Increasing Applications to Push the Global Phase Change Materials Market to Gain $4214.19 Million by 2028

As per an analysis by Triton Market Research, the global phase change materials market, which generated $881.11 million in revenue in 2019, will grow at a CAGR of 18.99% by the year 2028.

A study by Triton Market Research with the title ‘Global Phase Change Materials Market,’ covers the Global Analysis and Forecast for 2019-2028 by End-user (Shipping & Transportation, Energy Storage, Building & Construction, Textiles, Commercial Refrigeration, HVAC, Others), by Material Type (Inorganic, Organic, Bio-based), by Material (Paraffin, Salt Hydrates, Others), by Encapsulation Technology (Micro, Molecular, Macro), and by Geographical Region (North America, Europe, Middle East and Africa, Latin America, Asia-Pacific).

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According to the report, the global phase change materials market is estimated to generate a revenue of $4214.19 million by 2028, progressing with a CAGR of 18.99% over the estimated years 2019-2028. Phase change materials are substances that absorb and release energy while the phase changes from solid to liquid and vice versa. They find applications in different industries, including solar cooling.

The rising penetration of phase change materials in the construction industry is primarily driving the growth of the global phase change materials market. With the rising high-end infrastructure projects, there is a great demand for high-quality building and construction materials like PCMs. Besides, the increasing investments towards the modernization of infrastructure, coupled with the explosive population growth, is leading to a great demand for residential buildings. Green buildings have also gained traction in the last few years. It also makes use of PCMs in its construction. However, the lack of awareness among consumers regarding the benefits of advanced phase change materials is hampering the growth of the studied market.

The phase change materials market is primarily segmented into end-user, material type, material and encapsulation technology. The first segment, end-user, divides into shipping & transportation, energy storage, building & construction, textiles, commercial refrigeration, HVAC and others. The second segment, material type, includes organic, inorganic and bio-based. The third segment, material, is trifurcated into paraffin, salt hydrates and others. The last segment, encapsulation technology, includes micro, molecular and macro.

Geographically, Europe is estimated to show the fastest growth in the global phase change materials market over the forthcoming years. According to the targets set by the European Commission for energy conservation and greenhouse gas reduction, all member states are required to ensure all new buildings are zero-energy buildings, by the end of the year 2020. The member states are also required to implement measures to stimulate the transformation of buildings into zero-energy buildings. In Europe, PCMs also find applications in transportation and cold storage. As the region is among the top three largest exporters of meat, there is a greater demand for efficient cold storage. PCMs help in maintaining the desired temperature. The increasing applications of phase change materials are likely to push the growth of the studied market in the region.

Some of the prominent players in the phase change materials market are Climator Sweden AB, Dow, Phase Change, Croda International Plc, PureTemp LLC, AI Technology Inc, Microtek Laboratories Inc, Pluss, Outlast Technologies LLC, Sasol, DuPont, Honeywell International Inc, Henkel AG & Co KGaA, Laird and Sonoco ThermoSafe.

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Question & Answer: Phase Change Materials Market

Question 1: Which factors are primarily driving the growth of the global phase change materials market?
Answer: The rising penetration of phase change materials in the construction industry is primarily driving the growth of the global phase change materials market. With the rising high-end infrastructure projects, there is a great demand for high-quality building and construction materials like PCMs. Besides, the increasing investments towards the modernization of infrastructure, coupled with the explosive population growth, is leading to a great demand for residential buildings. Green buildings have also gained traction in the last few years. It also makes use of PCMs in its construction.

Question 2: What is hampering the growth of the global phase change materials market?
Answer: The lack of awareness among consumers regarding the benefits of advanced phase change materials is hampering the growth of the phase change materials market.

Question 3: How is Europe impacting the phase change materials market outlook?
Answer: Geographically, Europe is estimated to show the fastest growth in the global phase change materials market over the forthcoming years. According to the targets set by the European Commission for energy conservation and greenhouse gas reduction, all member states are required to ensure all new buildings are zero-energy buildings, by the end of the year 2020. The member states are also required to implement measures to stimulate the transformation of buildings into zero-energy buildings.

In Europe, PCMs also find applications in transportation and cold storage. As the region is among the top three largest exporters of meat, there is a greater demand for efficient cold storage. PCMs help in maintaining the desired temperature. The increasing applications of phase change materials are likely to push the growth of the studied market in the region.

Question 4: Which are some of the prominent players mentioned in the competitive landscape of the phase change materials market report?
Answer: Some of the prominent players in the phase change materials market are Climator Sweden AB, Dow, Phase Change, Croda International Plc, PureTemp LLC, AI Technology Inc, Microtek Laboratories Inc, Pluss, Outlast Technologies LLC, Sasol, DuPont, Honeywell International Inc, Henkel AG & Co KGaA, Laird and Sonoco ThermoSafe.

Related Report:
Global Industrial Wax Market

The Global Industrial Wax Market is estimated to generate revenues worth $12.06 billion by the year 2028, progressing at a CAGR of 4.16% in the forthcoming years 2019-2028.

Synthetic waxes are widely used in different industrial processes owing to the high heat resistance and higher set times provided by them. These waxes are expected to register high growth in adoption in the upcoming years. This growth is contributed by the increasing demand for synthetic waxes from several applications, including coatings, polishes, inks, emulsions and other specialized applications. Besides, the reduction in paraffin wax supply in recent years is providing space for the penetration of synthetic waxes in the industrial wax market.

The growth of the industrial wax market in a region is directly attributable to the rising population and increased per capita income of the consumers. The growth of the industrial wax market is also in line with the growth rate of the GDP. The growing demand for the industrial wax market in regions like Asia-Pacific and the growing initiatives by their governments are expected to contribute to increasing the growth of the studied market in the forthcoming years.

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