Advanced Phase Change Materials Market to Grow at 12.7% CAGR by 2027 | IMARC Group

The global advanced phase change materials market size reached US$ 1.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.6 Billion by 2027, exhibiting a growth rate (CAGR) of 12.7% during 2022-2027.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Phase change materials (PCMs) have unique structures that enable absorbing, storing and releasing large amounts of energy during a phase transition. They facilitate phase change from liquid to solid or solid to liquid depending upon their application. They aid in releasing energy in the form of latent heat upon freezing, whereas they absorb heat from the environment during the process of melting. They are used to improve the overall efficiency of solar energy systems by storing excess energy for later use. PCMs are also used for a large number of applications that require temperature control.

Advanced Phase Change Materials Market Trends:

The market is driven by the growing utilization of advanced PCMs in the construction industry. There has been a significant increase in construction activities that utilize these materials for their excellent thermal efficiency and high heat storage capacity. This is supported by the implementation of stringent building codes across the residential and commercial sectors and the shifting preference toward green construction. Technological advancements have led to the development of micro and macro encapsulation for advanced PCMs, which is acting as a major growth-inducing factor. Furthermore, manufacturers are also launching innovative variants in the market that are bio-based and derived from vegetables.

For instance, Phase Change Energy Solutions, a company based out of North Carolina, Unites States, has introduced BioPCM that is produced from sustainably-grown, food-grade by-products that can store large amounts of latent heat at targeted temperatures ranging from -50�C to 175�C. Rising environmental concerns, growing awareness regarding energy conservation and the increasing utilization of non-toxic and non-corrosive PCMs are some of the other factors facilitating the market growth.

List of Major Key Players:

The major players in the market are BASF SE (BASFY), Cryopak Industries Inc. (CYKIF) , Entropy Solutions, Honeywell International, Outlast Technologies, Climator, Croda International, PCM Products, Phase Change Energy Solutions, PLUSS Advanced Technologies, RGEES, Rubitherm Technologies, Salca and SGL Group.

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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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