Global Phase Change Materials Ongoing Trends, Recent Developments & Forecast
Posted by AayushFMR on April 1st, 2021
Global Phase Change Materials Market: Overview
Phase change materials are capable materials for storing and releasing large amounts of energies. These are designed to change their phases from +2°C to +8°C range and are recommended for vaccine storage and transport. Phase change materials are purposely filled in a leak-proof pack with a high amount of latent heat of fusion.
The principle mechanism beyond phase changing is, heat energy is absorbed and released when the material changes from solid to liquid or vice versa. Apart, from that phase change materials have huge variety applications. They are used for storing heat for air-conditioning, peak heat reduction of load, as buffer storage for solar based applications etc.
These phase change materials are not water-based substances, generally filled with various types of paraffin wax or vegetable-sourced substances. PCM material selection is based on various capacities such as melting temperature, latent and sensible heat, cyclic property, cost, fire hazard and others.
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With the increasing population, rapid urbanization and changing life style the demand for RAC (Refrigeration and air-conditioning) products have been significantly increasing. Posing demand for renewable RAC based products such as phase change materials incorporated products.
Industrial emission are the major cause of increasing greenhouse gases in the atmosphere which has become a significant factor for global warming resulting in greenhouse effect which is driving climatic changes such as increasing temperatures in the regions creating demand for phase change material based projecting growth in global phase change materials market.
There are also a few restrains to the global phase change materials market such as unacceptance of such an advance technology by the end consumer may be a key restrain for global phase change materials market.
COVID-19 Impact on Global Phase Change Materials Market
COVID-19 declared a pandemic by the World Health Organization (WHO) in the early march 2020 has enforced countries to impose lockdown and abide strict social distancing measures leading to market shut down and flattening economic curve across the globe. On the other hand, the supply and demand chain has been massively disrupted leading to a global economic loss. Plants shut down in North America, APAC and Europe in the second quarter of 2020 has reduced the production of Phase change materials which in turn affected the Global phase change materials Market.
With reducing Covid-19 cases in some regions operations have been were resumed during the fourth quarter of 2020. The new Covid-19 strain which was first discovered in United Kingdom is spreading faster which may further force the regulatory bodies to impose lockdowns.
To cycle the supply chain regulatory bodies have allowed manufacturing sectors to proceed with production. However, by following COVID-19 guidelines and alternative rotation of workers can help the global phase change materials market to bounce back strongly by the first quarter of 2021.
Segmentation Analysis of Global phase change materials Market
The Global phase change materials market is bifurcated into three major segments: material type, application and region.
Based on the material type, Global phase change materials market is segmented as follows:
Based on application, Global phase change materials market is segmented as follows:
Based on the global split, Global phase change materials market is segmented as follows:
Presently, European markets are dominating the global phase change materials (PCM) market followed by North America due to their technological advancements. The market being consolidated many companies are working and investing in the R&D for many innovative applications. Many Industries are working under German-based non-profit organization for global advancement of phase change materials market.
Being a well-developed large manufacturing sector in phase change materials, Europe market is experiencing a surge in demand from the key end-users such as healthcare, aerospace, automotive, and others. Germany being leading producer and exporter of phase change materials is significantly contributing to the market growth to keep the Europe phase change materials market in the leading position. Thus, aiming to gain a major market share in phase change materials market in upcoming years. According to Fact.MR, European Phase change materials market will sustain in its position in the coming years.
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About the AuthorAayushFMR
Joined: January 19th, 2021
Articles Posted: 295
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