According to the report titled ‘Global Phase Change Materials Market 2019-2028’ available with MarketStudyReport, global phase change materials market is expected to grow at 18.99% CAGR between 2019 and 2028.

 

Increased concerns regarding greenhouse gas emissions, soaring demand for phase change materials in the construction vertical, and shifting trend toward environmental sustainability are propelling the demand for global phase change materials market.

 

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Furthermore, advancements in micro and macro encapsulation technologies, vast adoption in the textiles sector, and burgeoning R&D activities for product enhancement & innovations are poised to generate lucrative opportunities for businesses in this domain in the coming years.

 

Despite the positive outlook, factors such as safety hazards related to phase change materials and a dearth of consumer awareness about the same, as well as exorbitant costs involved in the manufacturing process are likely to hamper industry development over the course of analysis.

 

Based on material, worldwide phase change materials market is divided into salt hydrates, paraffin, and others. In terms of material type, the industry is classified into bio-based, organic, and inorganic. Concerning encapsulation, the business space is categorized into macro, micro, and molecular. While speaking of end-user ambit, the market is segmented into textiles, HVAC, building & constructions, shipping & transportation, commercial refrigeration, energy storage, and others. 

 

From a regional standpoint, Europe market is anticipated to grow at a steady rate during the projected timeframe, owing to enormous opportunities available for the use of phase change materials in cold storage and transportation verticals, combined with advancements in technology. These materials maintain required temperature in an energy-efficient manner and cost-effectively, supporting their use in storage of perishable items like meat.

 

The competitive landscape of global phase change materials market is defined by companies such as Phase Change Solutions, Henkel AG & Co. KGaA, PureTemp LLC, Microtek Laboratories Inc., Sonoco ThermoSafe, Honeywell International Inc., Outlast Technologies LLC, Climator Sweden AB, AI Technology Inc., Croda International plc, Dow Chemical International Private Limited, Pluss Advanced Technologies Pvt. Ltd., Sasol Limited, Laird plc, and DuPont de Nemours Inc. among others.