Phase Change Materials Market Research during the Ongoing COVID-19 Pandemic, Growth and Research Methodology by Forecast to 2027
The global phase change materials market size is expected to experience significant growth by reaching USD ,174.8 million by 2027. This is attributable to the increasing adoption of phase change materials in manufacturing building materials and the stringent imposition of environmental laws to reduce greenhouse gases emissions globally. Fortune Business Insights, in its latest report, titled, “Phase Change Materials Market Size, Share & Industry Analysis, By Type (Organic, Inorganic, & Eutectic), By Application (Building & Construction, HVAC, Thermal Energy Storage, Cold Chain Packaging, Textiles, Electronics and Others), and Regional Forecast, 2020-2027.”, mentions that the market stood at USD 1,157.6 million in 2019 and is likely to exhibit an impressive CAGR of 21.0% between 2020 and 2027.
The lockdown imposed by the government agencies to limit the spread of the novel coronavirus has led to a major disruption in the supply chain operations. This is due to the suspension of industrial processes and reduced number of workforce. The fewer availability of raw materials is further leading to a large scale interruption in industrial activities that is likely to hinder the market growth during the forecast period.
A phase change material is widely used to absorb the required energy at phase transition to ensure proper heating and cooling of the designated space. Primarily, the transition takes place between two fundamental states of matters, i.e. liquid and solid. There are widely on a larger scale for several industrial applications such as food and beverage, construction and building, space, etc.
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What does the Report Include
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Adoption of Phase Change Materials in Building Materials to Spur Demand
Phase changes materials are extensively adopted due to them providing superior thermal regulation properties that aid in improving the heating and cooling qualities of residential and commercial spaces. Therefore, they are widely adopted in manufacturing building materials across the globe. According to the Technology Strategy Board, in the U.K. about 45% of the total carbon emission is due to the operation, construction, and maintenance of buildings and other infrastructure. Owing to the rising carbon emissions, stringent emission norms have been implemented by the global government agencies to reduce greenhouse gas effects that are likely to propel the demand for the global phase change materials market during the forecast period.
Organic PCM Segment to Hold Largest Market Share
Based on type, the organic PCM segment is expected to hold the largest market share in terms of revenue owing to their several benefits such as lower density, specific temperature, lower cost, high latent heat, and thermal stability.
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Europe to Remain Dominant, Increasing Focus on Green Construction to Propel Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global phase change materials market in the forthcoming years. This dominance is attributable to the increasing focus on green construction with an aim to lower the carbon emissions from the building and construction sector in the region between 2020 and 2027. Europe stood at USD 443.4 million in 2019.
The market in Asia-Pacific is expected to gain momentum due to the presence of several cold chain packaging industries that is likely to boost the adoption of advanced phase change materials in the region.
Contract Signing by Prominent Companies to Augur Market Growth
The global market for phase change materials is experiencing high competition from the players present in it that are focusing on signing lucrative contracts to expand their product portfolio. Moreover, other key players are striving to maintain their presence by focusing on leveraging the market opportunities by following organic and inorganic strategies in the forthcoming years.
- April 2020 – Rubitherm Technologies introduced a new air-guided ventilation PCM, PhaseCube. According to the company, the phase change material is available in different sizes with varied temperature levels and efficiently adapts to the specific requirement of the client’s system.
List of the Companies Profiled in the Global Market for Phase Change Materials:
- Global E Systems (Netherlands)
- PCM Products Ltd (United Kingdom)
- PURETEMP LLC (United States)
- Climator Sweden AB (Sweden)
- Croda International Plc (United Kingdom)
- Sasol (South Africa)
- Laird Technologies, Inc. (United States)
- Honeywell International Inc. (United States)
- Phase Change Solutions (United States)
- Cold Chain Technologies (United States)
- Other Key Players
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