Selbyville, Delaware, April 19, 2022 (GLOBE NEWSWIRE) -- According to the report by Global Market Insights Inc., the Microencapsulated Paraffin Phase Change Materials Market was estimated at USD 200 million in 2021 and is anticipated to exceed USD 370 million in revenue by 2028, progressing at a CAGR of 9% from 2022 to 2028. The report gives an in-depth examination of the competitive scenario, wavering market trends, drivers & opportunities, top winning strategies, market size & estimations, and major investment pockets.
Phase change materials help bridge the gap between the availability and consumption of energy. They could potentially reduce energy requirements for space heating and cooling while optimizing the quality of space in residential and commercial applications, wherein large material mass cannot be used. As a result, prevalent usage of these materials in varied areas is likely to boost market growth over the forecast period.
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Boeing statistics indicate that new airplane requirement is primed to surpass 35,000 worldwide by 2035, with the highest demand estimated to be registered in North America. Mounting adoption of microencapsulated paraffin phase change materials in the aerospace industry would open new avenues for market growth. Driven by these factors, the aerospace & automotive end-user segment is stipulated to grow at a substantial CAGR between 2022 and 2028.
Meanwhile, the microencapsulated paraffin phase change materials market share from the textiles end-user segment is poised to attain a sizable revenue by 2028. In 2021, the U.S. contributed to nearly USD 705 billion of the global military expenditure. Various projects that leverage electronic and communication equipment in military uniforms are being implemented across the region. The high defense budget of the U.S. would boost product usage in advanced military textiles, which is anticipated to propel segmental expansion.
Key reasons for microencapsulated paraffin phase change materials market growth:
- High usage in aerospace sector.
- Growing uptake in HVAC applications.
- Rising utilization in advanced military textiles.
- Increasing adoption for thermal energy storage.
2028 forecasts show ‘textiles’ segment retaining its dominance:
With respect to end-user, the textiles segment holds a major share in the market and is speculated to witness robust growth through 2027. Rapid urbanization and expanding population in China, India, Taiwan, South Korea, and Southeast Asia, are expected to foster segmental outlook in the forthcoming years.
Europe to maintain top status in terms of revenue:
Based on region, the Europe microencapsulated paraffin phase change materials industry is slated to be valued at about USD 145 million by 2028. High energy consumption in the region is witnessed in buildings owing to HVAC systems, which varies by industrial, commercial, and residential activities, time of the day, and weather conditions. This has prompted the need for high-performance HVAC systems, which is set to bolster product adoption. Additionally, the European Council on Energy Performance of Buildings has found that 40% of the overall energy consumed is in buildings for heating, ventilation, and cooling across the European Union, which is projected to increase in the future. This would promote product uptake in HVAC applications, which is foreseen to support regional market growth.
Impact of COVID-19 pandemic on microencapsulated paraffin phase change materials market:
The onset of COVID-19 prompted a rise in climate consciousness across the globe. Increasing focus on CO2 reduction has given rise to the need for effective storage of renewable energy or thermal energy to improve the efficiency of industrial operations. Microencapsulated paraffin phase change materials have emerged as a promising solution to combine the benefits of sensible and latent thermal energy storage systems, which has played a vital role in business growth during the pandemic.
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Leading market players:
Top players in the microencapsulated paraffin phase change materials industry include Rubitherm, BASF, Andores New Energy CO., Ltd, Microtek Laboratories, and Tempered Entropy, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
