According to a new market research report, the “Phase Change Material Market by type (Inorganic, Organic), Application (Building &Construction, HVAC, Cold Chain &Packaging, Electronics, Textile) and Region (North America, Europe, APAC, Rest of World) – Global Forecasts to 2026”, The market is projected to reach USD 1004 million by 2026, at a CAGR of 16.0% from USD 477 million in 2021. This growth is primarily triggered by the increasing demand for energy savings and regulations for reduction of greenhouse gas emission. Europe is the largest phase change material market due to the demand from the building & construction application and stringent government regulations regarding carbon emissions. The initiatives of governments for the construction of green buildings boosted market growth as phase change material helps in saving carbon credits allotted to each building. The cost of energy is also high in Europe, which drives demand for phase change material in the region.
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This report also provides a comprehensive analysis of the companies listed below:
PureTemp LLC (US), Climator Sweden AB (Sweden), and Croda International Plc. (UK), Henkel AG & Company KGAA (Germany), Outlast Technologies LLC (US), Advansa B.V. (The Netherlands), AI Technology Inc. (US), CoolComposites Inc. (US), Cryopak Inc. (Canada), Datum Phase Change Ltd. (UK), IoLiTec-Ionic Liquids Technologies GmbH (Germany) among others.
Impact of COVID-19 on construction lubricants market.
The phase change material industry got affected negatively by the pandemic. Owning to the pandemic situation, several countries around the world went into lockdown, to curb the spread of the virus. Due to this the supply and demand chain got disrupted affecting the market. The industries, manufacturing units, infrastructural projects and mining operations got on hold for the past two years due to the pandemic situation.
The fluctuating price of raw materials used to make phase change material and COVID-19 pandemic have hindered the growth of the phase change material market. The companies on a brighter side are expecting the situations to get back to normal and the market to improve in the near future. The countries such as China, US, among the others are back on their feet continuing their regular work.
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Inorganic is the largest phase change material type of phase change material market.
Inorganic is the largest segment of phase change material; the segment accounted for the largest share, in terms of value, in the global market in 2020. Inorganic phase change material is classified as salt hydrates and metallic. Metallic includes low melting metals and metal eutectics that are not yet commercialized due to their weight. On the other hand, salt hydrates are commercialized successfully. Salt hydrates consist of an alloy of inorganic salts and water, which combine in the crystalline matrix when the material solidifies. North America is projected to be the fastest-growing market for inorganic phase change material, in terms of both, value and volume. Rising demand for class-A fire rating phase change material in the country, accompanied by its increasing use in applications such as cold chain & packaging, and refrigeration & equipment drives its demand in the region.
Europe is estimated to be the largest market for phase change material during the forecast period.
Europe is the largest market for phase change material, followed by North America and Asia Pacific. The presence of stringent building codes, along with enhancements in energy efficiency in the region, drove the demand for phase change material. The high cost of energy in Europe, along with stringent regulations for energy-efficient buildings in the region, drove the demand for phase change material in the region. The initiatives of governments for the construction of green buildings boosted market growth as phase change material helps in saving carbon credits allotted to each building. All these factors drive the demand for phase change material in this region.
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