Major players in the phase change materials market are Honeywell Electronic Materials Inc, Microtek Laboratories, Croda International, Sasol, Henkel, Climator, PCM Products, Phase Change Energy Solutions, Rubitherm Technologies, Cryopak, Outlast Technologies, Dupont, Dow Chemical Company, BASF, Puretemp, Pluss Advanced Technologies, and Cold Chain Technologies.
New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Phase Change Materials Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06173897/?utm_source=GNW
The global phase change materials market is expected to grow from $0.94 billion in 2020 to $1.04 billion in 2021 at a compound annual growth rate (CAGR) of 11.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.16 billion in 2025 at a CAGR of 19.9%.
The phase change materials market consists of sales of phase change materials by entities (organizations, sole traders, and partnerships) which are ideal products for thermal management solutions.Phase change materials are the substances that absorb or release heat when the substance undergoes a physical state such as solid to liquid or gaseous.
Phase change materials are also known as latent heat storage units, commonly used in solar power plants, waste heat recovery systems, preservation of food, pharmaceutical products, and construction.
The main types of phase change materials are organic, inorganic, and bio-based.Organic phase change materials are a type of phase change materials that can absorb and release latent heat during the phase change process at certain temperatures.
The different product types include paraffin, non-paraffin, salt hydrates, eutectics and use various encapsulation technologies such as macro, micro, and molecular. It is implemented in several end-use industries such as building and construction, packaging, textiles, electronics, transportation, and others.
Europe was the largest region in the phase change materials market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The introduction of bio-based phase change material fabric coatings is shaping the phase change materials market.Bio-based phase change materials are manufactured using bio-based products such as beef tallow or oils from coconut, palm, and soybeans.
For instance, in January 2019, PureTemp LLC, a US-based specialty chemical company, has developed a bio-based fabric coating that serves as an effective temperature buffer. Bio-based fabric coating is a designed phase change material coating that is applied to the fabric surface to control temperature changes in consumer products such as apparel, footwear, and workwear.
In July 2021, Dupont, a US-based chemicals company, acquired Laird performance materials from Advent International for an undisclosed amount.The addition of Laird Performance Materials significantly strengthens DuPont’s Electronics & Industrial (E&I) segment and represents another significant step forward in their strategy to grow as a global innovation leader and premier multi-industrial company.
Laird Performance Materials is a China-based company that offers phase change materials.
The growing construction industry across the globe is contributing to the growth of the phase change materials market in the forecast period.The phase change materials are used in a variety of places during the construction of a building, such as roofs, floors, and electrical appliances, and they are also used to reduce temperature fluctuations in the internal environment by storing latent heat while material transitions from solid to liquid.
The rapid growth in the urban population is expected to increase the demand for new residential and commercial buildings during the forecast period.For instance, according to the Intercontinental Exchange (ICE), a US-based technology company the global construction sector is projected to reach $8 trillion by 2030.
Therefore, the growing construction industry across the globe drives the growth of the phase change materials market.
The countries covered in the phase change materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06173897/?utm_source=GNW
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