The global phase change materials (PCMs) market is projected to witness substantial growth, expected to reach USD 4,174.8 million by 2027. This growth is driven by the increasing use of PCMs in the manufacturing of building materials and the implementation of stringent international regulations aimed at reducing greenhouse gas emissions. According to the latest report from 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 predicted to achieve an impressive compound annual growth rate (CAGR) of 21.0% from 2020 to 2027.
Nevertheless, government-imposed lockdowns to control the spread of COVID-19 have significantly disrupted supply chain operations. This disruption, primarily caused by the suspension of industrial activities and a decrease in workforce availability, has led to a shortage of raw materials, which further hinders industrial operations. This supply chain interruption is anticipated to pose challenges to market growth throughout the forecast period.
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
The report provides both qualitative and quantitative analyses of various factors influencing market growth, including key drivers and constraints. It also offers regional insights, covering different areas contributing to market expansion. The competitive landscape is detailed, highlighting leading companies and their strategies, such as partnerships, new product launches, and collaborations, which are expected to further drive market growth from 2020 to 2027. The report employs various methodologies, including SWOT and PESTEL analysis, to gather information on current trends and industry developments anticipated to drive market growth during the forecast period.
Growing Use of Phase Change Materials in Building Materials to Boost Demand
The extensive application of phase change materials is fueled by their exceptional thermal regulation properties, which enhance the heating and cooling efficiency of residential and commercial buildings. Consequently, they are widely used in the production of building materials globally. According to the Technology Strategy Board in the U.K., around 45% of total carbon emissions are attributed to the operation, construction, and maintenance of buildings and infrastructure. Given the rising carbon emissions, strict emission regulations have been implemented by global government agencies to mitigate greenhouse gas effects, likely increasing demand and driving the growth of the phase change materials market during the forecast period.
Organic PCM Segment Poised to Lead Market Share
Based on type, the organic phase change materials segment is expected to hold the largest market share in terms of revenue. This is attributed to their numerous advantages, including 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.