Global Phase Change Material Market Analysis 2022
The Global Phase Change Material Market is expected to reach $1,528.51 million by 2028 growing at a CAGR of 18.1% from 2021 to 2028. PCM is a substance material with a elevated heat of synthesis which, melting and solidifying at a certain temperature, is capable of storing and releasing energy in large amount. The PCM’s are classified as latent heat storage (LHS) units as the heat is engrossed or unconfined when the material changes from solid to liquid or vice-versa. Temperature controlled packaging based on PCMs is used for transporting life-saving drugs and pharmaceuticals and perishable foods. This is uplifting the market of the PCM’s. The PCM’s are increasingly used in the logistics and cold chain, electronic applications, buildings textiles and others.
Factors such as reduction in operating cost for cold chain and packaging industry, growing popularity of bio-based phase change materials, and environmental concerns over reducing greenhouse emissions are driving the growth of the market. However, lack of awareness for the benefits of phase change material is restraining the growth of the market.
Based on end user, the building & construction segment is estimated to have a significant growth. The application of phase change material in buildings ensures temperature regulation in rooms. The buildings and construction industry accounts for 36% of global final energy use, and the progression to achieve the sustainable development goals (SDGs) of the United Nations (UN) will lead to more construction, and the energy intensity per square meter in the buildings will need to improve by 30% by 2030. In order to suffice the energy requirement and increase efficiency, it will be necessary to use phase change materials to store some of the energy that is used during the construction. The growth in the buildings and construction sector coupled with the demand for energy storage will largely support the phase change materials market.
The key vendors mentioned are Microtek Laboratories Inc., Honeywell International Inc., PureTemp LLC, The Dow Chemical Company, Sasol Limited, Henkel AG & Co. KGaA, Rubitherm Technologies GmbH, Laird Technologies, Inc, Croda International Plc, PCM Products Ltd, Axiotherm GmbH, BASF SE, Cold Chain Technologies, Outlast Technologies, and Phase change product Pvt. Ltd.
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