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The global phase change material market is expected to reach USD 889 million by 2025 from USD 423 million in 2020, at a CAGR of 16.0% from 2020 to 2025. The growth is primarily due to the growing demand for energy efficient products in various sectors. In addition, its demand from various application segments such as building & construction, HVAC, cold chain & packaging, thermal energy storage, textiles, and electronics among others. The factors restraining the growth of this market is lack of awareness about PCM and lack of government subsidies.
“Inorganic PCM to be the fastest-growing type during the forecast period. “
Inorganic PCM is expected to be the fastest-growing segment, in terms of both volume and value, from 2020 to 2025. This is because of the increasing demand for inorganic PCM from the cold chain & packaging; and refrigeration & equipment applications. In addition, its non-flammable nature is another reason driving its growth and demand.
“Cold chain & packaging to be the fastest-growing segment during the forecast period.”
The cold chain & packaging segment is estimated to witness the highest CAGR during the forecast period. The growing demand for temperature sensitive goods fuel the growth of PCM in cold chain & packaging application. In addition, growing demand for frozen and perishable food items is another reason driving the demand for PCM in cold chain & packaging application.
“North America is expected to be the fastest-growing market during the forecast period, in terms of both volume and value.”
North America is expected to witness the highest CAGR during the forecast period. The increase in the growth of green buildings accompanied by growing demand for energy efficient products in the region fuel the growth of PCM. Moreover, presence of major players in the region and innovation in PCM market is another factor driving its growth
- By Company Type: Tier 1 - 88%, Tier 2 - 10%, and Tier 3 - 2%
- By Designation: C-Level - 28%, Director Level - 20%, and Others - 52%
- By Region: APAC – 25%, North America - 23%, Europe - 47%, Rest of the World- 5%
The key players profiled in the report include as Climator Sweden AB (Sweden), Microtek Laboratories Inc. (US), Honeywell Electronic Materials, Inc. (US), Laird Plc (UK), Sasol Limited (South Africa), Croda International Plc. (UK), Entropy Solutions LLC (US), Pluss Advanced Technologies Pvt. Ltd. (India), Phase Change Energy Solutions Inc. (US), Rubitherm Technologies GmbH (Germany), Phase Change Materials Product Ltd. (UK), Outlast Technologies LLC (US), and Henkel Electronic Materials LLC (US).
This report segments the market for phase change material based on type, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, and key strategies associated with the market for surfactants.
Reasons To Buy this Report
This research report is focused on various levels of analysis ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the phase change material market; high-growth regions; and market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on phase change material offered by top players in the global market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for phase change material across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global phase change material market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the phase change material market