Dec 16, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Phase Change Materials Market.
It was estimated prior to this unanticipated outbreak that the Phase Change Materials Market is likely to witness an impressive CAGR of 18.2% during the forecast period. Strong demand from end-use industries, such as building construction, HVAC, cold chain packaging, thermal energy storage, refrigeration equipment, electronics, textiles, and others is the major factor driving the demand for phase change materials in the global market. Phase change material holds unique feature that it can store and release large amount of energy/heat while maintaining a constant temperature and hence, is used to conserve energy, reduce operating cost, and provide temperature security.
Phase Change Materials are materials that are capable of changing their phase or form from solid to liquid and vice versa. These are useful in storing heat so that it can be used later on when needed. When they absorb, they melt and they again solidify when they release heat. These can be stored in different insulated buffers so that they can be used for upcoming needs.
Phase Change Materials can be of several types with their own advantages and disadvantages. These materials can be used in a wide number of areas such as construction, textiles, refrigeration, and many others.
Based on the type, the market is segmented as Inorganic PCM, Organic PCM, and Bio-based PCM. The inorganic PCM is expected to lead the market during the forecast period, owing to its good thermal conductivity, high latent heat of fusion, non-flammability, and low cost. Inorganic PCMs are extensively used in thermal energy storage, HVAC, cold chain packaging, and refrigeration equipment.
Based on the application type, the PCM market is segmented as building construction, HVAC, cold chain packaging, thermal energy storage, refrigeration equipment, electronics, textiles, and others. The building construction segment is expected to remain the largest segment during the forecast period, owing to stringent regulations towards greenhouse gas emission and increasing investment for low carbon buildings, especially in North America and Europe.
In terms of regions, Europe is expected to remain the largest market for phase change materials during the forecast period. Stringent regulation regarding usage and handling of temperature-sensitive goods, implementation of strict building codes, and the European Union directives to improve efficiency in buildings are the major factors that have led to the dominance of Europe in the global PCM market.
Key players operating in the global Phase Change Materials market are-
- Honeywell Electronic Materials, Inc.,
- Laird PLC.,
- Sasol Limited,
- Croda International PLC.,
- Entropy Solutions LLC,
- Microtek Laboratories Inc.,
- Pluss Advanced Technologies Pvt. Ltd.,
- Phase Change Energy Solutions Inc.,
- Rubitherm Technologies GmbH,
- Phase Change Materials Products Ltd.,
- Outlast Technologies LLC,
- Henkel AG Company,
- Cold Chain Technologies, Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Phase Change Materials analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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