Phase Change Materials Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033

The phase change materials market size has grown rapidly in recent years. It will grow from $1.55 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to energy-efficient building construction, temperature regulation in electronics, thermal management in food preservation, growth in green building standards, energy storage and hvac applications.

The phase change materials market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to integration into wearable technology, advanced phase change materials for evs, smart textiles and clothing, growth in data centers and cloud computing, expansion of renewable energy storage. Major trends in the forecast period include customized phase change materials for specific applications, biodegradable and sustainable pcms, advanced encapsulation technologies, nanomaterial-enhanced phase change materials, integration with iot and sensor networks..

Market Overview -
Phase-change materials refer to a class of substances that, while changing from one physical state to another, such as from a solid to a liquid, absorb or release significant amounts of latent heat. 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.

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Global Construction Industry Growth Fuels Demand For Phase Change Materials Market
The growing construction industry across the globe is contributing to the growth of the phase change materials market in the forecast period. The phase change materials are used in a variety of places during the construction of a building, such as roofs, floors, and electrical appliances, and they are also used to reduce temperature fluctuations in the internal environment by storing latent heat while material transitions from solid to liquid. The rapid growth in the urban population is expected to increase the demand for new residential and commercial buildings during the forecast period. For instance, according to the Intercontinental Exchange (ICE), a US-based technology company the global construction sector is projected to reach $8 trillion by 2030. Therefore, the growing construction industry across the globe drives the growth of the phase change materials market.

Competitive Landscape -
Major companies operating in the phase change materials market include Honeywell Electronic Materials Inc., Microtek Laboratories Inc., Croda International plc, Sasol Ltd., Henkel AG & Co. KGaA, Climator Mep Pvt Ltd., PCM Products Ltd., Phase Change Energy Solutions, Rubitherm Technologies, Cryopak Industries Inc., Outlast Technologies, DuPont de Nemours Inc., Dow Inc., Badische Anilin und Soda Fabrik, Puretemp LLC, Pluss Advanced Technologies Inc., Cold Chain Technologies Inc., EPCM Holdings, Entropy Solutions LLC, Laird plc, Phase Change Materials Products Ltd., Salsa Shop Kinkerstraat B.V, Shin-Etsu Chemical Co. Ltd., Smart Materials Corporation, Thermal Energy System Specialists, Henan Shijixiang Enterprise Co Ltd., AdvanSource Biomaterials Corporation, Encapsys LLC, Advanced Cooling Technologies Inc., Chemours Company

Bio-Based Phase Change Material Fabric Coatings Transforming The Phase Change Materials Market
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. For instance, in February 2021, Royal DSM, a Dutch multinational corporation, launched bio-based Arnitel, a thermoplastic elastomer, with Sympatex Technologies. DSM Engineering Materials is facilitating membrane manufacturers by providing a new variety of mass-balanced bio-based Arnitel. Arnitel, a bio-based product from DSM, is produced utilizing a mass-balance method with bio-based feedstock. More than 25% of the final product's weight is made up of bio-based materials.

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Key Segments -
The phase change materials market covered in this report is segmented -
1) By Type: Organic, Inorganic, Bio-based
2) By Encapsulation Technology: Macro, Micro, Molecular
3) By Product: Paraffin, Non-Paraffin, Salt Hydrates, Eutectics
4) By End-User: Building and Construction, Packaging, Textiles, Electronics, Transportation, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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