According to the research report titled ‘Global Phase Change Materials Market 2019-2028’, available with Market Study Report, global phase change materials market is set to register a healthy CAGR of 18.99% throughout 2019-2028.
 

As per the findings of the report, escalating demand from construction sector, heightened awareness about greenhouse gas emissions, and, shifting focus towards sustainable development are the key factors driving global phase change materials market growth.
 

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Development of micro and macro-encapsulation technologies and increasing R&D, along with expanding application of phase change substances in textile industry are anticipated to open up new opportunities in the market. On the contrary, lack of awareness, high manufacturing costs, and safety concerns about the materials are hindering the market development.
 

Based on end-user scope, the market is fragmented into commercial refrigeration, building & construction, HAVC, textiles, shipping & transportation, energy storage, and others. Of these, textiles segment is slated to garner strong returns in the forthcoming years, attributable to increasing application of various types of PCMs in the textile sector and development of PCM-based fabrics which can balance extremely high or low temperatures as per the desired comfort of the wearer.
 

Taking the analysis further, the overall phase change materials market segmentation is also studied from the perspective of material (paraffin, salt hydrates, and others), material type (inorganic, organic, bio-based), encapsulation (micro, macro, molecular), and geography (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa).
 

Experts analysts state that Europe is slated to emerge as a major revenue generator for the industry in the forthcoming years, creditable to surplus of business opportunities available in transportation & cold storage as the region is one of the leading meat exporters across the globe. Moreover, stringent norms regarding quality of meat exported to different regions are complementing the business landscape.
 

Major players in global phase change materials industry sphere are Sasol Ltd., Pluss Advanced Technologies Pvt. Ltd., Honeywell International Inc., Phase Change Solutions, Microtek Laboratories Inc., Outlast Technologies LLC, ThermoSafe Brands Inc., Henkel AG & Co. KGaA, Laird Technologies Inc., PureTemp LLC, Dow, DuPont de Nemours Inc., Climator Sweden AB, Croda International plc, and AI Technology Inc.