The global advanced phase change materials (PCM) market accounted $691 million in 2015, and is expected to reach $2,434 million by 2022, registering a CAGR of 19.8% from 2016 to 2022. Phase change materials change from one phase to another at a given temperature and are proficient in storing thermal energy in the form of latent heat by releasing the energy when needed. These materials store or release large quantities of thermal energy at a constant temperature and retain the desired ambient conditions, by changing from solid to liquid phase or vice-versa. The market is expected to register a double-digit growth rate during the forecast period, attributed to the increased demand from the construction, transportation, and energy storage industries.
Advanced phase change materials are applicable in in construction & building sector, which is one of the key factors that drives the market growth. Furthermore, increase in emphasis on energy conservation, expansion of applications of advanced phase change materials in the textile sector, rapid urbanization in developing countries, and continued technological developments in the field of advanced PCM are expected to fuel the market growth in the near future. However, the high cost of advanced PCM and the lack of awareness among the consumers about usage of phase change materials are expected to hinder market growth.
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The global advanced phase change materials market has gained traction, owing to the increased use of microencapsulation and microencapsulation technologies, particularly in the construction and textile sectors. A number of manufacturers consider the use of microencapsulated PCM as it provides improved heat transfer between the PCM and the surrounding, owing to the increased surface area. Another major trend observed is the gradual shift of manufacturers toward biodegradable, bio-based PCM as an alternative to the traditional petroleum-based PCM.
The report segments the global advanced phase change materials market on the basis of type, application, and geography. Based on type, it is classified into organic PCM, inorganic PCM, and bio-based PCM. Based on application, it is segregated into building & construction, energy storage, HVAC, shipping & transportation, electronics, textiles, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to witness highest growth rate during the forecast period.
BASF SE Entropy Solutions Sonoco Products Company Outlast Technologies LLC. Advansa B.V. E. I. Du Pont De Nemours And Company Phase Change Energy Solutions Cryopak Inc. Microtek Laboratories, Inc. Pluss Advanced Technologies Pvt. Ltd. The global advanced phase change materials market is highly competitive, owing to the presence of several well-established manufacturers and vendors. These companies are extensively undergoing R&D of new products for specific applications and conditions.
This report provides an extensive analysis of the current trends and emerging estimations and dynamics in the global advanced phase change materials market through 2014-2022, which assists in identifying the prevailing market opportunities. Exhaustive analysis facilitates in understanding the types of advanced phase change materials and the materials used currently along with the variants to gain prominence in the future. Extensive analysis of end-user industry forecasts the various types of advanced phase change materials that can be used in different end-user applications. A detailed analysis is conducted by following key product positioning and monitoring the top competitors within the market framework. Key market players are profiled and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the market.
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The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Advanced Phase Change Materials Market also experienced a slowdown. Statista estimates that the industry’s total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the chemical industry generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading Advanced Phase Change Materials Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
Advanced Phase Change Materials Market Key Segments:
Organic PCM Inorganic PCM Bio-based PCM
Building & Construction Energy Storage HVAC Shipping & Transportation Electronics Textiles Others (Healthcare, Telecommunication, etc.)
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North America U.S. Canada Mexico Europe UK Germany France Spain Italy Rest of Europe Asia-Pacific China Japan South Korea India Rest of Asia-Pacific LAMEA Brazil Argentina South Africa Rest of LAMEA
Other prominent market players are:
Phase Change Materials Products Ltd. Rubitherm Technologies GmbH Ciat Group Datum Phase Change Ltd. Emco Klimatechnik Gmbh & Co. KG Rgees LLC. Climator Sweden AB Ewald D?rken AG Laird PLC.
Significant Questions tended to through this Research Report:
What are the requesting areas for driving this worldwide report?
Which are the significant central participants and contenders?
What will be the market estimate of the market?
Which are the new progressions on the lookout?
What are the Restraints, dangers, and difficulties before the market?
What are the worldwide open doors before the market?
How computerized impression assists with growing the business structure and monetary results?
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Characterize, depict and conjecture 2030, by type, application, end client and district. Give venture outside climate examination and PESTEL investigation. Give systems to organization to manage the effect of COVID-19. Give market dynamic investigation, including market driving variables, market advancement requirements.
Give market passage technique examination to new players or players who are prepared to enter the market, including market section definition, client investigation, circulation model, item informing and situating, and cost system investigation. Stay aware of global market drifts and give examination of the effect of the COVID-19 plague on significant districts of the world. Examine the market chances of partners and give market pioneers subtleties of the serious scene.
The report conveys an exhaustive investigation of the relative multitude of portions and offers data with respect to the main districts on the lookout. This report additionally states import/send out utilization, organic market Figures, cost, industry share, strategy, value, income, and gross edges.
The report presents the current plans of action and systems to carry out new changes in the plans of action to match the latest things and requests.
The report subtleties the vital monetary signs of the Market.
The report examinations the development drifts and assesses patterns specifically portions.
The report analyzes exhibitions of the market fragments opposite other market portions.
Monetary execution of the organizations shows shivery as well as overwhelming the nearby business sectors is inspected in the report.
The report decides section hindrances and answers for enter the market.
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