Selbyville, Delaware, April 08, 2021 (GLOBE NEWSWIRE) — According to industry experts, worldwide phase change materials market size, worth USD 881.11 million in 2019, is projected to reach a valuation of USD 4214.19 million by the end of the forecast period 2019-2028, exhibiting a CAGR of 18.99% throughout.
Growing demand from construction sector, rising concerns regarding greenhouse gas emissions, and increasing focus towards sustainable development are projected to drive the industry growth. Moreover, surging utilization of phase change materials in textile industry, advancements in micro and macro-encapsulation technologies, and ongoing R&D in innovative product development are expected to create new opportunities for global phase change materials industry expansion.
Proceeding further, the research literature segments the market in terms of material, material type, encapsulation technology, end-user, and geography, followed by a granular analysis of the same. Critical data regarding the potential worth of investment in an area is determined post studying various parameters such as net production capacity, revenue, regulatory scenario, and manufacturers operating in each region. Lastly, the report offers complete profiles of the leading players, inclusive of their business overview and strategies.
Access sample pages of the report, “Global phase change materials market Forecasts 2028” in detail along with the table of contents (ToC) @
On the contrary, high costs of materials and manufacturing process is impeding the overall market growth. Moreover, the market for phase change materials is not fully developed, thus, has low demand.
Global phase change materials market end-user scope is categorized into commercial refrigeration, building & construction, energy storage, HVAC, textiles, shipping & transportation, and others. Textiles segment is witnessing an increased demand for phase change materials as they can be utilized to maintain desired temperature with minimal energy consumption. Moreover, these materials retain the normal insulation properties of the apparel.
Europe phase change materials market size to register 19.9% CAGR over 2019-2028. As the region is one of the larges meat exporters, there exists an increased demand for phase change materials for transportation and cold storage of meat. Moreover, stringent regulations regarding the quality of meat exported to other regions is boosting the regional market growth. Besides, increasing initiatives by European government towards development of green buildings, along with escalating demand for smart clothing and textile due to variations in climatic conditions are enhancing the industry outlook.
Stringent government rules regarding the reduction of CO2 emission by buildings are primarily driving the growth of the phase change materials market. The European government has been taking several initiatives for the development of green buildings. This is boosting the growth of the PCM market in the region. Moreover, variations in the climatic conditions of Europe are creating a huge demand for smart clothing and textiles in both hot and cold conditions. Besides, the presence of huge market players in the Europe is also favoring the regional market growth.
Asia Pacific phase change materials industry is expected to record 19.51% CAGR through 2028. Continuous R&D activities in Japan, and growing adoption of PCM in emerging economies like China and India across various sectors like transportation, packaging, and shipping applications are adding momentum to the regional industry expansion. Moreover, green development initiatives and rapid urbanization are boosting the industry growth in APAC.
Japan is one of the leading countries of the Asia-Pacific region in the research & development activities of phase change materials. Other countries like China and India have also begun using PCMs in different sectors like packaging, transportation and shipping applications. The rising number of urban households in these countries is leading to an increasing demand for air conditioners, thereby creating opportunities for the PCMs in the HVAC application. The growing electronics and textile industries in China are anticipated to drive the demand for the PCM market in the country over the forthcoming years.
North America phase change materials market progression is set to increase at an annual rate of 17.94% during the forecast years, with U.S. and Canada at the forefront. This strong growth can be ascribed to factors such as high concentration of prominent industry players, initiatives regarding clean energy, availability of advanced technologies, and rise of building & construction sector in the region.
North America ranks second among the largest markets for phase change materials. The region is home to several big industry players. The growth of the PCM market in the United States is primarily driven by the favorable initiatives implemented by bodies like the National Renewable Energy Laboratory of the Department of Energy and the Emerging Technologies Coordinating Council. These institutes are trying to help companies incorporate phase change materials in their products. The major applications of PCMs in North America include textiles, building & construction, HVAC and shipping & transportation.
Latin America phase change materials market is anticipated to grow at a yearly rate of 17.7% during the assessment period, largely driven by demand from the textile industry in Brazil. Mounting exports volumes of high-value textile products for various sectors like sports, military, and industrial applications will continue to stimulate the industry growth in the upcoming years. Further, increasing trade diversification, inflowing investments, positive economic outlook, and increasing R&D are the other factors complementing the business landscape in the region.
The majority demand for phase change materials in Brazil comes from the textile industry. The country is one of the top five large manufacturers of textiles and exports high-value textile products for different sectors like military, sports and industrial applications. The growing trade diversification, considerable investment growth and dynamic domestic markets are creating business opportunities for investors and exporters, particularly in these consumer-oriented trade sectors. Brazil is also likely to witness a substantial GDP expansion in the year 2020. These factors are likely to create potential applications for PCMs in the country in the upcoming years.
Global Phase Change Material Market Material Sub-Segments (Revenue, USD Million, 2019-2028)
- Salt Hydrates
Global Phase Change Material Market Material Type Sub-Segments (Revenue, USD Million, 2019-2028)
Global Phase Change Material Market Encapsulation Technology Sub-Segments (Revenue, USD Million, 2019-2028)
Global Phase Change Material Market End-User Sub-Segments (Revenue, USD Million, 2019-2028)
- Commercial Refrigeration
- Building and Construction
- Energy Storage
- Shipping and Transportation
Global Phase Change Material Market Geographical Bifurcation (Revenue, USD Million, 2019-2028)
- United States
- Rest of LATAM
- United Kingdom
- Rest of Europe
- South Korea
- Australia and New Zealand
- ASEAN Countries
- Rest of APAC
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Global Phase Change Material Market Company Profiles
- Sasol Limited
- Honeywell International, Inc.
- Phase Change Solutions, Inc.
- Outlast Technologies, LLC
- Microtek Laboratories, Inc.
- Sonoco Thermosafe
- Laird plc
- Henkel AG & Co. KGaA
- PureTemp LLC
- DuPont de Nemours, Inc.,
- Croda International plc
- Climator Sweden AB
- AI Technology, Inc.
TABLE OF CONTENTS
1. GLOBAL PHASE CHANGE MATERIALS MARKET – SUMMARY
2. INDUSTRY OUTLOOK
2.1. MARKET DEFINITION
2.2. KEY INSIGHTS
2.2.1. DEVELOPMENT OF PHASE CHANGE THERMAL INTERFACE MATERIAL
2.2.2. RISING AWARENESS REGARDING BIO-BASED PHASE CHANGE MATERIALS
2.2.3. USE OF PHASE CHANGE MATERIALS FOR INSULATION WITHOUT INCREASING WEIGHT OF THE BUILDING
2.2.4. COLD STORAGE SYSTEM OPPORTUNITIES FOR THE PHASE CHANGE MATERIALS
2.3. PORTER’S FIVE FORCE ANALYSIS
2.4. MARKET ATTRACTIVENESS INDEX
2.5. VENDOR SCORECARD
2.6. INDUSTRY COMPONENTS
2.7. RAW MATERIAL ANALYSIS
2.8. MARKET DRIVERS
2.9. MARKET RESTRAINTS
2.10. MARKET OPPORTUNITIES
3. GLOBAL PHASE CHANGE MATERIALS MARKET OUTLOOK – BY MATERIAL
3.2. SALT HYDRATES
4. GLOBAL PHASE CHANGE MATERIALS MARKET OUTLOOK – BY MATERIAL TYPE
5. GLOBAL PHASE CHANGE MATERIALS MARKET OUTLOOK – BY ENCAPSULATION TECHNOLOGY
6. GLOBAL PHASE CHANGE MATERIALS MARKET OUTLOOK – BY END-USER
6.1. BUILDING & CONSTRUCTION
6.2. COMMERCIAL REFRIGERATION
6.4. ENERGY STORAGE
6.5. SHIPPING & TRANSPORTATION
7. GLOBAL PHASE CHANGE MATERIALS MARKET – REGIONAL OUTLOOK
Phase Change Materials Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
Global Phase change material market will record substantial revenue growth on account of growing demand from applications such as HVAC, packaging, healthcare, textiles, building & construction among others. Phase change material are generally materials whose phase changes from liquid to solid, and solid to liquid. These materials are considered as exceptional products for thermal management solutions. This is so because they store as well as release thermal energy during melting and freezing process.
From a regional frame of reference, North America PCM market is projected to grow at a CAGR of more than 17.4% through the forecast time period. Europe held a market share of over 34% and is likely to grow at a CAGR of 16.9% over the forecast timeframe.
The Latin America phase change materials market is anticipated to grow at a CAGR of 17.1% in terms of revenue through the assessment period. Increasing infrastructural investment in the Middle Eastern region will drive regional industry growth and generate substantial revenue for the overall phase change material market through the forecast time period.
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