Kenneth Research recently added a report on ‘Thermochromic Paints & Coatings Market’ which offers a complete evaluation of the market and its growth prospects along with new business opportunities in the industry. The report contains the market size and annual growth rate for a forecast period between 2022 and 2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Thermochromic Paints & Coatings Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Thermochromic Paints & Coatings Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
Thermochromic paints & coatings are designed in such a way that they change the color at a specific temperature, providing a visual indication of a temperature change. A special type of pigments, known as thermochromic pigments, are available in the market to manufacture thermochromic paints & coatings. In recent years, thermochromic paints & coatings have grown extraordinarily with the global thermochromic market attracting a significant share.
The Thermochromic Paints & Coatings Market report answers the following questions:
What is the aim of the report?
- The Thermochromic Paints & Coatings Market report presents the estimated Thermochromic Paints & Coatings Market size of Thermochromic Paints & Coatings Market by the end of forecast period. Additionally, the historical and current Thermochromic Paints & Coatings Market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Thermochromic Paints & Coatings Market based on geographical scope, Thermochromic Paints & Coatings Market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Thermochromic Paints & Coatings Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of the Thermochromic Paints & Coatings Market are incorporated in the research report.
- The report analyzes growth rate, Thermochromic Paints & Coatings Market size and valuation of the Thermochromic Paints & Coatings Market during the forecast period.
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The thermochromic paints & coatings market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
Key Market Insights
Thermochromic paints & coatings have created a niche market in various applications. Thermochromic paints & coatings can be used for many different reasons, including safety indicators on thermally sensitive systems or indication of the thermal history. The demand for thermochromic paints & coatings is surging in the food industry. Two main types of thermochromic paints & coatings are available in the market, i.e., reversible-based and irreversible-based.
The extensive use of these products in decorative and food sectors has given a massive boost to the thermochromic paints & coatings market in recent years. The rapid growth in economies across the globe and the increasing per capita income among consumers in developing countries are increasing the demand for decorations. This, in turn, is increasing the demand for thermochromic paints & coatings in infrastructure. The infrastructure sector is presently leading the market and is expected to remain the same during the forecast period. Emerging economies such as China, India, and Brazil are looking forward to take advantage of the benefits of thermochromic paints & coatings. Further, the industrial and FMCG packaging market growth is expected to foster the thermochromic paints & coatings market.
North America is the largest thermochromic paints & coatings market globally due to the presence of export-oriented manufacturing capacities and intense domestic demand from various end-user industries. The increase in food manufacturing and building construction is further driving the market growth in the region.
The anticipated economic stability in Europe is expected to boost its manufacturing sector, complementing the growth of the thermochromic paints & coatings market. North America is likely to remain as the key region with a significant contribution coming from the US. Few of the prominent companies operating in the thermochromic paints & coatings market are Sherwin Williams, AkzoNobel N.V., RPM International, Axalta Coating Systems Ltd., and Arkema.
o Asia Pacific
o North America
o Rest of the World
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