Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Advanced Phase Change Materials Market Size is Expected to Grow from USD 3.26 Billion in 2023 to USD 7.36 Billion by 2033, at a CAGR of 8.48% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Advanced Phase Change Materials Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Paraffin, Salt Hydrates, and Others), By Application (Building & Construction, Commercial Refrigeration, HVAC, Energy Storage, Shipping & Transportation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The global advanced phase change materials (APCM) market consists of substances that can absorb, store, and release thermal energy during phase transitions, such as from solid to liquid or liquid to solid. These materials are used in various applications to provide efficient thermal management solutions. The advanced phase change materials market focuses on developing innovative PCMs that efficiently store and release energy during melting and solidifying. These materials are designed for applications like building insulation, textiles, thermal energy storage, solar thermal power generation, and electric vehicle cooling systems. They offer improved thermal reliability and higher energy storage density. The market for advanced phase change materials is expected to grow due to the growing demand for energy-efficient construction materials and the use of PCMs in the textile industry. These materials act as thermal energy storage mediums, helping maintain consistent temperatures and reducing energy consumption. Their increasing usage in textiles, construction, and other industries will boost demand for effective temperature management and energy cost reduction. Globally, governments are placing a greater emphasis on sustainability and energy efficiency. To improve energy efficiency and lower carbon emissions in public and residential buildings, for instance, the UK government set aside USD 1.9 billion in 2023. The use of Advanced Phase Change Materials (APCMs) is being accelerated by these programs in a number of industries, such as renewable energy and construction. However, the high initial costs of advanced phase change materials hinder market growth, particularly for price-sensitive industries and consumers due to their efficient energy storage and release capabilities.
The paraffin segment accounted for the highest share of 52.89% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the product type, the advanced phase change materials market is classified into paraffin, salt hydrates, and others. Among these, the paraffin segment accounted highest share of 52.89% in 2023 and is expected to grow at a significant CAGR during the forecast period. The market for advanced phase transition materials is dominated by paraffin because of its high latent heat of fusion and favorable thermal conductivity characteristics. Paraffin can change phases from a solid to a liquid at specific temperatures without experiencing a significant change in volume because of its crystalline structure. This melting/freezing cycle, which is volume-stable and reproducible, provides paraffin with exceptional thermal energy storage capabilities.
The building and construction segment accounted for 34.59% of the market share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the advanced phase change materials market is divided into building & construction, commercial refrigeration, HVAC, energy storage, shipping & transportation, and others. Among these, the building and construction segment accounted for 34.59% of the market share in 2023 and is expected to grow at a significant CAGR during the forecast period. The market for advanced phase change materials is now dominated by the building and construction sector because of the strong global expansion of green building initiatives. The need for additional residential and commercial spaces with less of an impact on the environment has increased dramatically due to rapid urbanization and the growing global population.
North America is estimated to hold the largest share of the advanced phase change materials market over the forecast period.
North America is estimated to hold the largest share of the advanced phase change materials market over the forecast period. The U.S. and Canada are experiencing the highest demand for advanced PCMs due to major players, established construction and industrial sectors, government initiatives, and ongoing research. North America exports substantial amounts of advanced PCMs, addressing global demand with high-profit margins and related manufacturing infrastructure.
Asia Pacific is predicted to have the fastest CAGR growth in the advanced phase change materials market over the forecast period. Urbanization and industrialization in Southeast Asia have increased energy consumption, leading to increased demand for advanced temperature-regulating materials. Government initiatives and growing domestic production make the Asia Pacific market positioned for expansion. The cost of advanced PCMs is also declining, making them accessible to a wider range of applications.
Company Profiling
Major key players in the advanced phase change materials market include E.I. du Pont de Nemours & Company, BASF, Advansa B.V., Honeywell International, Cryopak, Dow Building Solutions, Phase Change Products Pty Ltd., Climate Sweden AB, Salca BV, Rubitherm Technologies GmbH, AI Technology Inc., Boyd Corporation, Cold Chain Technologies, Croda International PLC, Henkel Ag & Company KGaA, Honeywell Electronic Materials, Microtek Laboratories Inc., Pluss Advanced Technologies, Puretemp LLC, and Sasol Limited., and Others.
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the advanced phase change materials market based on the below-mentioned segments:
Global Advanced Phase Change Materials Market, By Product Type
Global Advanced Phase Change Materials Market, By Application
Global Advanced Phase Change Materials Market, By Regional Analysis
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