Selbyville, Delaware, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the phase change materials market was estimated at $1.9 billion in 2019 and is slated to exceed $4.4 billion by 2026, registering a CAGR of 17.04% from 2020 to 2026. The report provides a thorough analysis of the major winning strategies, market estimations as well as size, main investment avenues, wavering industry trends, drivers and opportunities, and competitive scenarios.

Increasing construction activities, majorly in the developing regions will positively influence industry demand. In terms of product, eutectics, paraffin, and non-paraffin segment are considered as the highest revenue generating segments of the phase change materials market. In fact, in 2019, the paraffin product segment was the key revenue generator for the overall market, the segment further is anticipated to grow at a CAGR of 18.3% through the forecast timeframe.

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In 2019, key players in the global PCMs market contributed around 45% of the market share. Prominent market players are increasingly investing in strategies such as R&D and merger & acquisition for attaining a larger share in the overall market.

Key reasons for phase change materials market growth:

  1. Increasing demand for salt hydrates in packaging, HVAC, building & construction industries.
  2. Rising construction activities across Asia-Pacific.
  3. Growing strategic JV, mergers, and acquisitions by firms to stay competitive.

2026 forecasts anticipate the ‘salt hydrates’ product segment showing appreciative growth:

In terms of volume, salt hydrates product segment is likely to hold a market share of nearly 30% by the end of the forecast time period. Salt hydrates are usually low-cost phase change materials that are extensively utilized in the HVAV, packaging, and building & construction industries.

Europe and Asia-Pacific to witness remunerative growth:

The Europe phase change materials market is likely to showcase considerable growth due to the increasing adoption of phase change materials in numerous applications like HVAC, packaging, building & construction, and others. In 2019, Europe was followed by APAC and North America, which held a market share of around 19% and 23% respectively.

The Asia-Pacific is rapidly growing and is likely to witness gains close to around 17.2% by the end of the analysis timeframe. Rising construction activities in the region are further expected to generate huge revenue growth opportunities for the overall phase change materials market.

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Leading market players:

Prominent market players analyzed in the phase change materials industry report include Entropy Solutions LLC, Sasol, Croda International Plc, Phase Change Products Pty Ltd., BASF SE, Henkel, The Dow Chemical Company, Cryopak, and Laird Plc among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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