Market Summary:

The global Advanced Phase Change Materials Market had a valuation of USD 1.28 billion in 2022 and is projected to reach USD 3.78 billion by 2032, showcasing a robust revenue Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period. The market's revenue growth is primarily driven by two main factors: the increasing demand for energy-efficient construction and the expanding utilization of advanced phase change materials in the building and construction industry. Additionally, the automotive sector's growing requirement for sophisticated phase change materials is contributing significantly to the market's revenue expansion.

Advanced phase change materials are gaining prominence within the building and construction sector due to their capability to store and release thermal energy. These materials play a vital role in regulating indoor temperatures, thereby reducing the energy consumption of HVAC (heating, ventilation, and air conditioning) systems. As a result, they find application in various building components, including roofs, walls, and flooring.

Furthermore, the rising emphasis on energy-efficient buildings is boosting the demand for advanced phase change materials. These materials have demonstrated their effectiveness in reducing a building's energy consumption, leading to significant cost savings for building owners. Moreover, increasing governmental initiatives to curb carbon emissions and promote sustainable building practices are further fueling the adoption of advanced phase change materials.

In the automotive sector, innovative phase change materials are utilized in thermal energy storage systems to enhance the energy efficiency of vehicles. These materials excel at temperature control within automobiles, ultimately improving fuel efficiency and reducing emissions.

Additionally, the electronics industry is witnessing a growing need for advanced phase change materials. These materials are prized for their ability to regulate the temperature of electronic components, enhancing their performance. Consequently, advanced phase change materials are being integrated into various electronic applications, including heat sinks and thermal interface materials.

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Strategic Development:

·         In 2021, Honeywell Electronic Materials Inc. announced that it was expanding its production capabilities for advanced PCM materials to meet the growing demand from various end-use industries, including building & construction and electronics.

·         In 2020, BASF SE announced that it had acquired Rolic AG, a Swiss-based company that specializes in advanced PCM materials for various applications, including coatings, films, and displays. The acquisition was aimed at expanding BASF's product portfolio and strengthening its position in the global advanced PCM market.

·         In 2020, Entropy Solutions LLC announced that it had entered into a partnership with The Glacier Bay National Park and Preserve to provide advanced PCM materials for the park's energy-efficient cabins. The project aimed to reduce the park's carbon footprint and improve its sustainability.

·         In 2020, Rubitherm Technologies GmbH announced that it had developed a new generation of advanced PCM materials that can be used in various applications, including textiles and automotive. The new materials offer improved thermal performance and durability compared to traditional PCM materials.

·         In 2020, Cryopak Industries Inc. announced that it had expanded its production capabilities for advanced PCM materials to meet the growing demand from various end-use industries, including healthcare and pharmaceuticals.

Advanced Phase Change Materials Market Report Scope

Browse press release: https://www.reportsanddata.com/press-release/global-advanced-phase-change-material-market

Leading Players in the Advanced Phase Change Materials Market:

The global market for advanced phase change materials (PCM) is marked by intense competition, with a significant number of participants engaged in the industry. Prominent players within this competitive landscape are directing their efforts toward expanding their product portfolios, advancing material development, and extending their market presence through strategic maneuvers such as mergers and acquisitions, as well as partnerships. Among the key companies featured in the global advanced phase change materials (PCM) market report are:

·         BASF SE

·         Cryopak Industries Inc.

·         Climator Sweden AB

·         Dow Corning Corporation

·         Honeywell Electronic Materials Inc.

·         Laird Technologies Inc.

·         Rubitherm Technologies GmbH

·         Entropy Solutions LLC

·         Phase Change Energy Solutions Inc.

·         Sasol Limited

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