The Global Advanced Phase Change Materials market held USD 1,407.5 million in 2018 and is predicted to reach USD 5,814.3 million by 2027 with a CAGR of 19.51% from 2019-2027
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The global advanced phase change materials market size was valued at significant revenue in the year 2018 and is likely to project an esteemed share in coming years. Phase change materials (PCM) are capable to change their state from solid to liquid and vice-versa. These materials are for thermal energy storage to provide the temporary storage of energy for the future use. The advanced phase change materials (APCMs) can store as well as provide huge volume of thermal energy after the transition from one state to another.
The growing energy consumption needs has encouraged the adoption of substitute methods to provide thermal energy. These APCMs can be used in active or passive form. These materials can absorb the heat & transform to liquid state and can also discharge the stored heat to get back in the solid state.
The technological advancements in the APCMs has also increased their use in various sectors and majorly in construction & building sector. Furthermore, the demand for the APCMs has increased as they can provide high heat storage capacity as compared to other conventional materials.
The stringent regulations for minimizing greenhouse gas emissions, increasing use of advanced phase change materials for temperature control & comfort, long operating life and energy saving features are the key factors to drive the advanced phase change materials market. The reduction in operating cost and temperature security has further supplemented the market growth. However, the flammability issue, corrosion, and lack of awareness may limit the growth the advanced phase change materials market. The ongoing R&D to increase efficiency of advanced phase change materials will create new opportunities for the market growth in future.
The advanced phase change materials market is segmented on the basis of type, application, and geography. On the basis of type, the advanced phase change materials market is segmented into organic, inorganic, and bio-based. On the basis of application, the advanced phase change materials market covers building & construction, thermal energy storage, cold chain & packaging, HVAC, shipping & transportation, electronics, textiles, and others. Geographic breakdown and analysis of each of the aforesaid segments is included for the regions including North America, Europe, Asia-Pacific, and ROW.
Europe is the fastest growing region in the advanced phase change materials market. The strict building energy codes to reduce and minimize emission of harmful gases, increasing demand for green buildings, and demand for low-carbon & net-zero energy buildings are factors to led the growth of European region.
Asia-Pacific region is anticipated to grow with highest growth rate during the forecast period owing to growing construction industry, rapid industrialization, and strong emphasis on energy security.
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The advanced phase change materials market share includes a comprehensive competitive analysis and profiles of the major market players. Companies such as Croda International Plc., Entropy Solutions LLC, Microtek Laboratories Inc., Honeywell Electronic Materials, Inc., Laird Plc, Sasol Ltd., Pluss Technologies Pvt. Ltd., Phase Change Materials Products Ltd., Outlast Technologies LLC, Phase Change Energy Solutions Inc., Rubitherm Technologies GmbH, Henkel AG & Company, KGaA, Advansa BV, AI Technology Inc., Climator Sweden AB, Cold Chain Technologies, Inc., and among others are provided in the advanced phase change materials market report.