Advanced Phase Change Materials Market Outlook
According to the report by Expert Market Research (EMR), the global advanced phase change materials market size reached a value of USD 1,684.97 million in 2023. Aided by increasing application of phase change materials in various industries, including automotive, and the stringent government regulations to minimise GHG emissions, the market is projected to further grow at a CAGR of 16.9% between 2024 and 2032 to reach a value of nearly USD 4,300.57 million by 2032.
Advanced Phase Change Materials (PCMs) are substances that absorb and release thermal energy during the process of melting and freezing. These unique materials are paramount in regulating temperatures in various applications, acting as a thermal energy storage system. From the realm of sustainable building solutions to that of wearable technology, these materials have firmly rooted themselves as vital components, lending energy efficiency and comfort.
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Growing inclination towards sustainability and energy efficiency has become of the growing advanced phase change materials market trends. As the global emphasis on green building and sustainable architecture magnifies, PCMs are becoming integral to these efforts. They assist in maintaining indoor temperatures, reducing the dependency on air conditioning systems and heating, thus playing a pivotal role in energy conservation.
Furthermore, the advanced phase change materials market growth is supported by the increasing application of these materials in the textile industry. The integration of PCMs in clothing, especially sportswear and protective gear, has opened new horizons. These materials ensure that the wearer remains comfortable by maintaining body temperature, proving especially beneficial for athletes, soldiers, and workers in extreme conditions.
In transportation sector, especially in electric vehicles, PCMs are gaining traction. They are being looked upon as potential solutions to maintain battery temperatures, thus ensuring longer battery life and efficient performance.
The advanced phase change materials market demand is also aided by the expanding electronics sector. Given the miniaturisation trend in electronics, there is an increasing need for efficient thermal management. PCMs, with their superior heat absorption and dissipation capabilities, are now being used in devices like smartphones, laptops, and other gadgets to prevent overheating and extend battery life.
The advanced phase change materials market analysis suggests the growing role of innovations and research activities in boosting market expansion. Manufacturers are continually exploring newer compositions and hybrid solutions to enhance the efficiency of PCMs. Nano-enhanced phase change materials, which combine nanoparticles with traditional PCMs, will further enhance the market expansion. These materials offer enhanced thermal conductivity and a faster rate of heat absorption and release.
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Advanced Phase Change Materials Market Segmentation
The market can be divided based on type, form, application, and region.
Market Breakup by Type
- Organic PCM
- Inorganic PCM
- Bio-Based PCM
Market Breakup by Form
- Encapsulated
- Non-Encapsulated
Market Breakup by Application
- Building and Construction
- Packaging
- HVAC
- Textiles
- Electronics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Advanced Phase Change Materials Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global advanced phase change materials market. Some of the major players explored in the report by Expert Market Research are as follows:
- Outlast Technologies
- Climator
- Croda International Plc
- PCM Products, Inc.
- Others
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