Market Size of Phase Change Materials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 15.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Phase Change Materials Market Analysis
The phase change materials market is expected to register a CAGR greater than 15% during the forecast period.
The phase change materials market was affected negatively due to the COVID-19 pandemic. The weakening transportation industry and a brief halt in construction activity due to the pandemic lockdown had a detrimental impact on the phase change materials market. However, the market reached pre-pandemic levels and is expected to grow steadily during the forecast period.
- The expanding global trend toward energy conservation and sustainable development is primarily driving the market. Because of the expanding construction sector, the organic product segment is also anticipated to propel the market ahead.
- However, the hazardous nature of phase change materials is expected to hinder the market's growth.
- The development of phase change thermal interface material and rising awareness of bio-based phase change materials is likely to act as an opportunity in the future.
- The continent of Europe long dominated the market. However, the Asia-Pacific region is anticipated to achieve the greatest CAGR throughout the projection period.
