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Microencapsulated Paraffin Phase Change Materials Market size crossed USD 200 million in 2021 and is estimated to exhibit a CAGR of 9% from 2022 to 2028 due to the expansion of the construction industry coupled with growing adoption in the packaging sector. In terms of volume, the industry size may cross 173.2 Kilo Tons by 2028, with an anticipated CAGR of 7.8% through the projected period.
Microencapsulated phase change materials are increasingly utilized in the construction sector, including waste heat recovery systems, room cooling, room heating, and solar water heating. Growing construction output coupled with planned mega construction projects in developed as well as developing economies are expected to drive demand for phase change materials over the forecast period.
Microencapsulated paraffin PCMs are environmentally responsive materials, i.e., they respond to an environmental trigger that results in a physical change in the material. Examples of triggers are pH, temperature, and ionic concentration. Microencapsulated paraffin PCMs, a very new technology, find applications in several end-user industries due to their versatile properties. It is gradually grabbing attention in automotive, textile, packaging, and electronics manufacturing for effective utilization.
Research has been conducted to test the efficiency of microencapsulated paraffin phase change materials in buildings and has shown positive results of energy savings in most of the experiments. In addition, manufacturers are openly experimenting with PCMs in textiles to venture into the new niche of smart textiles. Temperature-controlled packaging is also another important application segment of microencapsulated paraffin phase change materials in the pharmaceutical industry. Furthermore, they are also used in general packaging formats for frozen food products.
Report Attribute | Details |
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Base Year: | 2021 |
Microencapsulated Paraffin Phase Change Materials Market Size in 2021: | 209.0 Million (USD) |
Forecast Period: | 2022 to 2028 |
Forecast Period 2022 to 2028 CAGR: | 9.0% |
2028 Value Projection: | 374.3 Million (USD) |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 150 |
Tables, Charts & Figures: | 176 |
Segments covered: | End use, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The global market will be primarily driven by escalating growth in both construction and packaging industry. HVAC applications in Europe will be positively influencing the phase change materials demand throughout forecast period. Textile industry has emerged as a vital end-user of microencapsulated paraffin phase change materials since past decade.
Packaging industry has become an indispensable part of microencapsulated paraffin phase change materials industry. With exponentially growing e-commerce industry, packaging industry is also experiencing boom across the globe. Packaging companies are innovating with new packaging trends, particularly for food materials.