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The growing incidence of the implementation of advanced phase change materials in the construction of lightweight buildings is key factors driving the industry.
NEW YORK CITY, NY, UNITED STATES, February 14, 2022 /EINPresswire.com / -- The Advanced Phase Change Materials Market is projected to reach USD 7.43 Billion by 2028. One of the major driving factors for the market is expected to be the increasing need to conserve energy across diverse industries and sectors. In addition, strict regulations levied on various industries to minimize greenhouse gas emissions have also helped to grow the advanced phase change material market. APCM usage is projected to reduce overall energy demand by as much as more than half by 2050.
Paraffin has a high heat storage capacity and is also stable due to which, over the forecast timeframe, they are expected to experience significant production. However, at a projected CAGR of 21.3% by 2028, bio-based APCM is scheduled to be the fastest-growing product. Increased preference for environmentally friendly materials is expected to drive the bio-based APCM market over the coming years, mainly in North America and Europe.
The growing use of advanced technology to improve performance characteristics, such as thermal conductivity and compressive resistance, would drive demand. The growth of bio-based substitutions is also expected to generate new opportunities for industrial development.
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Top Leaders Operating in the Market are:
Laird Plc,
Honeywell Electronic Materials, Inc.,
Croda International Plc.,
Microtek Laboratories Inc.,
Phase Change Energy Solutions Inc.,
Phase Change Materials Products Ltd.,
Rubitherm Technologies GmbH,
Henkel AG & Company,
KGaA, Cryopak Industries Inc.,
Cold Chain Technologies, Inc.
Further key findings from the report suggest:
Government measures to help the country's manufacturing sectors are projected to increase demand for advanced phase change materials in construction and industrial applications, thereby creating opportunities for market players to develop.
The growth of the construction industry is expected to drive the overall demand for APCM in this sector, primarily in developing countries. Construction is the most significant market is also projected to be the fastest-growing APCM application market at an impressive CAGR.
All major players in the industry have invested heavily in Research & development initiatives in recent years, which have led to the development of many innovative products.
Key players plan to expand their product range by strategic mergers and small and medium-sized business acquisitions. Consequently, an intense player rivalry is expected in the following years.
In March 2018, Advent International Corporation acquired Laird PLC. The deal will be sponsored by a mix of capital financing drawn up for the funds held by Advent, as well as the debt to be made available in the interim Goldman Sachs and Citigroup agreement on facilities.
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Market Overview:
Businesses involved in the discovery, production, and processing of raw resources are classified as part of the basic materials sector. Mining and metal refining, chemical goods, and forestry products are all part of this industry.
The enterprises that supply the majority of the materials needed in building are found in this sector. As a result, the companies and their stocks are sensitive to business cycle shifts. When the economy is robust, they tend to thrive.
The physical acquisition, development, and early processing of the many items often referred to as raw materials are all handled by companies in the basic materials sector. Examples include oil, gold, and stone.
Companies involved in the finding, production, and processing of raw resources, such as gold and oil, as well as timber, make up the basic materials industry.
They sell the raw materials they finish for use in practically every other business.
The sector is highly vulnerable to the economy's ups and downs.
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Advanced Phase Change Materials Market Segmentation:
Product Type Outlook
Salt Hydrates
Paraffin Wax
Others
Application Outlook
HVAC
Construction
Energy Storage
Commercial Storage
Shipping & Transportation
Textile
Others
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Regional Analysis Covers:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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