IMARC Group has recently released a new research study titled “Advanced Phase Change Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the advanced phase change materials industry?
The global advanced phase change materials market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.74% during 2023-2028.
What is a advanced phase change materials (PCM)?
The advanced phase change materials or PCM represent a substance that releases and absorbs sufficient energy at phase transition to offer useful heat or cooling. They can be categorized into multiple types, such as organic, inorganic, bio-based, etc. Advanced phase change materials store, absorb, and release energy during phase transition and can be converted from liquid to solid and vice versa based on their application, making them ideal for a numerous range of end uses that need temperature control. Consequently, they find extensive utilization across various sectors, including building and construction, packaging, heating, ventilation, and air conditioning (HVAC), textiles, electronics, etc.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the advanced phase change materials market?
The implementation of several stringent building codes by government bodies to lower greenhouse gas emissions and the shifting preferences toward energy-efficient construction and energy conservation are primarily driving the advanced phase change materials.
In line with this, the emerging trend of green construction is further stimulating the market growth. Additionally, the elevating need for efficient thermal insulation materials in HVAC applications and commercial refrigeration is also positively influencing the market growth.
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Apart from this, the growing need for temperature-controlled packaging in F&B segment to store perishable goods and in the pharmaceuticals and bio-medical segment to transport temperature-sensitive products are acting as significant growth-inducing factors.
Moreover, the expanding industrialization, which has heightened the need for efficient cold storage and transportation to ensure good distribution practices for validating the products and prevent them from getting subjected to harsh conditions that might deteriorate their quality during shipping, is expected to propel the advanced phase change materials market over the forecasted period.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Organic PCM
- Inorganic PCM
- Bio-Based PCM
Breakup by Form:
- Encapsulated
- Non-Encapsulated
Breakup by Application:
- Building and Construction
- Packaging
- HVAC
- Textiles
- Electronics
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
BASF SE (BAS:Xetra), Cryopak, Entropy Solutions, Honeywell International Inc., Outlast Technologies LLC, Climator Sweden AB, Croda International Plc, Phase Change Material Products Limited, Phase Change Energy Solutions, Pluss Advanced Technologies Pvt. Ltd., RGEES, LLC., Rubitherm Technologies GmbH, Salca BV, and SGL Group.
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