MARKET OUTLOOK
According to an analysis by Triton Market Research, the phase change materials market in Asia-Pacific is likely to flourish at a CAGR of 19.51% in the projected period 2019-2028.
ASEAN countries, Australia & New Zealand, China, South Korea, India, Japan, and Rest of APAC form the Asia-Pacific’s phase change materials market.
Japan is one of the leading countries of the Asia-Pacific region in the research & development activities of phase change materials. Other countries like China and India have also begun using PCMs in different sectors like packaging, transportation and shipping applications. The rising number of urban households in these countries is leading to an increasing demand for air conditioners, thereby creating opportunities for the PCMs in the HVAC application. The growing electronics and textile industries in China are anticipated to drive the demand for the PCM market in the country over the forthcoming years.
In China, phase change materials are used in different application sectors, including electronics, construction, packaging, among other industries. The Chinese government has implemented several initiatives focusing on green development and rapid urbanization in the country. Advanced phase change materials materials are used in the development of green buildings owing to their unique properties. Hence, the PCM market holds immense potential for growth in China in the projected period.
COMPETITIVE OUTLOOK
The major players in the phase change materials market are DuPont, Laird, Henkel AG & Co KGaA, Microtek Laboratories Inc, AI Technology Inc, Sonoco ThermoSafe, Outlast Technologies LLC and PureTemp LLC.MARKET OUTLOOKAccording to an analysis by Triton Market Research, the phase change materials market in Asia-Pacific is likely to flourish at a CAGR of 19.51% in the projected period 2019-2028.ASEAN countries, Australia & New Zealand, China, South Korea, India, Japan, and Rest of APAC form the Asia-Pacific’s phase change materials market.Japan is one of the leading countries of the Asia-Pacific region in the research & development activities of phase change materials. Other countries like China and India have also begun using PCMs in different sectors like packaging, transportation and shipping applications. The rising number of urban households in these countries is leading to an increasing demand for air conditioners, thereby creating opportunities for the PCMs in the HVAC application. The growing electronics and textile industries in China are anticipated to drive the demand for the PCM market in the country over the forthcoming years.In China, phase change materials are used in different application sectors, including electronics, construction, packaging, among other industries. The Chinese government has implemented several initiatives focusing on green development and rapid urbanization in the country. Advanced phase change materials materials are used in the development of green buildings owing to their unique properties. Hence, the PCM market holds immense potential for growth in China in the projected period.COMPETITIVE OUTLOOKThe major players in the phase change materials market are DuPont, Laird, Henkel AG & Co KGaA, Microtek Laboratories Inc, AI Technology Inc, Sonoco ThermoSafe, Outlast Technologies LLC and PureTemp LLC.