Phase Change Materials Market Size, Global Opportunities, Share, Growth, Industry Trends to 2027
The global phase change materials market size is expected to experience significant growth by reaching USD ,174.8 million by 2027. This is attributable to the increasing adoption of phase change materials in manufacturing building materials and the stringent imposition of environmental laws to reduce greenhouse gases emissions globally. Fortune Business Insights, in its latest report, titled, “Phase Change Materials Market Size, Share & Industry Analysis, By Type (Organic, Inorganic, & Eutectic), By Application (Building & Construction, HVAC, Thermal Energy Storage, Cold Chain Packaging, Textiles, Electronics and Others), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 1,157.6 million in 2019 and is likely to exhibit an impressive CAGR of 21.0% between 2020 and 2027.
The lockdown imposed by the
government agencies to limit the spread of the novel coronavirus has led to a
major disruption in the supply chain operations. This is due to the suspension
of industrial processes and reduced number of workforce. The fewer availability
of raw materials is further leading to a large scale interruption in industrial
activities that is likely to hinder the market growth during the forecast
period.
A phase change material is widely used
to absorb the required energy at phase transition to ensure proper heating and
cooling of the designated space. Primarily, the transition takes place between
two fundamental states of matters, i.e. liquid and solid. There are widely on a
larger scale for several industrial applications such as food and beverage,
construction and building, space, etc.
What does the Report Include?
The market report includes qualitative
and quantitative analysis of several factors such as the key drivers and
restraints that will impact growth. Additionally, the report provides insights
into the regional analysis that covers different regions, which are
contributing to the growth of the market. It includes the competitive landscape
that involves the leading companies and the adoption of strategies by them to
announce partnerships, introduce new products, and collaboration that will
further contribute to the growth of the market between 2020 and 2027. Moreover,
the research analyst has adopted several research methodologies such as SWOT
and PESTEL analysis to extract information about the current trends and
industry developments that will drive the market growth during the forecast
period.
DRIVING FACTORS
Increasing Adoption of Phase Change
Materials in Building Materials to Spur Demand
Phase changes materials are extensively
adopted due to them providing superior thermal regulation properties that aid
in improving the heating and cooling qualities of residential and commercial
spaces. Therefore, they are widely adopted in manufacturing building materials
across the globe. According to the Technology Strategy Board, in the U.K. about
45% of the total carbon emission is due to the operation, construction, and
maintenance of buildings and other infrastructure. Owing to the rising carbon
emissions, stringent emission norms have been implemented by the global
government agencies to reduce greenhouse gas effects that are likely to propel
the demand for the global phase change materials market during the forecast
period.
SEGMENTATION
Organic PCM Segment to Hold Largest
Market Share
Based on type, the organic PCM segment
is expected to hold the largest market share in terms of revenue owing to their
several benefits such as lower density, specific temperature, lower cost, high
latent heat, and thermal stability.
Browse Complete Report Summary@ https://www.fortunebusinessinsights.com/phase-change-materials-market-104848
REGIONAL INSIGHTS
Europe to Remain Dominant, Increasing
Focus on Green Construction to Propel Growth
Among all the regions, Europe is
expected to remain dominant and hold the highest position in the global phase
change materials market in the forthcoming years. This dominance is
attributable to the increasing focus on green construction with an aim to lower
the carbon emissions from the building and construction sector in the region
between 2020 and 2027. Europe stood at USD 443.4 million in 2019.
The market in Asia-Pacific is expected
to gain momentum due to the presence of several cold chain packaging industries
that is likely to boost the adoption of advanced phase change materials in the
region.
COMPETITIVE LANDSCAPE
Contract Signing by Prominent Companies
to Augur Market Growth
The global market for phase change
materials is experiencing high competition from the players present in it that
are focusing on signing lucrative contracts to expand their product portfolio.
Moreover, other key players are striving to maintain their presence by focusing
on leveraging the market opportunities by following organic and inorganic
strategies in the forthcoming years.
Industry Development:
- April 2020 - Rubitherm
Technologies introduced a new air-guided ventilation PCM, PhaseCube.
According to the company, the phase change material is available in
different sizes with varied temperature levels and efficiently adapts to
the specific requirement of the client’s system.
List of the Companies Profiled in the
Global Market for Phase Change Materials:
- Global E Systems (Netherlands)
- PCM Products Ltd (United Kingdom)
- PURETEMP LLC (United States)
- Climator Sweden AB (Sweden)
- Croda International Plc (United Kingdom)
- Sasol (South Africa)
- Laird Technologies, Inc. (United States)
- Honeywell International Inc. (United States)
- Phase Change Solutions (United States)
- Cold Chain Technologies (United States)
- Other Key Players
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