The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Phase Change Materials Global Market Report 2024, the phase change materials market is expected to show significant growth in the forecast period.

The phase change materials (PCMs) market has witnessed remarkable growth in recent years, driven by various factors contributing to its expansion and anticipated future trajectory.

Market Growth Dynamics

• The market size surged from $1.55 billion in 2023 to $1.85 billion in 2024, showcasing a compound annual growth rate (CAGR) of 19.2%.
• Historic growth attributes to applications in energy-efficient building construction, electronics temperature regulation, and thermal management in food preservation.
• Forecasts predict substantial growth, with the market expected to reach $3.57 billion by 2028, fueled by integration into wearable tech, smart textiles, and expansion in data centers and renewable energy storage.

Global Construction Industry Drives Market Demand

• The burgeoning global construction industry significantly contributes to the phase change materials market’s growth.
• PCMs find applications in various construction facets, mitigating temperature fluctuations and enhancing energy efficiency.
• The urban population’s rapid growth fuels demand for residential and commercial buildings, further bolstering PCM market growth.

View More On The Phase Change Materials Market Report 2024 – https://www.thebusinessresearchcompany.com/report/phase-change-materials-global-market-report

Key Players and Innovations

• Major companies such as Honeywell Electronic Materials Inc., Microtek Laboratories Inc., and Croda International PLC drive innovation and market penetration.
• Ultra-low temperature solutions, exemplified by BioLife Solutions Inc.’s Ultraguard, offer non-toxic alternatives for temperature security, serving as backup solutions and benchtop storage for biological materials.

Strategic Acquisitions and Industry Consolidation

• Dupont’s acquisition of Laird Performance Materials strengthens its Electronics & Industrial segment, positioning itself as a global innovation leader.
• Such strategic moves underscore the market’s maturity and the importance of diversification and expansion for key players.

Market Segmentation Insights

• The market segmentation includes types such as Organic, Inorganic, and Bio-based PCMs, catering to diverse application needs.
• Encapsulation technologies like Macro, Micro, and Molecular offer enhanced performance and application flexibility.
• Products encompass Paraffin, Non-Paraffin, Salt Hydrates, and Eutectics, providing tailored solutions for varied industries.
• End-users span Building and Construction, Packaging, Textiles, Electronics, Transportation, and other sectors, highlighting the versatility of PCMs.

Regional Dynamics and Market Leadership

• Europe emerges as the largest region in the phase change materials market, reflecting its emphasis on energy efficiency and sustainability in construction and industrial practices.
• Market leaders navigate regional preferences and regulatory landscapes to maintain market dominance and drive innovation.

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The Phase Change Materials Global Market Report 2024  provides an in-depth analysis on the phase change materials market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the phase change materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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