Growth of Advanced Phase Change Materials to $15.04 Billion
Growth of Advanced Phase Change Materials Market
According to a new study published by Fact.MR, the Market for Advanced Phase Change Materials (PCM) is projected to reach a value of US$ 3.78 billion in 2024. Revenue from the sales of advanced PCMs is forecasted to rise at a CAGR of 14.8% from 2024 to 2034.
Constantly increasing demand for energy-effective solutions, continual advancements in thermal management technologies, and emphasis on environmental conservation and sustainability in various industries are key factors creating lucrative prospects for market players.
Growing use of advanced PCMs is attributed to their popularity in several industries such as packaging, construction, and energy storage, owing to their remarkable heat release and storage capabilities, thereby making them an ideal option for use in thermal management.
Rising demand for advanced PCMs in the building and construction industry is due to their assistance in heat storage, which contributes to thermal energy management. These factors lead to increased use of PCMs, helping to control indoor thermal comfort.
Market Highlights
Key Takeaways from Market Study:
- Global sales of advanced phase change materials are projected to reach US$ 15.04 billion by the end of 2034.
- Sales of advanced PCMs in South Korea are forecasted to rise at an impressive CAGR of 18.3% from 2024 to 2034.
- Demand for advanced phase change materials in Japan is expected to increase at a CAGR of 14.4% through 2034.
- Inorganic advanced PCMs are evaluated to account for a market share of 47.5% by the end of 2034.
- The market in Canada is projected to grow at a CAGR of 15.3% through 2034.
- Sales of advanced PCMs in China are evaluated to rise at a CAGR of 15.3%, reaching US$ 3.31 billion by the end of the forecast period.
Industry Players and Innovations:
Sasol Germany GmbH, BASF SE, Climator Sweden AB, SGL Group, and Honeywell International Inc., among others, are some of the leading manufacturers in the advanced phase change materials sector. Market players are expected to increase their investments in R&D activities and focus on the manufacturing of advanced PCMs with improved stability, scalability, and conductivity.
Increasing Demand for Inorganic Advanced PCMs
Worldwide demand for inorganic advanced PCMs is analyzed to accelerate at a CAGR of 12.9%, reaching a value of US$ 7.14 billion by the end of 2034. This increasing demand stems from their high thermal stability and conductivity, making them suitable for applications in several industries, including energy storage, automotive, and construction. A rising emphasis on waste heat recovery and thermal management is stimulating demand for inorganic PCMs as one of the environmentally sustainable solutions.
Market Insights and Segmentation
Fact.MR provides a detailed analysis of the advanced phase change material market, presenting historical demand data and forecast statistics for the period 2024 to 2034. The study provides essential insights into the market based on product type, encapsulation methods, and applications across various regions.
Segmentation of Advanced PCM Market Research:
By Product:
- Organic
- Paraffin-based
- Fatty Acid-based
- Inorganic
- Bio-based
By Encapsulation & Packaging Method:
- Nano-encapsulation
- Micro-encapsulation
- Macro-encapsulation
By Application:
- Building & Construction
- Textile & Protective Clothing
- Commercial Refrigeration
- Electronics
- Heating, Ventilation, & Air Conditioning (HVAC)
- Shipping & Transportation
- Energy Storage
About Fact.MR
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights, dedicated to driving success through accurate and reliable market intelligence.
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Frequently Asked Questions
What is the projected value of the advanced phase change materials market?
The market is projected to reach a value of US$ 15.04 billion by the end of 2034.
What are the main factors driving the PCM market growth?
Increasing demand for energy-effective solutions and advancements in thermal management technologies are key factors driving market growth.
Which countries are showing significant growth in the PCM market?
Countries such as South Korea and China are demonstrating significant growth in the PCM market.
What type of advanced PCMs are gaining popularity?
Inorganic advanced PCMs are gaining popularity due to their high thermal stability and conductivity.
Who are the key players in the advanced phase change materials market?
Key players include Sasol Germany GmbH, BASF SE, and Honeywell International Inc., among others.
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