New York, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) — The Global Phase Change Material Market Size to Grow from USD 3.7 Billion in 2023 to USD 6.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.27% during the forecast period.
Organic Phase Change Materials require the manufacture of specific chemical molecules, such as fatty acids or esters. Inorganic Phase Change Materials may necessitate the extraction or synthesis of salts or metals. Raw materials are processed and compounded to create Phase Change Material products. Encapsulation, for example, is a procedure in which Phase Change Material is microencapsulated for better stability and performance. Stringent quality control measures are used to attain the correct thermal characteristics and performance of the Phase Change Material. Phase Change Material goods are distributed through a variety of channels, including manufacturers, distributors, and specialised suppliers. Part of the sales effort includes reaching out to firms and areas where Phase Change Material may provide energy-efficient solutions, such as building construction, textiles, electronics, and cold chain logistics. Building materials use Phase Change Material to control thermal energy and increase energy efficiency.The growing construction activity throughout the world opens up the possibility of incorporating Phase Change Materials into building materials to improve energy efficiency and temperature regulation. The rising demand for green construction approaches and certifications creates an opportunity for Phase Change Material as a green building solution. The ability of Phase Change Material to store and release thermal energy correlates with the growth of renewable energy sources, particularly solar. Phase Change Material can enhance solar energy systems by storing excess energy for later use. With the expansion of the cold chain logistics industry, Phase Change Material has the potential to play a vital role in maintaining proper temperatures during the storage and transportation of temperature-sensitive commodities.The organic segment accounted for the largest market share over the forecast period 2023 to 2033. Organic Phase Change Materials, such as fatty acids and esters, are carbon-based compounds. The use of organic materials promotes environmentally friendly alternatives and aligns with sustainability goals. Organic Phase Change Materials provide a wide temperature range of transition, allowing you to select materials that fulfil specific temperature requirements in a number of applications. This versatility boosts their usefulness in a wide range of sectors. Organic Phase Change Materials (OPCMs) are utilised in building materials to improve thermal mass and regulate indoor temperatures. This application contributes to energy-efficient and ecologically friendly construction approaches. Organic Phase Change Materials (OPCMs) are being researched for thermal management in electronics, with the goal of assisting in the effective cooling of electronic equipment and decreasing overheating.The building and construction segment accounted for the largest market share over the forecast period 2023 to 2033. Incorporating Phase Change Material into building materials increases thermal mass, which aids in temperature regulation and reduces the need for external heating or cooling. Applications of Phase Change Materials help to obtain Leadership in Energy and Environmental Design (LEED) certification and other green building criteria that highlight energy efficiency and sustainability. Integration of Phase Change Materials helps to optimise HVAC systems by minimising the frequency and intensity of temperature adjustments, resulting in energy savings. To improve energy efficiency in applications such as insulation and roofing, Phase Change Material is used in residential building. Commercial structures, such as offices and retail spaces, use Phase Change Material to help accomplish sustainability goals.This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
(GlobeNewsWire)