The Latin America, Middle East and Africa Advanced Phase Change Materials Market would witness market growth of 14.0% CAGR during the forecast period (2022-2028).
The market for advanced phase change materials is being driven by a growing awareness of the importance of decreasing greenhouse gas emissions, tight building requirements, and a growing desire for renewable energy sources. Furthermore, excess supply for these resources from the construction industry is propelling the market forward. Factors such as increased energy conservation awareness, continuous technical advancements, and rising levels of urbanization in developing nations are projected to be further market drivers.
An ice cube is the most common illustration of this form of heat energy. An ice cube would absorb the heat energy from the drink by using its latent heat capacity. An ice cube melts because it consumes all of the latent energy available to it. Sensible heat, on the other hand, is the amount of energy required to increase the heating of a material without changing its phase. When latent and sensible heat operates together, they can maintain a specific temperature for a long time.
The UAE government prioritizes energy and infrastructure investments, such as utilities, renewable, transportation, decarburization, and nuclear energy generation, and tackling the country's persistent water scarcity. The government's strong dedication and resources have resulted in the establishment of several mega-project prospects for UAE construction and engineering firms. The Al-Nouf seawater treatment plant of the Abu Dhabi National Oil Company (ADNOC), the Dubai Municipality intend to create a corporate strategy sewage treatment tunnel, and other mega building projects like the redevelopment of Mina Rashid in Dubai and the Dubai International Financial Centre Expansion 2.0 announced.
The Brazil market dominated the LAMEA 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 $59.2 million by 2028. The Argentina market is exhibiting a CAGR of 14.6% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 13.7% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Advanced Phase Change Materials Market is Predict to reach $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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