Rockville, MD , Aug. 20, 2024 (GLOBE NEWSWIRE) -- According to a new study published by Fact.MR, a market research and competitive intelligence provider, the Market for Advanced Phase Change Materials (PCM) is projected to reach a value of US$ 3.78 billion in 2024. Revenue from the sales of advanced PCMs is forecasted to rise at a CAGR of 14.8% from 2024 to 2034.
Constantly increasing demand for energy-effective solutions, continual advancements in thermal management technologies, and emphasis on environment conservation and sustainability in the automotive industry are key factors creating lucrative prospects for market players.
Growing use of advanced PCMs is attributed to their popularity in several industries such as packaging, construction, and others, owing to their remarkable heat release and storage capabilities, thereby making them an ideal option for use in thermal management.
Rising demand for advanced PCMs in the building and construction industry is attributed to the assistance of the material in heat storage, thereby contributing to thermal energy management. These factors have resulted in increased use of PCMs, which helps in controlling indoor thermal comfort.
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Key Takeaway from Market Study:
- Global sales of advanced phase change materials are projected to reach US$ 15.04 billion by the end of 2034.
- Sales of advanced PCMs in South Korea are forecasted to rise at 18.3% CAGR from 2024 to 2034.
- Demand for advanced phase change materials in Japan is approximated to increase at a CAGR of 14.4% through 2034.
- Inorganic advanced PCMs are evaluated to account for a market share of 47.5% by the end of 2034.
- The market in Canada is projected to accelerate at a CAGR of 15.3% through 2034.
- Sales of advanced PCMs in China are evaluated to rise at a CAGR of 15.3% and reach US$ 3.31 billion by the end of 2034.
“Market players will increase their investments in R&D activities and focus on the manufacturing of advanced phase change materials with improved stability, scalability, and conductivity,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Advanced Phase Change Material Market:
Sasol Germany GmbH, BASF SE, Climator Sweden AB, SGL Group, Phase Change Material Products Limited, Cryopak, Honeywell International Inc., Salca BV, Outlast Technologies LLC, Axiotherm GmbH, PCM Technology, Entropy Solutions, Croda International Plc, PureTemp LLC, Microtek Laboratories, Inc., Rubitherm Technologies GmbH, and Phase Change Product Pvt. Ltd. are some of the leading manufacturers of advanced phase change materials.
Accelerating Consumption of Inorganic Advanced PCMs for High Thermal Stability and Conductivity Benefits:
Worldwide demand for inorganic advanced PCMs is analyzed to accelerate at a CAGR of 12.9% and reach a value of US$ 7.14 billion by the end of 2034. The growing demand for these materials is attributed to their high thermal stability and conductivity, thereby increasing their suitability for application in several industries, such as energy storage, automotive, aerospace, and construction. A rising emphasis on waste heat recovery and thermal management is stimulating demand for inorganic PCMs as one of the popular environmentally sustainable solutions.
Advanced Phase Change Material Industry News:
- One of the well-known producers of goods to satisfy temperature-sensitive shipping specifications is Cryopak. Products include gel packs, temperature monitoring equipment, phase-change materials, and insulated shipping containers. The company stated in May 2022 that it would be opening a new facility in Atlanta to better serve its Southeast consumer base.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the advanced phase change material market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product (organic [paraffin-based, fatty acid-based], inorganic, bio-based), encapsulation & packaging method (nano-encapsulation, micro-encapsulation, macro-encapsulation), and application (building & construction, textile & protective clothing, commercial refrigeration, electronics, heating, ventilation, & air conditioning [HVAC], shipping & transportation, energy storage), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Advanced PCM Market Research:
By Product :
- Organic
- Paraffin-based
- Fatty Acid-based
- Inorganic
- Bio-based
By Encapsulation & Packaging Method :
- Nano-encapsulation
- Micro-encapsulation
- Macro-encapsulation
By Application :
- Building & Construction
- Textile & Protective Clothing
- Commercial Refrigeration
- Electronics
- Heating, Ventilation, & Air Conditioning (HVAC)
- Shipping & Transportation
- Energy Storage
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