The global phase change materials market is anticipated to experience significant growth, reaching an estimated USD 4,174.8 million by 2027. The rising adoption of phase change materials in the production of building materials, coupled with stringent global regulations aimed at reducing greenhouse gas emissions, has been a major driver of market expansion. According to the latest report by Fortune Business Insights, titled "Phase Change Materials Market, Share & COVID-19 Impact Analysis," the market was valued at USD 1,157.6 million in 2019 and is projected to achieve an impressive compound annual growth rate (CAGR) of 21.0% from 2020 to 2027.
However, the implementation of government lockdowns to control the spread of COVID-19 has significantly disrupted supply chain operations. This disruption is primarily due to the suspension of industrial activities and a decrease in workforce availability, resulting in a shortage of raw materials and further hampering industrial operations. This supply chain disruption is expected to present challenges to market growth during the forecast period.
List of Companies Profiled in the Global Market:
- Global E Systems (Netherlands)
- PCM Products Ltd (United Kingdom)
- PURETEMP LLC (United States)
- Climator Sweden AB (Sweden)
- Croda International Plc (United Kingdom)
- Sasol (South Africa)
- Laird Technologies, Inc. (United States)
- Honeywell International Inc. (United States)
- Phase Change Solutions (United States)
- Cold Chain Technologies (United States)
- Other Key Players
What Does the Report Include?
The report encompasses both qualitative and quantitative analyses of various factors, including key drivers and constraints impacting market growth. Additionally, it provides insights into regional analysis covering different areas contributing to market expansion. The competitive landscape is outlined, highlighting leading companies and their strategies, such as partnerships, new product launches, and collaborations, which are expected to further stimulate market growth from 2020 to 2027. Moreover, the research analysts have employed various methodologies, including SWOT and PESTEL analysis, to gather information on current trends and industry developments that are anticipated to drive market growth during the forecast period.
Driving Factors
Increasing Use of Phase Change Materials in Building Materials to Drive Demand
The extensive use of phase change materials is driven by their superior thermal regulation properties, which enhance the heating and cooling efficiencies of residential and commercial buildings. As a result, they are widely used in the manufacturing of building materials worldwide. According to the Technology Strategy Board in the U.K., approximately 45% of total carbon emissions are attributed to the operation, construction, and maintenance of buildings and infrastructure. Due to the rising levels of carbon emissions, stringent emission norms have been implemented by global government agencies to mitigate greenhouse gas effects, which is likely to increase demand and drive the growth of the phase change materials market during the forecast period.
Segmentation
Organic PCM Segment Expected to Dominate Market Share
Based on type, the organic phase change materials segment is anticipated to hold the largest market share in terms of revenue. This is due to their numerous benefits, such as lower density, specific temperature ranges, cost-effectiveness, high latent heat, and thermal stability.
Information Source -
https://www.fortunebusinessinsights.com/phase-change-materials-market-104848
REGIONAL INSIGHTS
Europe to Remain Dominant, Increasing Focus on Green Construction to Propel Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global market in the forthcoming years. This dominance is attributable to the increasing focus on green construction with an aim to lower the carbon emissions from the building and construction sector in the region between 2020 and 2027. Europe stood at USD 443.4 million in 2019.
The market in Asia-Pacific is expected to rise at a considerable phase change materials market share and gain momentum due to the presence of several cold chain packaging industries that is likely to boost the adoption of advanced phase change materials in the region.
COMPETITIVE LANDSCAPE
Contract Signing by Prominent Companies to Augur Market Growth
The global phase change materials market for is experiencing high competition from the players present in it that are focusing on signing lucrative contracts to expand their product portfolio. Moreover, other key players are striving to maintain their presence by focusing on leveraging the market opportunities by following organic and inorganic strategies in the forthcoming years.
