The report “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 1,004 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.
Some of the prominent key players are:
· PureTemp LLC (US)
· Climator Sweden AB (Sweden)
· 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)
Recent Developments :
• In February 2021, AkzoNobel launched CERAM-A-STAR 1050 Select, the leading coil coating technology with a standard color palette program to optimize business and make color complexity a thing of the past.
• In November 2020, Sherwin-Williams announces its new Fluropon Metal Trends Color Collection featuring eight curated color families: gold and brass, bronze, silver and nickel, blackened steel, copper, steel, zinc, and anodized. All of the colors in this collection mimic the classic esthetic of natural and anodized metals with the long-lasting performance of its flagship Fluropon architectural coating system for architectural metal products.
Opportunity: The rise in the need for cold chain logistics.
The pharmaceutical and food industries have grown significantly in terms of logistics as relatively high quantities of food are now being transported and stored around the globe. The increasing working population in countries, such as India and China, has led to an increased demand for packaged foods, such as meat, dairy, and other beverages. The rise in the transportation of goods that are temperature-sensitive and need to reach customers in the required forms have contributed significantly to the growth of the phase change material market. For instance, significant quantities of products, such as vaccines and other healthcare products, are being transported across the globe. All these factors offer opportunities for phase change material manufacturers.
North America is projected to be the fastest growing market for phase change material during the forecast period.
The Growth of the North American phase change material market is driven majorly by initiatives taken by bodies such as the Emerging Technologies Coordinating Council and the National Renewable Energy Laboratory (NREL) of the US Department of Energy (DoE). These institutes help market players in incorporating phase change materials in their products by performing tasks, such as site selection, coordination, and evaluation of tests on technology performance, risks, and costs. Phase change material-based products have a strong demand in the region. The retrofit market, growth in the construction industry, development of green buildings, and increase in energy efficiency codes and building specifications are expected to drive the phase change material market in the region.
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