Advanced Phase Change Materials Market Trends and Opportunities Forecast To 2027

  

The report discovers the market’s total sale that is generated by a particular firm over a time period.

The Advanced Phase Change Materials market is projected to reach USD 6.18 billion by 2027. One of the major driving factors for the market is expected to be the increasing need to conserve energy across diverse industries and sectors. In addition, strict regulations levied on various industries to minimize greenhouse gas emissions have also helped to grow the advanced phase change material market. APCM usage is projected to reduce overall energy demand by as much as more than half by 2050.

Paraffin has a high heat storage capacity and is also stable due to which, over the forecast timeframe, they are expected to experience significant production. However, at a projected CAGR of 21.3% by 2027, bio-based APCM is scheduled to be the fastest-growing product. Increased preference for environmentally friendly materials is expected to drive the bio-based APCM market over the coming years, mainly in North America and Europe.

Key participants include Laird Plc, Honeywell Electronic Materials, Inc., Croda International Plc., Microtek Laboratories Inc., Phase Change Energy Solutions Inc., Phase Change Materials Products Ltd., Rubitherm Technologies GmbH, Henkel AG Company, KGaA, Cryopak Industries Inc., and Cold Chain Technologies, Inc. among others.

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The growing use of advanced technology to improve performance characteristics, such as thermal conductivity and compressive resistance, would drive demand. The growth of bio-based substitutions is also expected to generate new opportunities for industrial development.

The COVID-19 impact:

The COVID-19 pandemic has had a direct effect on Advanced Phase Change Materials output rates, as all manufacturing units had been disrupted. Furthermore, the changes in conventional supply chains push businesses to create new supply chains that are more expensive and time-consuming to meet the need for catalysts in various sectors of the industry. The global economy is marked by the involvement of business competitors, who adopt different strategic approaches to gain market share.

New companies that join the market must concentrate on innovating and developing through new technologies, thereby minimizing risks and reducing overall operating costs. Experts also believe that growing acceptance of the latest technologies by investing in RD in developed countries would be a key growth field for the industry.

For this report, Reports and Data segmented the global Advanced Phase Change Materials industry report based on product type, material type, technology, application, and by Region for this study:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

  • Salt Hydrates
  • Paraffin Wax
  • Others

Material Type Outlook (Revenue, USD Billion; 2017-2027)

  • Inorganic
  • Organic
  • Bio-Based

Technology Outlook (Revenue, USD Billion; 2017-2027)

  • Macro
  • Micro
  • Molecular

Application Outlook (Revenue, USD Billion; 2017-2027)

  • HVAC
  • Construction
  • Energy Storage
  • Commercial Storage
  • Shipping Transportation
  • Textile
  • Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    • U.S
  • Europe
    • U.K
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • MEA
  • Latin America
    • Brazil

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Further key findings from the report suggest

  • Government measures to help the country's manufacturing sectors are projected to increase demand for advanced phase change materials in construction and industrial applications, thereby creating opportunities for market players to develop.
  • The growth of the construction industry is expected to drive the overall demand for APCM in this sector, primarily in developing countries. Construction is the most significant market is also projected to be the fastest-growing APCM application market at an impressive CAGR.
  • All major players in the industry have invested heavily in Research development initiatives in recent years, which have led to the development of many innovative products.
  • Key players plan to expand their product range by strategic mergers and small and medium-sized business acquisitions. Consequently, an intense player rivalry is expected in the following years.
  • In March 2018, Advent International Corporation acquired Laird PLC. The deal will be sponsored by a mix of capital financing drawn up for the funds held by Advent, as well as the debt to be made available in the interim Goldman Sachs and Citigroup agreement on facilities.

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