Phase Change Material Market 2022
As per the PMR analysis, efficient thermal insulation products for commercial refrigeration and energy storage is driving the demand for advanced phase change materials. Furthermore, the stringent codes and regulations employed by governments and environmental organizations for energy efficient buildings & construction is leading to the evolution of advanced phase change materials market. The global advanced phase change materials market is estimated to reach ~US$ 1.5 Bn towards the end of 2022, as indicated by the PMR report.
According to the report, the advanced phase change materials market is anticipated to grow at ~15% CAGR during the forecast period. Increasing prevalence of green construction and rising demand for thermal efficient solutions will drive the advanced phase change materials market.
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Key companies-
- BASF SE
- E.I. DuPont de Nemours and Company
- Henkel AG & Co. KGaA
- Honeywell International Inc.
- Croda International PLC
- Sasol Limited
- Advansa B.V.
- Entropy Solutions LLC
- PCM Products Ltd
- Phase Change Energy Solutions
- Microtek Laboratories, Inc.
- Climator Sweden AB
- Cryopak
- Salca BV
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Demand in ‘Green’ Building and Construction Projects on Rise
Building & construction is a prominent application area for advanced phase change materials. In residential & commercial constructions, phase change materials find a wide range of applications, since they play a key role in preventing temperature fluctuations. A growing number of green construction activities has surged the demand for energy-efficient materials.
According to the PMR study, prominent players in the advanced phase change materials market are offering a variety of products with innovative properties at a competitive cost. Rising environmental awareness, increased implementation of stringent regulations, and increasing government initiatives for the development of eco-friendly solutions have augmented the demand for bio-based materials derived from vegetable oils and other natural sources which are being used as advanced phase change materials.
Moreover, many of the market players have invested widely in R&D activities for continuous development of new and innovative products. Also, the shifting trend towards bio-based products is catalyzing R&D activities. Growing R&D activities are also expected to lead to the development of application-specific solutions, which in turn will escalate the demand for tailor-made products, which spurs the demand for advanced phase change materials.
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Key Questions Answered in PMR’s Advanced PCM (Phase Change Materials) Market Report
- Which regions are expected to come out as the prominent markets over the forecast period?
- Which factors will be vital driving factors for boosting the demand for advanced phase change materials over the foreseen years?
- How current trends will be impacting the Advanced PCM (Phase Change Materials) Market?
- How can market players capture low-hanging opportunities in the Advanced PCM (Phase Change Materials) Market in developed regions?
- Which are the prominent players in the Advanced PCM (Phase Change Materials) Market?
- What are the crucial strategies of the prominent players in the Advanced PCM (Phase Change Materials) Market to upscale their position in this landscape?
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