Global Phase Change Materials Market Overview And Prospects
Learn about the global phase change materials market through The Business Research Company, which provides information on phase change materials market size, phase change materials market drivers and restraints, phase change materials market players, the COVID-19 impact on the phase change materials market, and more.
The global phase change materials market is expected to grow from $0.94 billion in 2020 to $1.04 billion in 2021 at a compound annual growth rate (CAGR) of 11.4%. The growth in the phase change market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The phase change market is expected to reach $2.16 billion in 2025 at a CAGR of 19.9%.
The growing construction industry across the globe are expected to drive phase change materials manufacturing, thus driving the market during the forecast period.
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The phase change materials market consists of sales of phase change materials by entities (organizations, sole traders, and partnerships) which are ideal products for thermal management solutions. Phase change materials are the substances that absorb or release heat when the substance undergoes a physical state such as solid to liquid or gaseous. Phase change materials are also known as latent heat storage units, commonly used in solar power plants, waste heat recovery systems, preservation of food, pharmaceutical products, and construction.
Global phase change materials market segments include:
By Type: Organic, Inorganic, Bio-Based
By Encapsulation Technology: Macro, Micro, Molecular
By Product: Paraffin, Non-Paraffin, Salt Hydrates, Eutectics
By End-User: Building And Construction, Packaging, Textiles, Electronics, Transportation, Others
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe was the largest region in the phase change materials market in 2020.
The introduction of bio-based phase change material fabric coatings is shaping the phase change materials market. Bio-based phase change materials are manufactured using bio-based products such as beef tallow or oils from coconut, palm, and soybeans.
TBRC’s phase change materials market report covers:
Major Market Players: Honeywell Electronic Materials Inc, Microtek Laboratories, Croda International, Sasol, Henkel, Climator, PCM Products, Phase Change Energy Solutions, Rubitherm Technologies, Cryopak, Outlast Technologies, Dupont, Dow Chemical Company, BASF, Puretemp, Pluss Advanced Technologies, and Cold Chain Technologies.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Phase Change Materials Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides phase change materials market overviews, analyzes and forecasts market size, share, phase change materials market players, phase change materials market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s phase change materials market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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