Phase Change Materials Market, Forecast 2024-2032
The global phase change materials market size is estimated to grow from USD 1.6 billion in 2023 to USD 2.5 billion by 2028, at a CAGR of 5.1%. The growing demand for energy-efficient solutions in various industries, such as building and construction, thermal energy storage, and textiles, is driving market expansion.PCMs are the substances that can store and release a large amount of thermal energy during the phase changes, such as solid to liquid and liquid to gas. The main benefits of PCMs are that they can control the temperature accurately, therefore, they are able to maintain a stable environment even in the situation when the weather is changing. They are the main reason for the energy efficiency because they can cut the heating and cooling in the house. Besides, PCMs are the basis for the design of compact and light thermal management systems, which are then used in buildings, electronics, textiles, and medical applications. The utilization of the heat-removing properties of PCMs results in the reduction of energy consumption which in turn cuts the costs and at the same time reduces the environmental impact.
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Application:
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.1% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.1% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
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During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
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