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The global phase change materials market size is expected to reach USD 4,174.8 million by 2027 backed by the increasing demand for energy. This is likely to propel the adoption of advanced phase change materials across the globe. Fortune Business Insights, in its latest report, titled, “Phase Change Materials Market Size, Share & COVID-19 Impact Analysis, By Type (Organic, Inorganic, & Eutectic), By Application (Building & Construction, HVAC, Thermal Energy Storage, Cold Chain Packaging, Textiles, Electronics and Others), and Regional Forecast, 2020-2027”, observes that the market stood at USD 1,157.6 million in 2019 and is projected to exhibit an astounding CAGR of 21.0% between 2020 and 2027.
PureTemp Unveils Advanced Temperature-Controlled Fabric Coating to Brighten its Market Prospects
In January 2019, PureTemp LLC, a leading bio based specialty company, announced the launch of a fabric coating that has been engineered to act as a buffer against ambient temperature swings in products such as footwear, apparel, medical, safety, industrial applications, etc. The company reports that its bio based phase change material (PCM) is attached in the spherical microcapsules and bound across the surface of the clothing. The PCM coating absorbs, stores, and releases high amounts of energy while cycling between liquid and solid states. Moreover, this coating constantly interacts with the microclimate of the human body, while releasing the stored energy to balance the body heat and maintain balance. Such initiatives by the companies are expected to bode well for the growth of the global market.
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Increasing Consumption of Energy to Favor Market Growth
According to the data by the International Energy Agency (IEA), the demand for energy increased by about 0.9% in 2019, a 40% growth compared to 2018. The increasing energy consumption and the high utilization of fossil fuels is leading to the rising greenhouse gas emissions degrading the environment drastically. Therefore, to reduce the heavy environmental impact, the growing adoption of these materials is perceived as a positive boost in the demand for the market. The PCMs aid in improving energy efficiency and further reducing energy costs by effectively balancing the discrepancies between energy demand and energy supply. This is expected to contribute to the global phase change materials market growth in the forthcoming years.
Product Launches by Prominent Companies to Maintain Dominant Position
The global market is consolidated by the presence of major companies focusing on maintaining their dominance by developing advanced phase changes materials to cater to the growing industrial application. Furthermore, other key players are undertaking several organic and inorganic strategies that are likely to benefit them to gain a competitive edge over their rivals in the forthcoming years.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Million)
By Type, By Application, & By Region