Asia Pacific Advanced Phase Change Materials (PCM) Market Size Expanding at Significant CAGR of 6.05% to Surpass USD 890.1 Million by 2030

Published | 09 April 2024

Asia Pacific Advanced Phase Change Materials (PCM) Market is expanding rapidly due to an increasing demand for energy-efficient construction, growing awareness about environmental sustainability, and expanding industrial applications.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Advanced Phase Change Materials (PCM) Market size by value at USD 587.65 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Advanced Phase Change Materials (PCM) Market size to expand at a CAGR of 6.05% reaching a value of USD 890.13 million by 2030. The Asia Pacific Advanced Phase Change Materials (PCM) Market is primarily driven by rising demand for energy-efficient solutions in the construction, automotive, and electronics sectors. Increasing awareness about climate change and emphasis on sustainable building practices fuel the adoption of PCM for thermal energy storage. Government initiatives promoting energy conservation further boost market growth. Additionally, advancements in PCM technology, such as enhanced thermal conductivity and compatibility with various applications, propel market expansion. Moreover, rapid urbanization and industrialization in emerging economies drive the demand for PCM in cold chain logistics and HVAC systems.

Opportunity – Thermal revolution in automotive sector

Continuous innovations in thermal management technologies are reshaping the automotive industry, especially in the realm of electric and hybrid vehicles. Advanced PCMs are becoming integral for regulating battery temperature, ensuring optimal performance and longevity. By employing PCMs in battery packs and thermal systems, vehicle efficiency is enhanced while energy consumption is minimized. With the rising popularity of electric and hybrid vehicles, the automotive sector's reliance on advanced PCMs is set to soar, driving further advancements in thermal management and bolstering the expansion of Asia Pacific Advance Phase Change Materials (PCM) Market during the period in analysis.

Impact of Escalating Geopolitical Tensions on Asia Pacific Advanced Phase Change Materials (PCM) Market  

Escalating geopolitical tensions in the Asia Pacific region have significantly impacted the Advanced Phase Change Materials (PCM) Market. Heightened uncertainties stemming from territorial disputes, trade conflicts, and military posturing have led to supply chain disruptions, hampering the production and distribution of PCM materials. For instance, the Sino-US trade war has resulted in increased tariffs and trade barriers, affecting PCM imports and exports. Additionally, geopolitical tensions in the South China Sea have raised concerns over maritime routes critical for PCM transportation. Such instability has led to price volatility and investment uncertainties, deterring market growth and innovation in PCM technology. Market players are forced to navigate through geopolitical challenges, adapt supply chains, and explore alternative markets to mitigate risks and sustain growth in the Asia Pacific Advanced PCM Market.

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Asia Pacific Advanced Phase Change Materials (PCM) Market  

Segmental Coverage

Asia Pacific Advanced Phase Change Materials (PCM) Market – By Type

Based on type, Asia Pacific Advanced Phase Change Materials (PCM) Market is divided into Organic PCM, Inorganic PCM, Bio-based PCM, and Other (including Eutectic PCM) segments. The inorganic PCM segment is the largest type in the Asia Pacific Advanced Phase Change Materials (PCM) Market. Inorganic PCM encompasses materials like salts & metallic alloys, offering high thermal conductivity and stability. Their widespread use in various industries, such as construction, electronics, and transportation, contributes significantly to their dominance in the market. With growing demand for efficient thermal energy storage solutions, the inorganic PCM segment continues to expand, driving innovation and market growth across the Asia Pacific region.

Asia Pacific Advanced Phase Change Materials (PCM) Market – By Form

Based on form, Asia Pacific Advanced Phase Change Materials (PCM) Market is split into Encapsulated and Non-Encapsulated segments. The encapsulated segment is a larger form in the Asia Pacific Advanced Phase Change Materials (PCM) Market. Encapsulated PCM refers to PCMs enclosed in a protective shell, enhancing their durability, and facilitating their integration into various applications. The segment's prominence indicates a growing demand for PCM solutions offering enhanced stability and performance across industries such as construction, electronics, and textiles. As industries seek efficient thermal management solutions, encapsulated PCM emerges as a preferred choice, driving its dominance in the Asia Pacific market landscape.

Competitive Landscape

Asia Pacific Advanced Phase Change Materials (PCM) Market is fiercely competitive. Major companies in the market include BASF SE, Honeywell, Dow Chemical, Mitsui Chemicals, PCM Energy P Ltd, Dongguan Ziitek Electronic Materials & Technology Ltd., China National Building Material Group Corporation, PLUSS, B P Refcool, Insilico Co. Ltd, Dongguan Guo Heng plastic technology co., LTD, and BOCA International Limited (BIL). These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Asia Pacific Advanced Phase Change Materials (PCM) Market.

Don’t miss the business opportunity Asia Pacific Advanced Phase Change Materials (PCM) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia Pacific Advanced Phase Change Materials (PCM) Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Asia Pacific Advanced Phase Change Materials (PCM) Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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