Global Advanced Phase Change Materials (PCM) Market to Reach US$3.1

Abstract: Global Advanced Phase Change Materials (PCM) Market to Reach US$3. 1 Billion by the Year 2026 . Advanced phase change materials (PCMs) are employed for the storage of thermal energy, allowing the storage of high and low temperature energy temporarily for usage later on.

New York, Jan. 19, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Advanced Phase Change Materials (PCM) Industry” – https://www.reportlinker.com/p03283195/?utm_source=GNW
They are employed in various industries for maintaining required temperatures. Growth in the global is being spurred by the increasing building and construction activities, growing focus on conserving energy, rising trend of urbanization, and technological developments related to the use of APCMs in the textile industry. Rising focus on green construction is anticipated to bode well for the market, as PCMs are used in such buildings for achieving energy efficiency. The materials` better capacity to store heat and the widespread use of temperature controlled packaging in industries such as bio-medical, pharmaceuticals, and food and beverage are also fostering their adoption. Rising trade and the emergence of APCMs which are useful for the transportation of perishable products is also expected to drive market growth. The growing need for thermal insulation materials that have high efficiency in HVAC and commercial refrigeration applications is also likely to encourage the use of APCMs.

Amid the COVID-19 crisis, the global market for Advanced Phase Change Materials (PCM) estimated at US$1.1 Billion in the year 2020, is projected to reach a revised size of US$3.1 Billion by 2026, growing at a CAGR of 18.8% over the analysis period. Organic, one of the segments analyzed in the report, is projected to grow at a 17.3% CAGR to reach US$1.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inorganic segment is readjusted to a revised 19.6% CAGR for the next 7-year period. This segment currently accounts for a 64.1% share of the global Advanced Phase Change Materials (PCM) market. Organic PCMs constitute bio-based compounds and paraffin, while inorganic PCMs include metallic, salt hydrates, and others. The adoption of organic PCMs, especially fatty acids is expected to register strong growth, due to the rising interest in eco-friendly materials. Inorganic PCMs segment is being driven by the extensive usage of salt hydrates in various industries due to their better characteristics such as affordability, significant heat of fusion, non-flammability, and considerable thermal conductivity.

The U.S. Market is Estimated at $419.3 Million in 2021, While China is Forecast to Reach $379.3 Million by 2026

The Advanced Phase Change Materials (PCM) market in the U.S. is estimated at US$419.3 Million in the year 2021. The country currently accounts for a 32.4% share in the…