Phase Change Materials Global Market To Reach Value Of $2 Billion In 2025
15 Sep, 2021
The phase change materials market consists of sales of phase change materials by entities (organizations, sole traders, and partnerships) which are ideal products for thermal management solutions. Phase change materials are the substances that absorb or release heat when the substance undergoes a physical state such as solid to liquid or gaseous. Phase change materials are also known as latent heat storage units, commonly used in solar power plants, waste heat recovery systems, preservation of food, pharmaceutical products, and construction.
Global Phase Change Materials Market Size And Drivers:
The global phase change materials market 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 is expected to reach $2.16 billion in 2025 at a CAGR of 19.9%. The growing construction industry across the globe is contributing to the growth of the phase change materials market in the forecast period.
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Trends In The Global 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, PureTemp LLC, a US-based specialty chemical company, has developed a bio-based fabric coating that serves as an effective temperature buffer. 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.
Global Phase Change Materials Market Segments:
The global phase change materials market is further segmented –
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, Others
By Geography: The global phase change materials market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the European phase change materials market accounts for the largest share in the global phase change materials market.
Read More On The Report For The Global Phase Change Materials Market At:
https://www.thebusinessresearchcompany.com/report/phase-change-materialsPhase Change Materials Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides phase change materials market overviews, analyzes and forecasts market size and growth for the global phase change materials market, phase change materials market share, phase change materials market players, phase change materials market segments and geographies, phase change materials market’s leading competitors’ revenues, profiles and market shares. The phase change materials market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.