(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 25, 2024 (GLOBE NEWSWIRE) -- The "Salt Hydrate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets's offering.
The global salt hydrate market, valued at US$ 96.3Bn in 2024, is projected to reach US$ 187.7 by 2031, with a CAGR of 10% during the forecast period.
The global salt hydrate market is fragmented, with the top five players collectively holding a small portion of the market share. Key players include Salca BV, Phase Change Products Pty Ltd, PCM Products Ltd, Rubitherm Technologies GmbH, RGEES, LLC, Pluss Advanced Technologies Pvt. Ltd, and Climator Sweden AB, among others. Product innovation and collaborations are key strategies adopted by these players to sustain and expand their presence in the market.
Global salt hydrate market has been experiencing significant growth, driven by various factors such as the increasing demand for cold supply chain facilities, advancements in salt hydrate applications, and the rise in the pharmaceutical and building & construction sectors.
Key Market Drivers:
Increasing Number of Cold Supply Chain Facilities: The growing food & beverage production worldwide is boosting the demand for warehouses and cold supply chain facilities. This surge in infrastructure is driving the need for salt hydrate-based phase change materials, fueling the global salt hydrate market. Development of Salt Hydrate for Chilled Ceilings and Cold Storage Systems: Salt hydrates find applications in air conditioning and cold storage systems due to their energy storage density and ability to maintain constant temperatures. Researchers have developed salt hydrates suitable for centralized cold storage systems and chilled ceilings in residential and commercial buildings. Growth in Other End-use Industries: Segments like electronics and textiles are witnessing significant growth in the utilization of salt hydrates for heat transfer applications and textile substrates. This diversification in applications contributes to the expansion of the salt hydrate market.
Regional Insights:
Europe: Stringent environmental regulations in Europe are driving the demand for phase change materials like salt hydrates in energy storage systems for buildings, making Europe a high-value region for the salt hydrate market. South East Asia & Pacific: This region is expected to witness substantial growth, with countries like India, China, and Japan showing increased demand from the manufacturing and pharmaceutical transportation sectors. While all other regions are expected to exhibit moderate growth, South East Asia & Pacific is projected to register a significant surge in the salt hydrate market.
Segmentation:
Pharmaceutical Building & Construction Food & Beverages Others (textile, electronics, etc.)
A selection of companies mentioned in this report includes, but is not limited to:
Salca BV Phase Change Products Pty Ltd PCM Products Ltd. Rubitherm Technologies GmbH RGEES, LLC Pluss Advanced Technologies Pvt. Ltd. Climator Sweden AB
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