Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Advanced Phase Change Materials Market by Type and Application - Global Opportunity Analysis and Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Advanced Phase Change Materials Market size was valued to USD 1.63 billion in 2021, and is predicted to garner USD 4.93 billion by 2030, witnessing a CAGR of 13.0% from 2022-2030.
Phase Change Materials offer a range of thermal management solutions, by facilitating temporary storage of energy, either by releasing or absorbing sufficient amount of energy during phase transition, i.e., changing their states from solid to liquid and vice-versa; hence providing desired heat or cooling. The advanced phase change materials (Advanced PCMs) can store as well as provide massive volume of thermal energy after transition from one state to the other.
The global advanced phase change materials market observed a volumetric sale of 319721.5 tons in 2021 that is expected to rise up-to 1006514.2 tons by 2030, with a growing CAGR of 13.5% from 2022-2030.
Market Dynamics and Trends
Building and construction segment currently contribute the highest market share, owing to extensive application of advanced PCMs in green constructions, building interiors, cooling buildings and light weight architectures. Besides, increasing use of advanced PCMs for temperature control & comfort, reduction in operating cost, temperature security, long operating life and energy saving features are likely to boost the growth of global advanced phase change materials market in future.
However, factors such as high costs of advanced PCMs, its susceptibility to corrosion, flammability issues, and lack of awareness regarding its usage, are expected to limit the growth of advanced phase change materials market during the forecast period.
Moreover, market dynamics such as increasing awareness towards energy-saving and environment-friendly technologies, stringent regulations for minimizing greenhouse gas emissions, as well surge in R&D activities to increase the efficiency of advanced phase change materials, are expected to create lucrative opportunities in the global advanced phase change materials market in future.
Europe is the fastest growing region in the advanced phase change materials market. The strict building energy codes to reduce and minimize emission of harmful gases, increasing demand for green buildings, and demand for low-carbon & net-zero energy buildings are factors to lead the growth of European region.
Asia-Pacific region is anticipated to grow with highest growth rate during the forecast period owing to growing construction industry, rapid industrialization, and strong emphasis on energy security.
Increased Use of Advanced Phase Change Materials for Temperature Control
Regulations for Reduction of Greenhouse Gas Emissions
Negative Impact of Covid-19 Pandemic
Corrosive Nature and Technical Issues
Increasing Demand of Advanced PCMs from the Pharmaceutical Industry
KEY MARKET SEGMENTS:
Global Advanced phase change materials market - By Type
Global Advanced phase change materials market - By Application
Building & Construction
Shipping & Transportation
Global Advanced phase change materials market - By Geography
Rest of Europe
Rest of Asia-Pacific
Key Topics Covered:
2. Advanced Phase Material Change Market - Executive Summary
3. Market Overview
4. Global Advanced Phase Change Materials (Pcm) Market, by Type
5. Global Advanced Phase Change Materials (Pcm) Market, by Application
5.2. Building & Construction
5.3. Energy Storage
5.5. Shipping & Transportation
6. Global Advanced Phase Change Materials (Pcm) Market, by Region
7. Company Profiles
A selection of companies mentioned in this report includes
Outlast Technologies (news)
Henkel AG & Company
Phase Change Energy Solutions
Sonoco Products Company
For more information about this report visit https://www.researchandmarkets.com/r/lvxe2b
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