A study by Triton Market Research with the title ‘Global Phase Change Materials Market,’ covers the Global Analysis and Forecast for 2019-2028 by Encapsulation Technology (Micro, Molecular, Macro), by Material Type (Organic, Bio-based, Inorganic), by Material (Paraffin, Salt Hydrates, Others), by End-user (Energy Storage, HVAC, Commercial Refrigeration, Textiles, Building & Construction, Shipping & Transportation, Others), and by Geographical Region (North America, Europe, Middle East and Africa, Latin America, Asia-Pacific).
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As per the report, the global phase change materials market is anticipated to generate revenues worth $4214.19 million by the year 2028, showcasing a CAGR of 18.99% during the projected years between 2019 and 2028.
Phase change materials are substances that can absorb, store and release a huge amount of heat when the material changes state. It is used in different application industries, including photovoltaic electricity systems and the space industry.
The growing public awareness regarding the harmful effects of greenhouse gas emissions and energy conservation are fueling the demand for the phase change materials market. Rising greenhouse gases can lead to an increase in the atmospheric temperature of the earth, which may disrupt the entire food chain. It is reported that around 3.43% of CO2 emissions can be reduced with the usage of PCMs in solar thermal power systems and buildings. However, concerns regarding the safety aspect are restraining the phase change materials market growth. In spite of the number of benefits provided by it, hydrocarbon-derived PCMs are vulnerable to fire risk, explosion and smoke, when held in containers.
The phase change materials market is segmented into four parts, encapsulation technology, material type, material and end-user. The first segment, encapsulation technology, includes micro, molecular and macro. The second segment, material type, includes organic, bio-based and inorganic. The third segment, material, is trifurcated into paraffin, salt hydrates and others. The last segment, end-user, divides into energy storage, HVAC, commercial refrigeration, textiles, building & construction, shipping & transportation and others.
As per the regional landscape, Europe is estimated to be the fastest-growing region in the global phase change materials market over the forecast period. Phase change materials are used in different applications due to their unique properties. In countries like Italy, there is an increased demand for innovative textile and apparel in the textile industry. This is expected to fuel the demand for phase change materials. With the increasing investment in advanced technologies, the electronics industry is gradually growing, creating a demand for PCMs in the coming years. Besides, the packaging industry is also demanding innovative, intelligent and environment-friendly options. This is likely to create the demand for bio-PCMs. The increasing applications of PCM are expected to boost the growth of the studied market in the region.
Few leading companies in the phase change materials market are Sonoco ThermoSafe, DuPont, Croda International Plc, Microtek Laboratories Inc, PureTemp LLC, AI Technology Inc, Sasol, Honeywell International Inc, Climator Sweden AB, Phase Change, Laird, Pluss, Outlast Technologies LLC, Henkel AG & Co KGaA and Dow.
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Question & Answer: Phase Change Materials Market
Question 1: Which factors are fueling the demand for phase change materials market?
Answer: The growing public awareness regarding the harmful effects of greenhouse gas emissions and energy conservation are fueling the demand for the phase change materials market. Rising greenhouse gases can lead to an increase in the atmospheric temperature of the earth, which may disrupt the entire food chain. It is reported that around 3.43% of CO2 emissions can be reduced with the usage of PCMs in solar thermal power systems and buildings.
Question 2: What is restraining the global phase change materials market growth?
Answer: Concerns regarding the safety aspect are restraining the phase change materials market growth. In spite of the number of benefits provided by it, hydrocarbon-derived PCMs are vulnerable to fire risk, explosion and smoke, when held in containers.
Question 3: How is Europe influencing the phase change materials market outlook?
Answer: As per the regional landscape, Europe is estimated to be the fastest-growing region in the global phase change materials market over the forecast period. Phase change materials are used in different applications due to their unique properties. In countries like Italy, there is an increased demand for innovative textile and apparel in the textile industry. This is expected to fuel the demand for phase change materials.
With the increasing investment in advanced technologies, the electronics industry is gradually growing, creating a demand for PCMs in the coming years. Besides, the packaging industry is also demanding innovative, intelligent and environment-friendly options. This is likely to create the demand for bio-PCMs. The increasing applications of PCM are expected to boost the growth of the studied market in the region.
Question 4: Which are the leading companies in the phase change materials market?
Answer: Few leading companies in the phase change materials market are Sonoco ThermoSafe, DuPont, Croda International Plc, Microtek Laboratories Inc, PureTemp LLC, AI Technology Inc, Sasol, Honeywell International Inc, Climator Sweden AB, Phase Change, Laird, Pluss, Outlast Technologies LLC, Henkel AG & Co KGaA and Dow.
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The Global Industrial Wax Market is anticipated to generate $12.06 billion in revenue by 2028, showcasing a CAGR of 4.16% over the estimated period between 2019 and 2028.
Synthetic wax from Fischer-Tropsch processes is likely to gain traction due to the reducing availability of slack wax. The Fischer-Tropsch process converts syngas into liquid hydrocarbons (generally from coal, biomass or natural gas) and produces synthetic lubricating oil and synthetic fuel. The properties of synthetic paraffin are compatible with the properties of paraffin waxes obtained from crude oil. The gradual penetration of synthetic wax into the industrial market is likely to aid the global market growth.
Candle application is the largest application segment of the industrial wax market. The rising demand for scented candles is estimated to drive the market for industrial wax within the candle application. Besides, the booming cosmetic industry is also fueling the demand for industrial waxes. Due to its cost-effectiveness, water-proofing, slip-resistance and anti-scratch properties, industrial waxes are also used in the coating industry. Furthermore, the increase in demand for industrial waxes from the automotive industry in the production of tires & rubber is also aiding market growth.
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