MARKET OUTLOOK
An analysis by Triton Market Research has concluded that the phase change materials market in Latin America is likely to proliferate at a CAGR of 17.70% in the projected years between 2019 and 2028.
Brazil, Mexico and Rest of Latin America form the phase change materials market in Latin America.
The majority demand for phase change materials in Brazil comes from the textile industry. The country is one of the top five large manufacturers of textiles and exports high-value textile products for different sectors like military, sports and industrial applications. The growing trade diversification, considerable investment growth and dynamic domestic markets are creating business opportunities for investors and exporters, particularly in these consumer-oriented trade sectors. Brazil is also likely to witness a substantial GDP expansion in the year 2020. These factors are likely to create potential applications for PCMs in the country in the upcoming years.
Furthermore, the government in the country is making huge investments in the research & development sector, with an increasing number of universities and research institutes collaborating to carry out out such activities. Brazil is considered to be the technological center of Latin America, with strong global recognition for its R&D sector. These developments are likely to pave the way for the development of phase change materials market in the country.
COMPETITIVE OUTLOOK
Some of the major players in the phase change materials market are Sonoco ThermoSafe, AI Technology Inc, Sasol, Climator Sweden AB, Microtek Laboratories Inc, Phase Change, DuPont and Laird.