The global phase change materials market size is expected to experience significant growth by reaching USD 4,174.8 million by 2027. The surge in the adoption of phase change materials in manufacturing building materials, coupled with stringent environmental regulations aimed at curbing greenhouse gas emissions globally, has significantly impacted the market. According to Fortune Business Insights' latest report titled "Phase Change Materials Market Size, Share & COVID-19 Impact Analysis," the market was valued at USD 1,157.6 million in 2019 and is anticipated to witness a remarkable CAGR of 21.0% from 2020 to 2027.
However, the government-enforced lockdowns implemented to contain the spread of the novel coronavirus have disrupted supply chain operations on a large scale. This disruption stems from the suspension of industrial processes and a reduction in the workforce. The consequent scarcity of raw materials has further exacerbated the interruption in industrial activities, posing a challenge to market growth during the forecast period.
List of the 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 market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Adoption of Phase Change Materials in Building Materials to Spur Demand
Phase changes materials market size are extensively adopted due to them providing superior thermal regulation properties that aid in improving the heating and cooling qualities of residential and commercial spaces. Therefore, they are widely adopted in manufacturing building materials across the globe. According to the Technology Strategy Board, in the U.K. about 45% of the total carbon emission is due to the operation, construction, and maintenance of buildings and other infrastructure. Owing to the rising carbon emissions, stringent emission norms have been implemented by the global government agencies to reduce greenhouse gas effects that are likely to propel the demand, thereby driving the phase change materials market growth during the forecast period.
SEGMENTATION
Organic PCM Segment to Hold Largest Market Share
Based on type, the organic PCM segment is expected to hold the largest market share in terms of revenue owing to their several benefits such as lower density, specific temperature, lower cost, high latent heat, and thermal stability.
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.
Information Source -
https://www.fortunebusinessinsights.com/phase-change-materials-market-104848