MARKET OUTLOOK
According to an analysis by Triton Market Research, the global phase change materials market is predicted to grow at a CAGR of 18.99% during the forecasting period 2019-2028.
Phase change materials are increasingly used in the textile industry as they can be used to maintain the desired temperature with minimalenergy consumption. Several types of phase change materials are introduced in textile applications. PCM-based fabrics are used to balance out temperatures, which are extremely high or low compared to the personal comfort temperature of the wearer. Moreover, phase change materials support the normal insulation properties of the apparel. However, the high costs of manufacturing and materials is restraining the growth of the phase change materials market growth. As the PCM market is not fully developed, it has a limited demand, which is responsible for the relatively higher prices of phase change materials.
REGIONAL OUTLOOK
The global market report covers the countries from North America, Europe, the Asia-Pacific, Latin America and the Middle East and Africa.
Europe is likely to be the fastest-growing region for the phase change materials market in the projected period. It has immense opportunities for the utilization of phase change materials in transportation & cold storage. The region is one of the leading exporters of meat. As meat is perishable, it requires cold storage conditions. Besides, there are strict regulations on the quality of meat exported to different regions. Phase change materials can help to maintain the desired temperature without much energy consumption. Thus, it also reduces the overall cost of the product owing to the low energy requirement. With advanced technologies, the region is expected to witness considerable growth in the phase change materials market in the forecast period.
COMPETITIVE OUTLOOK
The major companies in the phase change materials market are Pluss, Sonoco ThermoSafe, Climator Sweden AB, AI Technology Inc, Sasol, Croda International Plc, Henkel AG & Co KGaA, Microtek Laboratories Inc, Outlast Technologies LLC, Laird, PureTemp LLC, Dow, Honeywell International Inc, DuPont and Phase Change.
Established in 1899, Sonoco is a global company providing protective packaging, industrial products, consumer packaging and packaging supply chain services. The company employs over 21,000 people working in over 300 operations in 33 different countries. Sonoco ThermoSafe, a sub-unit of Sonoco, provides temperature assurance packaging. Utek Phase Change Materials is a phase change formula used to store products in frozen temperatures or extremely cold conditions.