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Phase Change Materials Market to Hit $4,174.8 Million by 2027; Stoked by Increasing Energy Consumption Globally

February 17, 2021 | Chemicals & Materials

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/phase-change-materials-market-104848


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.


Industry Development:



  • July 2019 – Croda International announced the launch of a bio based phase change material that is in a microencapsulated form. The product was developed at its technical center in the Netherlands and is specially designed to control temperatures across several industrial applications such as automotive interiors, bedding, clothing, and mattresses.


List of the Companies Profiled in the Global Market:



  • Global E Systems (Netherlands)

  • PCM Products Ltd (United Kingdom)

  • PURETEMP LLC (United States)

  • Climator Sweden AB (Sweden)

  • Croda International Plc (United Kingdom)

  • Sasol (South Africa)

  • Laird Technologies, Inc. (United States)

  • Honeywell International Inc. (United States)

  • Phase Change Solutions (United States)

  • Cold Chain Technologies (United States)

  • Other Key Players


Further Report Findings:



  • Europe stood at USD 443.4 million in 2019 and is expected to hold the highest position in the global market during the forecast period. This is attributable to the stringent government regulations that promote green construction boosting the demand for advanced phase change materials in the region between 2020 and 2027.

  • The market in North America is expected to experience considerable growth backed by the increasing adoption of advanced techniques in the construction sector and the surging demand for modern HVAC equipment.

  • Based on application, the building & construction segment is anticipated to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the increasing adoption of phase change materials in buildings to ensure controlled temperature indoors, while preventing energy wastage.


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million)



Segmentation



  By Type, By Application, & By Region



By Type




  • Organic

  • Inorganic

  • Eutectic



By Application




  • Building & Construction

  • HVAC

  • Cold Chain & Packaging

  • Thermal Energy Storage

  • Textile

  • Electronics

  • Others



By Region




  • North America (By Application and Country)



      • The U.S. (By Application)

      • Canada (By Application)





  • Europe (By Application and Country)



      • Germany (By Application)

      • UK (By Application)

      • France (By Application)

      • Italy (By Application)

      • Spain (By Application)

      • Russia (By Application)

      • Rest of Europe (By Application)





  • Asia Pacific (By Application and Country)



      • China (By Application)

      • Japan (By Application)

      • India (By Application)

      • ASEAN (By Application)

      • Rest of Asia Pacific (By Application)





  • Latin America (By Application and Country)



      • Brazil (By Application)

      • Mexico (By Application)

      • Rest of Latin America (By Application)





  • The Middle East & Africa (By Application and Country)



      • GCC (By Application)

      • South Africa (By Application)

      • Rest of the Middle East & Africa (By Application)






Global Phase Change Materials Market
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  • 2019
  • 2016-2018
  • 150

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