According to the report titled ‘Phase Change Materials Market Size, By Product (Paraffin, Non-Paraffin, Salt Hydrates, Eutectics), By End-user Sector (Building & Construction, HVAC, Textiles, Chemical, Healthcare, Aerospace & Automotive), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with MarketStudyReport, phase change materials market is expected to record substantial growth during the forecast period 2020-2026.
 

Recent developments in macro and micro encapsulation technologies, rising product acceptance in the textile sector, soaring popularity of bio-based phase change materials, and regulations aimed at lowering greenhouse gas emissions are factors driving the growth of global phase change materials market.
 

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For the uninitiated, phase change materials are materials that change from liquid to solid and back depending on temperature. They are renowned as excellent thermal management solutions because they both store and release thermal energy during the melting and freezing procedures.
 

However, high product costs, risk of procurement, as well as surging raw material prices are likely to impede market growth during the forecast period.
 

Based on product terrain, eutectics segment of phase change materials industry is likely to observe substantial growth in the coming years. Eutectic compositions are mixtures of two or more constituents that parallelly solidify out of the liquid at a minimum freezing point. As a result of the different densities, none of the phases can sink. High melting point and a large storage density will drive the demand for eutectics during the projected timeline.
 

In terms of application, building & construction segment held a market share of 22% in the recent past and is projected to grow at a CAGR of 17.9% over the forthcoming timeframe. Moreover, the textile application segment is likely to expand at a CAGR of 17.2% through 2026.
 

From a regional standpoint, North America market is projected to record a y-o-y growth rate of 17.4% through 2026. While, Latin American market is predicted to grow at a CAGR of 17.1% over the assessment period.
 

The competitive landscape of global phase change materials market is defined by companies like Cold Chain Technologies Inc., Henkel AG & Co., Outlast Technologies LLC, Shin-Etsu Chemical Company Limited, Honeywell International Inc., Sasol Limited, Croda International plc, The Dow Chemical Company, Pluss Advanced Technologies Pvt. Ltd., Rubitherm Technologies GmbH, BASF SE, Phase Change Products Pty Ltd., Entropy Solutions Inc., Laird plc, and Cryopak among others.