The growing incidence of the implementation of World Advanced Phase Change Materials in the construction of lightweight buildings is key factors driving global growth in the industry.
World Advanced Phase Change Materials Market Size – USD 1.53 Billion in 2020, Growth - CAGR of 21.93%, Trends – Growing awareness of environment-friendly and energy-saving technologies.
The World Advanced Phase Change Materials market is projected to reach USD 7.43 Billion by 2028. One of the major driving factors for the market is expected to be the increasing need to conserve energy across diverse industries and sectors. In addition, strict regulations levied on various industries to minimize greenhouse gas emissions have also helped to grow the advanced phase change material market. APCM usage is projected to reduce overall energy demand by as much as more than half by 2050.
Paraffin has a high heat storage capacity and is also stable due to which, over the forecast timeframe, they are expected to experience significant production. However, at a projected CAGR of 21.3% by 2028, bio-based APCM is scheduled to be the fastest-growing product. Increased preference for environmentally friendly materials is expected to drive the bio-based APCM market over the coming years, mainly in North America and Europe.
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Further key findings from the report suggest:
- Government measures to help the country's manufacturing sectors are projected to increase demand for World Advanced Phase Change Materials in construction and industrial applications, thereby creating opportunities for market players to develop.
- The growth of the construction industry is expected to drive the overall demand for APCM in this sector, primarily in developing countries. Construction is the most significant market is also projected to be the fastest-growing APCM application market at an impressive CAGR.
- All major players in the industry have invested heavily in Research & development initiatives in recent years, which have led to the development of many innovative products.
- Key players plan to expand their product range by strategic mergers and small and medium-sized business acquisitions. Consequently, an intense player rivalry is expected in the following years.
- In March 2018, Advent International Corporation acquired Laird PLC. The deal will be sponsored by a mix of capital financing drawn up for the funds held by Advent, as well as the debt to be made available in the interim Goldman Sachs and Citigroup agreement on facilities.
- Key participants include Laird Plc, Honeywell Electronic Materials, Inc., Croda International Plc., Microtek Laboratories Inc., Phase Change Energy Solutions Inc., Phase Change Materials Products Ltd., Rubitherm Technologies GmbH, Henkel AG & Company, KGaA, Cryopak Industries Inc., and Cold Chain Technologies, Inc. among others.
Regional Outlook
The key regions covered in the report are as follows:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2020-2028)
- Salt Hydrates
- Paraffin Wax
- Others
Material Type Outlook (Revenue, USD Billion; 2020-2028)
- Inorganic
- Organic
- Bio-Based
Technology Outlook (Revenue, USD Billion; 2020-2028)
- Macro
- Micro
- Molecular
Application Outlook (Revenue, USD Billion; 2020-2028)
- HVAC
- Construction
- Energy Storage
- Commercial Storage
- Shipping & Transportation
- Textile
- Others
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Table of Contents:
Report Overview
1.1 Research Scope
1.2 Key World Advanced Phase Change Materials market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline
Global Growth Trends
2.1 Global World Advanced Phase Change Materials market size
2.2 Latest regional market trends
2.3 Emerging growth trends
Competitive Outlook
3.1 Global World Advanced Phase Change Materials market key players
3.2 Global World Advanced Phase Change Materials size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the World Advanced Phase Change Materials market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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