New Phase Change Material Market Revenue Pockets

Northbrook, IL, USA, 2021-Sep-02 — /EPR Network/ —

The phase change material (PCM) market size is projected to reach USD 889million by 2025 from USD 423million in 2020, at a CAGR of 16.0% between 2020 and 2025. Phase change materials have the ability to store and release a large amount of heat/energy while maintaining a constant temperature. Unlike other insulation materials, on reaching the melting point (the temperature at which it changes phase from solid to liquid), PCM absorbs a large amount of heat and releases its stored latent heat while solidifying.PCM is also called latent thermal storage material. They are used in various applications such as building & construction, heating, ventilation & air-conditioning (HVAC), cold chain & packaging, thermal energy storage (TES), refrigeration & equipment, electronics, textiles, and others due to their unique property of latent heat storage.

Download PDF Brochure at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1087

Based on type, the phase change material market is segmented into organic PCM and inorganic PCM. Inorganic PCM led the phase change material market, in terms of both volume and value, in 2019. This is owing to its low cost and increasing usage in building & construction, HVAC, cold chain & packaging, and refrigeration & equipment application.

Based on application, the phase change material market is segmented into building & construction, HVAC, cold chain & packaging, TES, refrigeration & equipment, electronics, textiles, and others.The HVAC application accounted for the largest market share of in terms of the value of the overall PCM market in 2019. This is due to the global demand for the reduction of energy consumption in buildings. In addition, the existence of policies and regulations regarding reducing greenhouse gas emissions drives demand for PCM in the residential and non-residential sectors. However, the market for PCM in the HVAC application is estimated to decline from 2019 to 2020. This is owing to the coronavirus pandemic and decline in the growth of this sector.

Request Sample of Report at https://www.marketsandmarkets.com/requestsampleNew.asp?id=1087

Europe was the largest market for PCM, in terms of value, in 2019.The presence of stringent building codes, along with enhancements in energy efficiency in the region, drives the demand for PCM. Moreover, the growth of green building in the region is another factor driving the demand for PCM in the region. The cold chain & packaging is another important factor leading to the growth of PCM in the country. The presence of leading players in the region is another factor which fuels the growth of phase change material in the region.

Croda International Plc (UK), Climator Sweden AB (Sweden), PureTemp LLC (US), Rubitherm Technologies GmbH (Germany), Pluss Advanced Technologies Pvt. Ltd. (India), Sasol Limited (South Africa), Outlast Technologies LLC (US), Cold Chain Technologies, Inc. (US), Phase Change Materials Product Ltd.(UK), Laird (UK), Henkel AG & Company, KGaA (Germany), Phase Change Energy Solutions Inc.(US), Honeywell Electronic Materials, Inc. (US), and Microtek Laboratories Inc. (US)are the leading players in the phase change material market.These players have a strong foothold in the global phase change material market as well as a strong distribution network across the globe.