Advanced Phase Change Materials Market, By Product Type (Paraffin, Salt Hydrates, and Others), By Application (Building and construction, Commercial Refrigeration, HVAC, Energy Storage, Shipping and Transportation, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Aug 2024

Code : CMI4954

Pages :110

Formats :

Excel and PDF

Industry : Advanced Materials

Regional Analysis

Advanced Phase Change Materials Market Regional Insights

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North America has established itself as the dominant regional market for advanced phase change materials globally. The region is expected to account for 35.5% of the market share in 2024. With the presence of major players and an established construction and industrial sector, the demand for advanced PCMs is the highest in the U.S. and Canada. Several government initiatives promoting green buildings and energy efficiency have also propelled the market growth. The region has several ongoing research and development activities for developing innovative phase change materials catering to different applications. The export of advanced PCMs from North America is also substantial. With growing construction activities worldwide focusing on sustainability, North American players are able to address global demand. The pricing of advanced PCM products in the region is amongst the highest due to ample demand and high profit margins North American companies operate with. The presence of related manufacturing infrastructure further consolidates North America's supremacy in the market.

The Asia Pacific region has emerged as the fastest growing market for advanced phase change materials. Rapid urbanization and industrialization have increased energy consumption manifold. While nations like China and India already account for a sizeable share, other Southeast Asian countries are also witnessing high economic growth. The need for sustainable buildings and efficient HVAC systems has surged the demand for advanced temperature regulating materials. At the same time, government initiatives to reduce carbon footprint and transition to green technologies have created a conducive environment for PCM producers in the region. With growing indigenous production and import of advanced PCMs, the Asia Pacific market is positioned for accelerated expansion during the coming years. The overall costs of advanced PCMs are also declining in the region with increasing local presence of global market leaders. This makes such materials accessible to a wider set of applications.