Advanced phase change materials are basically used for storing and releasing of energy at a specific temperature. Advanced phase change materials enable the ability to manage the demand between energy requirements and usage. These materials store and release energy when the materials change its state from solid to liquid and vice-versa.
The global advanced phase change materials (paraffin, salt hydrates, others) market is estimated to be valued at US$ 2,007.5 million in 2021 and is expected to exhibit a CAGR of 19.5 % over the forecast period (2021-2028).
Recent Developments
Figure 1. Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market Value (US$ Mn), by Region, 2020
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Europe Region held dominant position in the global advanced phase change materials (paraffin, salt hydrates, others) market in 2020, accounting for 35.81% share in terms of revenue, followed by North America and Asia Pacific, respectively. The forecast period will experience a rapid growth in the construction sector in Europe along with rising concern on green building materials for reducing carbon footprint are the main reasons why Europe has the most elevated graph.
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Drivers
The growing demand for these materials from the construction industry is driving the market growth of the advanced phase change materials. These materials are used for saving energy and ensuring a clean and green infrastructure. They are used as coating materials on walls and ducts of the building in order to offer cooling and heating effect. Due to PCMs heat absorbed by buildings is much less and less energy is consumed by insulators to cool the building and during night liquid mass converts itself into solid-state discharging heat to the building which is useful in winters.
Increasing demand for phase change materials in temperature-controlled packaging is augmenting the market growth. Phase change materials is popular for its latent heat storage units as these have longer operating life and also require very little maintenance. These materials have a unique property to transform and transfer heat. These phase change materials are used widely used in ice/dry ice pack and also in gel packs. Thus growing demand for phase change materials in temperature-controlled packaging is projected to bolster market growth.
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Opportunities
Increasing application of the phase change materials in the textile industry is projected to offer lucrative market opportunities in the near future. This is due to its capability to balance temperature. Growing strict rules and regulations regarding greenhouse gas emissions due to growing environmental concerns are again propelling the demand for advanced phase change materials. This factor is projected to offer potential market opportunities in the near future.
Growing demand for phase change material in the automotive industry is expected to bring bright market opportunities in advanced phase change materials over the forecast period. Also, increasing use of phase change materials in the automotive industry is propelling product demand. Thus rise in the automotive industry due to growing production of the automobiles and increasing disposable income of the consumers which is driving demand for automobiles is further projected to propel the market growth over the forecast period.
Advanced Phase Change Materials Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2020 | Market Size in 2021: | US$ 2,007.5 Mn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR: | 19.5% | 2028 Value Projection: | US$ 6,985.7 Mn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, and Rubitherm Technologies GmbH |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends:
The growing implementation of energy-efficient technologies and practices is a growing trend in the market. Regions such as North America is witnessing strong demand for energy-efficient technologies across the residential sector due to the increasing immigration rate. Also, growth in HVAC industry around the globe due to increasing population and ultimately housing sectors is again projected to propel the market growth of the advanced phase change materials in the near future.
Increasing funding in the development of the phase changing materials by key manufacturers is an emerging trend in the market. For instance, in January 2020, Phase Change Energy Solutions has announced that it is investing a multi-million dollar from Decathlon Capital Partners to spur growth. This funding will support expanded sales and marketing efforts along with additional product development.
Figure 2. Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market Share, By Product Type, 2020 (US$ Mn)
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Key Takeaways of the Graph:
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Restraints
The hazardous nature of phase change materials is expected to hinder the market growth of the advanced phase change materials. For instance, the organic phase change materials are highly flammable in nature as they are derived from paraffin compounds.
Inorganic phase change materials are salt hydrates based product as they have a comparatively low shelf life. Moreover, they become inoperative after repeated cycles. Thus this factor of inorganic phase change materials is projected to hamper the market growth of advanced phase change materials.
Global Advanced Phase Change Materials (Paraffin, Salt Hydrates, Others) Market: Competitive Landscape
Major players operating in the global advanced phase change materials (paraffin, salt hydrates, others) market include, E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, and Rubitherm Technologies GmbH
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