According to the recent research report titled ‘GLOBAL Phase Change Materials Market 2019-2028’, available with Market Study Report, global phase change materials market is expected to showcase a hefty CAGR of 18.99% over 2019-2028.
 

Growing inclination towards sustainable development, rising cognizance regarding greenhouse gas emissions, and surging demand from construction sector are the key factors driving global phase change materials market growth.
 

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Increasing research & development for bringing innovative products in the market, advancements in micro and macro-encapsulation, and growing applications of phase change materials in textile industry are adding significant traction to the business development.
 

In the textile sector, phase change materials are becoming more popular because they can be utilized to maintain a specified temperature with low energy consumption. Temperatures that are extremely high or low compared to the wearer's personal comfort temperature are balanced out with PCM-based materials.
 

As the PCM business is still developing, demand is limited, which leads to substantially higher price of these materials. Moreover, concerns regarding safety for phase change materials and lack of awareness among customers are hampering the global phase change materials industry remuneration. Moreover, high cost of material and manufacturing is negatively impacting the market progression.
 

Based on type, the market is split into bio-based, inorganic, and organic. Elaborating on encapsulation type, the industry segmentation comprises molecular, micro, and macro. As per end user scope, the market is categorized into textiles, shipping & transportation, energy storage, HVAC, commercial refrigeration, building & construction, and others.
 

Regionally, Europe industry is slated to grow substantially over the coming years, owing to growing opportunities for the usage of phase change materials in cold storage and transportation. Further, meat exports from the region are among the highest in the world, indicating a high demand for cool environment for meat storage since it is perishable product. Furthermore, there are tight standards for the quality of meat sent to other regions. Phase change materials help to keep the optimum temperature without consuming a lot of energy and decreases the overall cost of the product.
 

Major companies operating in global phase change materials market are Honeywell International Inc, Microtek Laboratories Inc., Henkel AG & Co. KGaA, Croda International Plc, Phase Change Solutions (PCS) Inc., Laird Performance Materials, Sasol Ltd., DuPont de Nemours Inc., Pluss, Climator Sweden AB, AI Technology Inc., Outlast Technologies LLC, PureTemp LLC, The Dow Chemical Company, and Sonoco ThermoSafe.