermochromic Paints & Coatings Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”, forecasts that the global market for thermochromic paints & coatings will continue to expand. The growing disposable income among developing countries and the increasing penetration of thermochromic paints & coatings in various application sectors are the key factors driving this market growth. Further, the growing acceptance among consumers due to better performance, wide operating temperature range, safety indicators on thermally sensitive systems or indication of the thermal history are fostering the market growth. This pattern is expected to continue during the forecast period to increase the thermochromic paints & coatings market revenue to $4.6 billion by 2023, growing at a CAGR of 5.7%.
Advancements in technology have added to the market growth. The high manufacturing base in developed & developing countries along with the booming construction sector has further contributed to the market demand. Premium prices restrict the thermochromic paints & coatings market in lower per capita income countries, yet it is expected to witness high growth rate during the forecast period in developing & underdeveloped countries.
The decorative sector is one of the major contributors to the thermochromic paints & coatings market. The high growth in economies and increasing per capita income among consumers in developing countries have increased the demand for construction. This trend is expected to continue with the construction sector leading the market during the forecast period.
By types, reversible-based thermochromic paints & coatings are dominating the market. They have significant demand in the food industry and are used as an indicator, which helps to determine the quality of frozen meat and dairy products. Reversible thermochromic paints & coating is the largest product segment. Fluctuations in raw material price have restricted the usage of thermochromic paints & coatings.
“Thermochromic paints & coatings have come a long way from being considered a premium product to becoming an essential feature in several industries. It has become a critical addition to regulatory compliance in some geographies. Environmental advantages along with the increasing affordability will give an impetus to the market. The market that was earlier dominated only by developed countries is now finding a strong foothold in developing countries, such as China, wherein the domestic market is quite robust and offers high potential for growth. The market is still in the nascent stage and is expected to witness rapid growth in the next 5–6 years.” – Khushboo Pandey, Research Analyst, Infoholic Research
The key insights of the report are as follows:
- The global thermochromic paints & coatings market has been analyzed based on types:
- The study constitutes a classification based on end-user areas:
- The study covers the below-mentioned geographies:
- Asia Pacific
- North America
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP