Advanced Phase Change Materials Market is valued around USD 1.41 Billion in 2019 and expected to reach USD 6.48 Billion by 2030 with the CAGR of 14.8% over the forecast period.
Advanced Phase Change Materials are able change its physical state from solid to liquid or liquid to soli. Advanced phase change materials are used for energy storage which can be used in future. These materials can also provide & store large quantity of thermal energy after transition of physical state. At commercial level only solid to liquid phase change is used in advanced phase change materials as other methods requires high-pressure along with large volume.
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Global Advanced Phase Change Materials Market report is segmented on the basis of type, application and by regional. Based upon type, the advanced phase change materials market is fragmented into organic, inorganic, and bio-based. On the basis of application, the market is categorized into building & construction, thermal energy storage, cold chain & packaging, HVAC, shipping & transportation, electronics, textiles, and others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The advanced phase change materials market is mainly driven by the constant rising demand for energy along with growing awareness among consumers for energy conservation. There has been constant technological advancement along with wide applications in different industries majorly in construction industry. In addition, stringent environmental policies with regards to emission of greenhouse gases with rising demand for energy saving features in appliances. There has been reduction in the operating cost as well as high storage capacity as compared to conventional methods are also likely to drive the market growth. However, corrosion, flammability issue along with lack of consumer awareness about the use of advanced phase change materials may restrain the market growth over the forecast period.
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The developed regions such as Europe accounts for the major market share closely followed by North America owing to the stringent environmental policies along with development in green energy. In addition, technological advancement as well as growing consumer awareness about energy conservation with reduced carbon footprint is likely to propel market growth. Asia Pacific is expected to dominate the advanced phase change materials market in terms of growth rate owing to the rapid urbanization as well as industrialization. Moreover, wide applications in different industries along with growing investment on research & development activities are also expected to contribute the market growth. agriculture industry along with rising government initiatives & subsidies are further expected to propel the market growth.
The major market players profiled in the advanced phase change materials market includes Croda International Plc., Entropy Solutions LLC, Microtek Laboratories Inc., Honeywell Electronic Materials, Inc., Laird Plc, Sasol Ltd., Pluss Technologies Pvt. Ltd., Phase Change Materials Products Ltd., Outlast Technologies LLC, Phase Change Energy Solutions Inc., Rubitherm Technologies GmbH, Henkel AG & Company, KGaA, Advansa BV, AI Technology Inc., Climator Sweden AB, and Cold Chain Technologies, Inc. among others.
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