The global advanced phase change materials market is estimated to grow at a CAGR of 20.44% over the forecast period, 2020-2028. The factors boosting the market are growth in the building and construction sector, development in micro and macro encapsulation technologies, increasing R&D for bringing innovative products, and growing awareness to reduce greenhouse gas emissions.
The advanced phase change materials are materials that can release and store energy when their state changes at a constant temperature. The phase change materials practically used are solid to liquid and liquid to solid. There is a new category of phase change materials that uses solid to solid. Phase change materials are gradually penetrating the global building and construction industry. In residential buildings, PCM finds a wide range of applications since it plays a major role in reducing the difficulties caused by temperature fluctuations. Green buildings, which comprise of smart features to ensure energy efficiency, use PCM in its construction. However, there are market constraints, as well. High costs of production and limited market potential as PCMs are used in places with extreme climatic conditions. Industry rivalry is intense for the market. Firms are continuously investing in R&D strategies to develop and increase their production processes, which help them reduce costs and increase profitability.
In terms of geography, the global advanced phase change market is evaluated based on market growth across the regions of North America, Europe, Asia Pacific, and The Rest of the World. As of 2019, the European market region holds the largest market share and continues the trend by the end of the forecast period. This is attributed to the material’s construction application, and strict government rules on CO2 emissions by buildings.
Croda International, AI Technology Inc., Pluss Polymers, Climator Sweden AB, Henkel, etc. are few among the various leading market players establishing their presence worldwide.
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- 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