LONDON, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the phase change materials market, the introduction of bio-based phase change material fabric coatings is shaping the phase change materials market. Bio-based phase change materials are manufactured using bio-based products such as beef tallow or oils from coconut, palm, and soybeans.
For instance, in January 2019, a US-based specialty chemical company, PureTemp LLC has developed a bio-based fabric coating that serves as an effective temperature buffer. A bio-based fabric coating is a designed phase change material coating that is applied to the fabric surface to control temperature changes in consumer products such as apparel, footwear, and workwear.
The main types of phase change materials are organic, inorganic, and biobased. Organic phase change materials are a type of phase change materials that can absorb and release latent heat during the phase change process at certain temperatures. The different product types include paraffin, non-paraffin, salt hydrates, eutectics and use various encapsulation technologies such as macro, micro, and molecular. These are implemented in several end-use industries such as building and construction, packaging, textiles, electronics, transportation, and others.
The global phase change materials market size is expected to grow from $0.94 billion in 2020 to $1.04 billion in 2021 at a compound annual growth rate (CAGR) of 11.4%. The growth in the phase change market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The phase change market size is expected to reach $2.16 billion in 2025 at a CAGR of 19.9%.
The Business Research Company’s report titled Phase Change Materials Global Market Report 2021 - By Type (Organic, Inorganic, Bio-based), By Encapsulation Technology (Macro, Micro, Molecular), By Product (Paraffin, Non-Paraffin, Salt Hydrates, Eutectics), By End-User (Building and Construction, Packaging, Textiles, Electronics, Transportation), COVID-19 Growth And Change covers major phase change materials companies, phase change materials market share by company, phase change materials manufacturers, phase change materials market size, and phase change materials market forecasts. The report also covers the global phase change materials market and its segments.
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Europe was the largest region in the phase change materials market in 2020. The regions covered in the phase change market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
In July 2021, Dupont, a US-based chemicals company, acquired Laird performance materials from Advent International for an undisclosed amount. The addition of Laird Performance Materials significantly strengthens DuPont's Electronics & Industrial (E&I) segment and represents another significant step forward in their strategy to grow as a global innovation leader and premier multi-industrial company. Laird Performance Materials is a China-based company that offers phase change materials.
Major players in the phase change materials industry are Honeywell Electronic Materials Inc, Microtek Laboratories, Croda International, Sasol, Henkel, Climator, PCM Products, Phase Change Energy Solutions, Rubitherm Technologies, Cryopak, Outlast Technologies, Dupont, Dow Chemical Company, BASF, Puretemp, Pluss Advanced Technologies, and Cold Chain Technologies.
Phase Change Materials Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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