Phase Change Materials Market : Industry Insights, Major Key Players and Current Trends Analysis Forecast 2022-2031

Japan, Japan, Wed, 09 Mar 2022 05:11:36 / Comserve Inc. / -- Phase Change Materials Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The phase change materials market is expected to register a CAGR of around 20% during the forecast period. Major factors driving the market studied are the growing demand from the building and construction industry and the growing global trend toward energy-saving and sustainable development. However, the high cost of material and manufacturing process is expected to hinder the growth of the market studied.

- The organic product segment dominated the market, and it is expected to grow during the forecast period, owing to the growth of construction industries in North America and Asia-Pacific.
- Development of phase change thermal interface material is likely to act as an opportunity in the future.

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Key Market Trends

Growing Demand from the Building and Construction Industry

- The building and construction industry has witnessed significant growth worldwide. There is continuous technological advancement to produce high-quality materials for building and construction activities. Phase change material is one such development, which is slowly penetrating the global construction industry.
- Developed economies in Europe and North American regions are witnessing a strong demand for high-end infrastructure projects, which in turn, generates demand for high-quality building and construction materials and services.
- Leading construction companies are looking to leverage this demand and are incorporating high-quality materials, such as phase change material in its design. In residential buildings, phase change material finds a wide range of applications, since it plays a major role in helping to smooth out temperature fluctuations. In fact, phase change material is the only technology that can curb temperature increase in indoor application, without causing energy expenses.
- The demand for phase change material in the construction industry is growing rapidly in North America. Green buildings that include smart features to ensure energy-efficiency, which attracts the highest interest, uses phase change material in its construction. This has made these buildings gain higher LEED (Leadership in Energy and Environmental Design) ratings by the United States Green Building Council.
- The demand for phase change materials in Asia-Pacific is also witnessing moderate growth, owing to rapid urbanization and the growing demand for sustainable buildings, despite the soaring property prices.

China to Dominate the Asia-Pacific Region

- China has the highest share in the market in the Asia-Pacific region. The market is primarily driven by the increase in demand from the end-user industries, including building and construction, packaging, textile, electronics, and transportation.
- In China, the packaging is also one of the major industries, where phase change materials are used for food packaging, medical packaging, and biological and chemical packaging.
- Furthermore, the uses of phase change materials are prominent in the construction industry, as the country is focusing on energy-efficient buildings.
- Phase change materials are widely used in electronics. The electronics industry in China holds a major share in the Asia-Pacific region and also across the world, aiding to its significant turnover over the years.

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- Phase change materials are widely used in the heating ventilation and air conditioning (HVAC) systems. With the increasing domestic and global demand for electronics and the country's transition toward renewable energies, the demand for phase change materials in the electronics industry is also expected to grow during the forecast period.
- All the aforementioned factors are likely to increase the demand for phase change materials over the forecast period.

Competitive Landscape

The phase change materials market is fragmented. The major companies include Cryopak A TCP Company, Microtek Laboratories, Inc., Henkel AG & Co. KGaA, Parker Hannifin Corp., and Croda International PLC.

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand from the Building and Construction Industry
4.1.2 Environmental Concerns over Reducing Greenhouse Emissions
4.1.3 Growing Global Trend toward Energy Saving and Sustainable Development
4.2 Restraints
4.2.1 High Cost of Material and Manufacturing Process
4.2.2 Hazardous Nature of Phase Change Materials
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Raw Material Analysis
4.6 Patent Analysis

5 MARKET SEGMENTATION

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