What Does the Report Include?
The report encompasses both qualitative and quantitative analyses of various factors, including key drivers and constraints impacting market growth. Additionally, it provides insights into regional analysis covering different areas contributing to market expansion. The competitive landscape is outlined, highlighting leading companies and their strategies, such as partnerships, new product launches, and collaborations, which are expected to further stimulate market growth from 2020 to 2027. Moreover, the research analysts have employed various methodologies, including SWOT and PESTEL analysis, to gather information on current trends and industry developments that are anticipated to drive market growth during the forecast period.
Driving Factors
Increasing Use of Phase Change Materials in Building Materials to Drive Demand
The extensive use of phase change materials is driven by their superior thermal regulation properties, which enhance the heating and cooling efficiencies of residential and commercial buildings. As a result, they are widely used in the manufacturing of building materials worldwide. According to the Technology Strategy Board in the U.K., approximately 45% of total carbon emissions are attributed to the operation, construction, and maintenance of buildings and infrastructure. Due to the rising levels of carbon emissions, stringent emission norms have been implemented by global government agencies to mitigate greenhouse gas effects, which is likely to increase demand and drive the growth of the phase change materials market during the forecast period.
Segmentation
Organic PCM Segment Expected to Dominate Market Share
Based on type, the organic phase change materials segment is anticipated to hold the largest market share in terms of revenue. This is due to their numerous benefits, such as lower density, specific temperature ranges, cost-effectiveness, high latent heat, and thermal stability.
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