Dublin, June 20, 2022 (GLOBE NEWSWIRE) -- The "Advanced Phase Change Materials Market by Type (Organic, Inorganic, Bio-based), Application (Building & Construction, Energy Storage, Cold Chain & Packaging, HVAC, Shipping & Transportation, Electronics, Textiles,) - Global Opportunity Analysis and Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Advanced Phase Change Materials Market size was valued at USD 1.63 billion in 2021 and is predicted to garner USD 4.93 billion by 2030, witnessing a CAGR of 13.0% from 2022-to 2030.
Phase Change Materials offer a range of thermal management solutions, by facilitating temporary storage of energy, either by releasing or absorbing a sufficient amount of energy during phase transition, i.e., changing their states from solid to liquid and vice-versa; hence providing desired heat or cooling.
The advanced phase change materials (Advanced PCMs) can store as well as provide a massive volume of thermal energy after transitioning from one state to the other. The global advanced phase change materials market observed a volumetric sale of 319721.5 tons in 2021 that is expected to rise up to 1006514.2 tons by 2030, with a growing CAGR of 13.5% from 2022-to 2030.
Market Dynamics and Trends
Building and construction segment currently contributes the highest market share, owing to the extensive application of advanced PCMs in green constructions, building interiors, cooling buildings, and lightweight architectures. Besides, increasing use of advanced PCMs for temperature control & comfort, reduction in operating cost, temperature security, long operating life, and energy-saving features are likely to boost the growth of the global advanced phase change materials market in the future.
However, factors such as the high costs of advanced PCMs, their susceptibility to corrosion, flammability issues, and lack of awareness regarding its usage, are expected to limit the growth of the advanced phase change materials market during the forecast period.
Moreover, market dynamics such as increasing awareness toward energy-saving and environment-friendly technologies, stringent regulations for minimizing greenhouse gas emissions, as well surge in R&D activities to increase the efficiency of advanced phase change materials, are expected to create lucrative opportunities in the global advanced phase change materials market in future.
Geographical Analysis
Europe is the fastest-growing region in the advanced phase change materials market. The strict building energy codes to reduce and minimize emission of harmful gases, increasing demand for green buildings, and demand for low-carbon & net-zero energy buildings are factors to lead the growth of European region.
Asia-Pacific region is anticipated to grow with the highest growth rate during the forecast period owing to the growing construction industry, rapid industrialization, and strong emphasis on energy security.
The past endeavors and futuristic advancements, sum up to comprehend the overall market growth.
For instance, in February 2020, a well-known player in the Advanced Phase Change materials market, Honeywell Electronic Materials, Inc. launched its Solstice E-cooling technology for cooling the data centers and other high-performance electronic applications.
The technology uses a two-phase liquid cooling process to remove heat from data centers and electronic applications, hence increasing their efficiency while lowering their operational costs and carbon footprints.
Honeywell's Solstice E-Cooling is a revolutionary line of next-generation low-global-warming potential refrigerant technologies, to overwhelm the need for efficient and effective cooling mechanisms with minimum impact on the environment.
Competitive Landscape
- Croda International Plc.
- Entropy Solutions LLC
- Microtek Laboratories Inc.
- Honeywell Electronic Materials Inc.
- Laird Plc
- Sasol Ltd.
- Pluss Technologies Pvt. Ltd.
- Phase Change Materials Products Ltd.
- Outlast Technologies LLC
- Phase Change Energy Solutions Inc.
- Rubitherm Technologies GmbH
- Henkel AG & Company KGaA
- Advansa BV
- AI Technology Inc.
- Climator Sweden AB
- Cold Chain Technologies Inc
Key Topics Covered:
1. Introduction
2. Executive Summary
2.1. Market Snapshot, 2022 - 2030, Million Usd
3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
3.2.1 Drivers
3.2.1.1. Increased Use of Advanced Phase Change Materials for Temperature Control
3.2.1.2. Regulations for Reduction of Greenhouse Gas Emissions
3.2.2 Restraints
3.2.2.1. Negative Impact of COVID-19 Pandemic
3.2.2.2. Corrosive Nature and Technical Issues
3.2.3 Opportunities
3.2.3.1. Increasing Demand of Advanced PCMs from Pharmaceutical Industry
4. Global Advanced Phase Change Materials (PCM) Market, by Type
4.1. Overview
4.2. Organic
4.3. Inorganic
4.4. Bio-Based
5. Global Advanced Phase Change Materials (PCM) Market, by Application
5.1. Overview
5.2. Building & Construction
5.3. Energy Storage
5.4. HVAC
5.5. Shipping & Transportation
5.6. Electronics
5.7. Textiles
5.8. Others
6. Global Advanced Phase Change Materials (PCM) Market, by Region
6.1. Overview
6.2. North America
7. Company Profiles
7.1 Company Overview
7.2 Company Snapshot
7.3 Product Portfolio
7.4 Key Strategic Moves & Developments
7.5 Primary Market Competitors
For more information about this report visit https://www.researchandmarkets.com/r/yof0zm
