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DUBLIN--(BUSINESS WIRE)--Sep 19, 2022--
The "Advanced Phase Change Materials Market By Application, By Type: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The global advanced phase change materials market was valued at $1.4 billion in 2020, and is projected to reach $4.5 billion by 2030, growing at a CAGR of 12.61% from 2021 to 2030.
Phase change materials are compounds that absorb, store, and release an oversized amount of heat at a comparatively constant temperature by changing their physical state. When a phase change material freezes, it releases an oversized amount of energy in the form of heat whereas, when such material melts, it absorbs an oversized amount of heat from the environment.
Phase change material absorbs and release heat by liquefying and solidifying at set temperatures. The natural heat property of phase change material helps in maintaining a structure's temperature and prevents sudden external changes. Fluctuations in ambient temperature recharge phase change material, making them suitable for everyday applications.
The major driver for the advanced phase change material market is increase in use of activity materials for temperature control. The appliance of phase change material in buildings ensures temperature regulation in rooms. Variations in environmental temperatures during the day and night lead to the utilization of phase change materials to smart textiles or fabrics, which releases and absorbs energy accordingly. Temperature regulation using activity material reduces the load on the heating and cooling equipment used for maintaining temperature.
The benefits of using phase change material such as energy-saving and low greenhouse emission emissions compel governments to encourage and enforce its use, leading to a rise in demand for phase change material. Indirect regulations and policies in exceedingly few countries, such as China and Australia create awareness about activity material as another for reducing energy consumption, greenhouse gases, and overhead.
The major problem faced by the advanced phase change material market is the lack of awareness regarding the advantages of using activity material and its products. Companies are marketing organic materials to extend awareness regarding their products and advantages, which is expected to be derived by using them, hence driving the demand for the market. The government also plays a crucial role in increasing awareness about natural action material through regulations and subsidies.
The advanced phase change material market got affected negatively by the COVID-19 pandemic. Owning to the pandemic situation, several countries globally went into lockdown, to curb the spread of the virus, due to which, the availability and demand chain got disrupted, thus affecting the market. Industries, manufacturing units, infrastructural projects, and mining operations were closed down for the past two years, owing to the pandemic situation. The fluctuating price of raw materials leads to decrease in the production of organic phase change materials and therefore, the COVID-19 pandemic hinders the expansion of the advanced phase change materials market.
Key Benefits For Stakeholders
Key Market Segments
By Application
By Type
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/92mqrz
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/19/2022 05:44 AM/DISC: 09/19/2022 05:45 AM
http://www.businesswire.com/news/home/20220919005405/en