The advanced phase change materials market of Asia Pacific is estimated to register a CAGR of 20.96% during the forecast period, 2020-2028. The commercial refrigeration segment is anticipated to grow at the highest CAGR over this period. In the Asia Pacific region, there is a huge market potential for the HVAC application with the growing number of households in India and China, leading to the rising demand for air-conditioners in the markets.
The Asia Pacific advanced phase change materials market is researched further by segmenting the region into countries like India, Vietnam, China, South Korea, Japan, Thailand, Australia & New Zealand, Indonesia, and the rest of Asia Pacific, including countries like Taiwan, Philippines, Singapore, and others. Indonesia’s construction material industry has gone through tough times in the last few years. Indonesia’s food industry, backed by the tourism and hospitality industries, is contributing majorly to the stable growth of the HVAC market. This growth is also supported by a growing awareness and focus on energy conservation by businesses. In Vietnam, the growth in transport and logistics and the booming construction industry is expected to lead to an increase in demand for PCMs.
In countries like Australia, electricity generation is increasing as a result of government policies, and development of photovoltaic, and concentrating solar thermal technologies through research and development programs. This includes the government program of $1.5 billion to support the construction and demonstration of up to four large-scale solar power plants in Australia using solar thermal and PV technologies to establish up to 1000 MW of solar power generation capacity. This will lead to a rise in the need for energy devices, thus enhancing phase change materials market growth.
Honeywell Electronic Materials, Outlast Technologies, Pluss Polymers, Sasol Limited, DuPont, incorporated, etc. are some of the well-known companies making their presence felt in the market.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments