The Asia Pacific Advanced Phase Change Materials Market would witness market growth of 11.2% CAGR during the forecast period (2022-2028).
Advanced phase change material were heavily utilized as thermal mass materials in early studies because of the enormous quantity of energy absorbed during the phase shift (referred to as latent heat) but were later extended for a wide range of uses. Phase shift with possible practical applications has been seen in a wide range of materials, including alloys, ceramics, organics, and developing two-dimensional (2D) materials. These new advanced PCMs, together with their distinctive phase-change features, have advanced understanding of phase transition and enabled a slew of new functional uses in memories, xeromorphic computation, photonics, and actuators, among other areas. Advanced phase change material have elevated the importance of applied physics, materials science, and electrical engineering in recent years as a result of these factors.
The use of phase transition materials for thermal energy storage has sparked a lot of interest in recent years. It has sparked a flurry of research and development activities to create new materials and applications that run on advanced phase change material. The quality of advanced PCM used has a significant impact on the efficiency of new application design.
A growing demand for fuel-efficient and environmentally friendly technology is propelling the advanced phase change materials market forward. These materials have the potential to absorb, store, and release energy during phase change due to their unique structure. These materials can be transformed from liquid to solid or solid to liquid during the energy conversion process, depending on their purpose.
The People's Republic of China (PRC or China) government has adopted many new related policy measures to encourage the growth of its semiconductors and software industries from August 2020. The Announcement on The several Policies that Encourage the High Expansion of the Integrated Circuit Industry and Software Industry in the New Era, issued by China's State Council in August 2020, provides a wide framework. The Chinese government released many implementing measures in March 2021, including requirements that businesses must achieve to be eligible for government favors, as well as trade and tax provisions. The Chinese government is scheduled to release lists containing additional information about individual enterprises, raw materials, technology, projects, and components that will be supported by the government.
The China market dominated the Asia Pacific Advanced Phase Change Materials Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $293 million by 2028. The Japan market is estimated to grow at a CAGR of 10.6% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 11.9% during (2022 - 2028).
Based on Application, the market is segmented into Building & Construction, Energy Storage, Shipping & Transportation, HVAC, Electronics, Textiles, and Others. Based on Type, the market is segmented into Organic PCM, Inorganic PCM, and Bio-based PCM. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Advanced Phase Change Materials Market is Projected to reach USD 2.8 Billion by 2028, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PLUSS Advanced Technologies, BASF SE, Entropy Solutions, Outlast Technologies GmbH, DuPont de Nemours, Inc., Sonoco Products Company, Phase Change Solutions, Cryopak, Microtek Laboratories, Inc., and ADVANSA Marketing GmbH.
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