Advance Phase Change Materials Market to Grow at 14.2% CAGR by 2030
Increasing demand for the advanced products in the renewable energy sector, and reducing prices of advanced phase change materials are the major factors which are expected to drive the growth of Advance Phase Change Materials industry during the forecast period of 2020-2030.
The Advance Phase Change Materials Market is expected to witness a CAGR of around 14.2% from 2020-2030, as per a new report published by Next Move Strategy Consulting.
According to the report, the growth of this market is majorly driven by increasing demand for the advanced products in the renewable energy sector, and reducing prices of advance phase change materials. During last few years, production and storage of energy has attracted the attention of a number of people supporting the advanced phase change materials market growth. Rising population has led to increase in demand for the energy ultimately affection the growth of the advanced phase change materials market trends. On the other hand, high setups cost and and lack of the availability of finance may slow the growth of this market.
On the basis of type, the global advance phase change materials market share is segmented into organic PCM, inorganic PCM, and bio-based PCM. Bio-based PCM acquired the advance phase change materials major market share owing to the increasing demand for the bio based products, continuous development in the technology, and increasing demand for the bio-based PCM.
By application, market is segmented into building & construction, energy storage, HVAC, shipping & transportation, electronics, textiles, and others. Building & construction dominates the major share in the advance phase change materials market. Continuously development in the infrastructure and rising demand for the products to save energy will change the advance phase change materials market trend. Energy application is expected to possess a huge demand for the advance phase change materials market.
Regionally, Asia Pacific is estimated to be the fastest growing region for advance phase change materials market during the forecast period owing to the lack of electricity in rural areas in emerging economies. The increasing investments by the manufacturers in this region may drive the market in APAC. Europe is experiencing a healthy growth during the forecast period. Huge government support including feed-in tariff (FIT) and financial support is driving the overall market growth. North America is expected to hold one of the major shares in this market owing to the increasing demand for solar PV and wind turbines in the region. LAMEA is expected to witness the steady growth owing to the poor economic condition and less government support.
According to the report, some the key players in the advance phase change materials market are BASF SE, Entropy Solutions, Cryopak Inc., Sonoco Products Company, E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Outlast Technologies LLC., Advansa B.V., Phase Change Materials Products Ltd., Pluss Advanced Technologies Pvt. Ltd., Rubitherm Technologies GmbH, Ciat Group, Datum Phase Change Ltd., Microtek Laboratories, Inc., Climator Sweden AB, Ewald Dörken AG, Emco Klimatechnik Gmbh & Co. KG, Rgees LLC., and Laird PLC.
Browse key industry insights from the report at https://www.nextmsc.com/report/advanced-phase-change-materials in detail along with the table of contents:
Key Insights from the Advance Phase Change Materials Market Report:
- Asia Pacific dominates the global advance phase change materials market
- BASF SE, Entropy Solutions, Cryopak Inc., Sonoco Products Company, E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Outlast Technologies LLC., Advansa B.V., Phase Change Materials Products Ltd., Pluss Advanced Technologies Pvt. Ltd., Rubitherm Technologies GmbH, ad Ciat Group, are among the major player in the global market
The report Advance Phase Change Materials market – segmented by type, application and geography
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