Phase Change Material Market Size is expected to reach USD 1545.6 Mn. in 2029: Growth Strategies, Market Drivers, Key Players, Expansion Plans, Revenue and Gross Margin Research by 2029
Pune, 24, Nov 2022: The report analyzed by Maximize Market research, on the Phase Change Material Market covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market research expects, the market to grow from USD 478 Mn. in 2021 to USD 1545.6 Mn. in 2029 at a CAGR of 15.8 %.
Phase Change Material Market Scope and Research Methodology
The report on Phase Change Material Market provides a comprehensive analysis encompassing key market insights. The report includes trends and highlights prevailing in the Phase Change Material Market that help clients explore the opportunities in the market. Analysis of key market players and new entrants is provided based on goods and services offered, revenue, financial status, portfolio, growth strategies, and regional presence. Recent developments regarding acquisitions and mergers, and the strategic stance of the companies with information on joint alliances give an accurate picture of the competitive landscape in the Phase Change Material Market. To understand the products and services of the Factory Automation Market, segment-wise analysis is conducted by Type, Form, Application, and Region industry equipped with factors affecting the market and current technological changes and innovations adopted. The report also explains in detail the drivers, challenges, restraints, and challenges of the Phase Change Material Market. Regional analysis of the market focusing on the local, regional and global levels is provided to prove as a guide for market followers and entrants to develop pricing and marketing strategies.
The bottom-up approach was used for market estimation and global market trend analysis. Data was collected employing both primary and secondary research methods for a large sample to get accurate inferences. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to understand the strengths and weaknesses of key companies and PESTLE to grasp the various factors affecting the market. Thus the report provides a complete overview of the Phase Change Material Market.
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Phase Change Material Market Overview
Phase change materials are compounds that, by changing their physical state, absorb, store, and release a large quantity of heat at a relatively constant temperature. These materials have a wide range of applications, including construction, textiles, refrigeration, and many others. Growing awareness of the need to reduce carbon dioxide emissions, stringent building regulations, and increased need for renewable energy sources are all factors driving significant growth for phase change materials. Furthermore, the growing demand for these materials from the building and construction sectors is fuelling the market growth.
Phase Change Material Market Dynamics
The growing use of Phase Change Material (PCM) for temperature regulation is a significant market driver. The use of phase change materials in buildings provides effective temperature control. Variations in the day and nighttime temperatures are used to alter the phase of the material, which releases and absorbs energy during the process. The use of phase change material for temperature control reduces the strain on the heating and cooling equipment needed to keep room temperature.
The number of clinical trials is growing in line with the development of new treatments and cures. Cold chain logistics are required to protect the integrity of clinical trial materials such as medications, blood samples, tissue samples, urine samples, and sputum samples. Furthermore, most potential COVID-19 vaccine candidates are classed as “cold chain” products, requiring special storage and shipment once they leave the manufacturer’s facility. As a result of a need for cold chain logistics for the storage and distribution of such vaccines and treatments, the industry is expected to generate opportunities for industry players throughout the forecast period.
The most significant difficulty influencing the phase change material market is a lack of understanding about the benefits of using phase change material and its products. Companies that sell phase change materials are seeking to promote awareness about their products and the advantages of using them. The government also plays a significant role in increasing awareness about phase change materials through rules and subsidies.
Phase Change Material Market Regional Insights
Europe is predicted to lead the market by the end of the forecast period because it has the largest market for phase change material in terms of both value and volume in 2021. The region’s total phase change material market is growing largely because of demand from building and construction applications, as well as stringent government carbon emission regulations.
Phase Change Material Market Segmentation
- Cold Chain & Packaging
- Thermal Energy Storage
- Building & Construction
- Refrigeration & Equipment
Phase Change Material Market Key Competitors:
- Cold Chain Technologies, Inc.
- Croda International Plc.
- Microtek Laboratories Inc.
- Sasol Limited
- PureTemp LLC.
- Henkel AG & Company KGAA
- Outlast Technologies LLC.
- Advansa B.V.
- AI Technology Inc.
- Climator Sweden AB
- Ciat Group
- Honeywell Electronic Materials, Inc.
- Phase Change Materials Products Ltd.
- Rubitherm Technologies GmbH
- BASF SE
- SGL Group
- Salca BV
- Rubitherm Technologies GmbH
- Pluss Advanced Technologies Pvt. Ltd.
- RGEES, LLC.
- Outlast Technologies LLC.
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Key questions answered in the Phase Change Material Market are:
- What is Phase Change Material?
- What is the growth rate of the Phase Change Material Market over the forecast period?
- What is the nature of competition in the Phase Change Material industry in developed economies and developing economies?
- Who are the key players in the Phase Change Material Market?
- Who are the market leaders in Phase Change Material in Europe?
- Who are the market leaders in Phase Change Material in USA and Canada?
- Who are the market leaders in Phase Change Material in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Phase Change Material Market?
- Who held the largest market share in the Phase Change Material Market?
- What are the factors for the growth of the Asia-Pacific region in the Phase Change Material Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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