DUBLIN--(BUSINESS WIRE)--The "Phase Change Material Market by Type(Organic, Inorganic), Application (Building & Construction, HVAC, Cold Chain & Packaging, Thermal Energy Storage, Textile, Electronics), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global phase change material market is expected to reach USD 889 million by 2025 from USD 423 million in 2020, at a CAGR of 16.0% from 2020 to 2025.
The growth is primarily due to the growing demand for energy efficient products in various sectors. In addition, its demand from various application segments such as building & construction, HVAC, cold chain & packaging, thermal energy storage, textiles, and electronics among others. The factors restraining the growth of this market is lack of awareness about PCM and lack of government subsidies.
Inorganic PCM to be the fastest-growing type during the forecast period.
Inorganic PCM is expected to be the fastest-growing segment, in terms of both volume and value, from 2020 to 2025. This is because of the increasing demand for inorganic PCM from the cold chain & packaging; and refrigeration & equipment applications. In addition, its non-flammable nature is another reason driving its growth and demand.
Cold chain & packaging to be the fastest-growing segment during the forecast period.
The cold chain & packaging segment is estimated to witness the highest CAGR during the forecast period. The growing demand for temperature sensitive goods fuel the growth of PCM in cold chain & packaging application. In addition, growing demand for frozen and perishable food items is another reason driving the demand for PCM in cold chain & packaging application.
North America is expected to be the fastest-growing market during the forecast period, in terms of both volume and value.
North America is expected to witness the highest CAGR during the forecast period. The increase in the growth of green buildings accompanied by growing demand for energy efficient products in the region fuel the growth of PCM. Moreover, presence of major players in the region and innovation in PCM market is another factor driving its growth.
Market Dynamics
Drivers
- Regulations for the Reduction of Greenhouse Gas Emissions
- Use of Advanced PCM for Temperature Control and Greater Comfort
- Use of Advanced PCM for Peak-Load Shifting
- Energy Saving
- Reduction in Operating Cost
- Temperature Security
Restraints
- Flammability
- Lack of Government Subsidies
- Corrosion
- Lack of Awareness
Opportunities
- Rising Need for Cold Chain Logistics
- R&D Initiatives for Enhanced Advanced PCM Efficiency
Challenges
- Cost of Switching
Companies Mentioned
- Advansa B.V.
- AI Technology, Inc.
- Beyond Industries (China) Limited
- Boyd Corporation
- Ciat Group (Cristopia Energy Systems)
- Climator Sweden Ab
- Cold Chain Technologies, Inc.
- Coolcomposites, Inc.
- Croda International plc.
- Cryopak Industries Inc.
- Datum Phase Change Limited
- Dow Corning Corporation
- Encapsys, LLC
- Global-E-Systems Europe Bv
- Henkel AG & Company, Kgaa
- Honeywell Electronic Materials, Inc.
- Insolcorp, Inc.
- Iolitec-Ionic Liquids Technologies Gmbh
- Kaplan Energy Sas
- Laird
- Microtek Laboratories Inc.
- Outlast Technologies LLC
- Parker Hannifin Corp.
- Phase Change Energy Solutions
- Phase Change Materials Products Ltd.
- Pluss Advanced Technologies Pvt. Ltd.
- Puretemp LLC
- Rubitherm Technologies Gmbh
- Salca Bv
- Sasol Limited
- Shenzhen Aochuan Technology Co. Ltd.
- Shin-Etsu Chemical Co. Ltd.
- Teappcm
For more information about this report visit https://www.researchandmarkets.com/r/i4byf4
