The global Advanced Phase Change Materials (PCM) market size is expected to reach USD 3.87 billion by 2030, according to a new study by Polaris Market Research. The report “Advanced Phase Change Materials (PCM) Market Share, Size, Trends, Industry Analysis Report, By Product (Paraffin Wax, Salt Hydrates, Others); By Application (Organic, Inorganic, Eutectic); By Type; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Reduced demand for traditional resources and an increasing focus on reducing greenhouse gas emissions are expected to boost product market demand. Over the forecast period, rising demand for energy-efficient green buildings, combined with a growing emphasis on enhancing the indoor environment and increasing building inertia, will likely boost product demand. The market is expected to grow due to a growing focus on strict execution of environmental rules and increased investment in developing environmentally friendly bio-based advanced phase transition resources.
Global energy demand is quickly rising, and increased consumption of fossil fuels results in increased emissions of greenhouse gases, mainly carbon dioxide (CO2). These gases lead to severe environmental consequences such as ozone layer depletion, global warming, and climate variability. The building industry accounts for more than 30% of worldwide energy demand. According to the International Energy Agency, the sector is responsible for nearly 30% of overall CO2 emissions.
The changing preferences drive the energy consumption for living and comfort needs across locations with varying temperatures. As a result, at the regional, national, and international levels, green technology in buildings is the primary emphasis of energy policy. The development of innovative building materials capable of improving energy usage in buildings is gaining pace in the manufacturing industries. As a result, PCMs are seen as essential tools for increasing energy efficiency and maximizing energy savings.
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Advanced Phase Change Materials (PCM) Market Report Highlights
- Building and construction segment is anticipated to grow considerably over the forecast period owing to its rising use of advanced phase change materials (PCM) in residential, corporate, and commercial infrastructure in conjunction with heating, ventilation, and air conditioning (HVAC) systems.
- Eutectic type segment is expected to hold a significant share over the forecast period. This is growing due to its benefits, such as it does not change when heated and cooled cyclically.
- North America is expected to grow considerably over the projected period because of the increasing use of modern building techniques and the growing demand for HVAC systems in the domestic segment. The region’s chilly weather necessitates a well-designed heating, ventilation, and air-conditioning (HVAC) system, which drives demand for advanced phase change materials(PCM).
- The global Advanced (PCM) Phase Change Materials market is highly competitive owing to prominent global market players, including Advansa B.V., Honeywell International Inc., Microtek Laboratories, Inc., Rubitherm Technologies GmbH, and Sasol Limited.
Polaris Market Research has segmented the advanced phase change materials (PCM) market report based on product, type, application, and region:
Advanced Phase Change Materials (PCM), Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Paraffin Wax
- Salt Hydrates
Advanced Phase Change Materials (PCM), Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Building & Construction
- Commercial Refrigeration
- Energy Storage
- Shipping & Transportation
Advanced Phase Change Materials (PCM), Type Outlook (Revenue – USD Billion, 2018 – 2030)
Advanced Phase Change Materials (PCM), Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa