Analysis of Phase Change Materials Market development trends 2022-2030, a marketing plan of new strategies based on the dynamics, opportunities, forecast, drivers and strategies
The global phase change materials market will be mainly driven by the rapid expansion of the construction and packaging sectors.
Newark, May 24, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global phase change materials market is expected to grow from USD 566.2 million in 2021 to USD 2,344.13 million by 2030, with a CAGR of 17.1% over the forecast period 2022-2030.
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Materials that hold, emit and absorb energy as they fluctuate between solid and liquid states are phase change materials. These are also referred to as thermal energy storage materials because during phase transformation they can store large amounts of infrared radiation as latent heat. At specific temperatures, phase transition materials undergo and vaporize by vaporizing and hardening. The intrinsic latent heat characteristic of the phase change material helps in maintaining the temperatures of a structure and prevents unexpected external changes. Average temperature volatility replenishes the phase change material, allowing it to be used in everyday applications. PCMs have a variety of applications, including thermal energy storage, renewable energy, energy saving in construction, and air conditioning systems. However, their non-ideal thermophysical properties now limit their applicability. As stated earlier, PCM sensors are a superior alternative for storing energy; Nano-PCMs can increase efficiency by providing increased storage capacity compared to PCM alone. The most common use is the storage of renewable energy in solar power plants. Due to its excellent energy storage capacity, PCM has been widely used in various latent heat storage devices. The steady increase in energy consumption in buildings is one of the main motivations for the increased interest in hiring PCMs in construction applications. However, PCM leakage and low thermal conductivity have hampered the large-scale practical application of PCM in construction. As a result, nanostructures and processes have been proposed for inclusion in PCM.
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The growing demand from the building and construction industry, along with the growing global trend towards energy and environmental sustainability, are important drivers for market research. In housing, phase change elements are used in floors and walls, roofs and other building elements. Bulk uses in building systems involve all ports or embed the material into the workability of the concrete matrix. The most significant benefit has been the incorporation of building materials to alter their thermal qualities. Combining building materials with phase change materials is an excellent approach to increasing their thermal energy storage capacity. Walls, doors, roofing concrete and other materials are mixed together to improve the thermal performance of the structure. The interior portion of the built environment is the most popular approach to incorporating phase change materials into dwellings. Thanks to the increasing use of products inside buildings, it is now possible to capture and diffuse energy in the space at all times.
Major players operating in the global phase change materials market include Phase Change Products Pty Ltd., Sasol, BASF SE, Henkel, Entropy Solutions LLC, The Dow Chemical Company, Cryopak, Croda International Plc., Laird Plc, among others . To strengthen their position in the global phase change materials market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
In 2021, inorganic phase change materials accounted for the largest market share with 56.71% and revenue of 321.09 million.
The type segment is divided into organic and inorganic. In 2021, inorganic phase change materials accounted for the largest market share with 56.71% and revenue of 321.09 million. The inorganic section includes saturated salt solutions derived from natural water, as well as manufactured salts. The chemical composition of the salts varies accordingly. The desired phase transition temperature is obtained in the combination. To reduce phase change salt segregation during supercooling, specific nucleating agents are added to the salt hydrate combination.
The building and construction application accounted for the largest share of the market with 28.6% and a revenue of 161.93 million for the phase change materials market in 2021.
The application segment is divided into building and construction, cold chain and packaging, HVAC, textile and electronics. The building and construction application accounted for the largest market share, with 28.6% and a turnover of 161.93 million euros for phase change materials in 2021., due to stricter rules in terms of greenhouse gas emissions and increased development of low-carbon structures, particularly in Europe and North America.
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Phase Change Materials Market Regional Segment Analysis
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Europe has emerged as the largest market for the global phase change materials market, with a market share of approximately 38.3% and revenue of 216.85 million in 2021 The growing desire to conserve energy and strict laws to reduce/minimize gas emissions has led to the expansion of this industry. Europe, in addition to being an important market, should be the fastest market for phase change materials.
About the report:
The global phase change materials market is analyzed on the basis of value (USD million). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the driving factors, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.
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