Advanced Phase Change Materials Market Global Production, Growth, Share, Demand and Applications Forecast to 2030

The Global Advanced Phase Change Materials Market size was valued to USD 1.41 billion in 2019, and is predicted to garner USD 6.48 billion by 2030, witnessing a CAGR of 14.8% from 2020-2030.

Phase Change Materials offer a range of thermal management solutions, by facilitating temporary storage of energy, either by releasing or absorbing 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 massive volume of thermal energy after transition from one state to the other.

The global advanced phase change materials market observed a volumetric sale of 275.76 kilotons in 2019 that is expected to rise up-to 1321.09 kilotons by 2030, with a growing CAGR of 15.2% from 2020-2030.

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Competitive Landscape

The advanced phase change materials market share includes a comprehensive competitive analysis and profiles of the major market players. Companies such as 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., and others are provided in the advanced phase change materials market report.

The past endeavors and futuristic advancements, sum-up to comprehend the overall market growth.

For instance, in February 2020, well-known player of 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 center 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 environment.

Market Dynamics and Trends

Building and construction segment currently contribute the highest market share, owing to extensive application of advanced PCMs in green constructions, building interiors, cooling buildings and light weight 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 global advanced phase change materials market in future.

However, factors such as high costs of advanced PCMs, its susceptibility to corrosion, flammability issues, and lack of awareness regarding its usage, are expected to limit the growth of advanced phase change materials market during the forecast period.

Moreover, market dynamics such as increasing awareness towards 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.

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Market Segmentations and Scope of the Study:

The advanced phase change materials market share is analyzed based on type, application, and geography.

Based on type, the advanced phase change materials market is segmented into organic, inorganic, and bio-based. Based on application, the advanced phase change materials market covers building & construction, thermal energy storage, cold chain & packaging, HVAC, shipping & transportation, electronics, textiles, and others. Geographic breakdown and analysis of each of the previously mentioned segment include region comprising North America, Europe, Asia-Pacific, and LAMEA.

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 highest growth rate during the forecast period owing to growing construction industry, rapid industrialization, and strong emphasis on energy security.

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