Advanced Phase Change Materials Market Size, Share, Industry Analysis 2023-2028
IMARC Group, a leading market research company, has recently released a report titled “Advanced Phase Change Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global advanced phase change materials market report, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Advanced phase change materials have unique structures that store, absorb, and release energy during a phase transition. They can also be converted from liquid to solid or vice versa based upon their application. Advanced phase change materials are commonly segmented into organic, inorganic, bio-based, and other PCMs. They help in releasing energy in the form of latent heat upon freezing. Advanced phase change materials are widely utilized to enhance the overall efficiency of solar energy systems by storing excess energy for later. They are also extensively used for several applications that require temperature control across the globe.
How big is the global advanced phase change materials market?
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.
Current Trends Shaping the Global Advanced Phase Change Materials Market
The increasing consumer consciousness towards reducing greenhouse gas emission levels is primarily driving the advanced phase change materials market. Additionally, the growing number of construction activities that require PCMs, owing to their excellent thermal efficiency and high heat storage capacity, and the implementation of stringent building codes by government bodies across the residential and commercial sectors are further bolstering the market growth.
Besides this, continuous technological advancements have led to the introduction of micro and macro encapsulation for advanced phase change materials, which is acting as another significant growth-inducing factor. Moreover, the widespread adoption of non-toxic and non-corrosive PCMs by leading manufacturers for packaging is positively influencing the global market. Apart from this, the escalating demand for green construction and the rising usage of renewable sources of energy are also stimulating the market growth. Furthermore, the introduction of product variants that are derived from vegetables is expected to fuel the advanced phase change materials market in the coming years.
Who are the key players operating in the industry?
The report covers the major market players including:
- BASF SE,
- 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,
- SGL Group.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Market Breakup by Type:
- Organic PCM
- Inorganic PCM
- Bio-Based PCM
Market Breakup by Form:
- Encapsulated
- Non-Encapsulated
Market Breakup by Application:
- Building and Construction
- Packaging
- HVAC
- Textiles
- Electronics
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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