Home > Pressrelease > Microencapsulated Paraffin Phase Change Materials Market size to be worth USD 370 million by 2028
Microencapsulated Paraffin Phase Change Materials Market size to be worth USD 370 million by 2028
- Published Date: April 13, 2022
According to a new research study published by Global Market Insights Inc., the Microencapsulated Paraffin Phase Change Materials Market size is expected to exceed USD 370 million by the end of 2028 owing to the growing building & construction industry in developed as well as developing economies.
Microencapsulation technology was created to tackle problems with pure phase transition materials and has been successfully used in a wide range of applications. Microencapsulation is the process of building a shell around micronized materials with sizes ranging from 1 mm to 300 mm. Microencapsulated paraffin wax offers the advantages of reducing paraffin wax's reactivity with the outside environment, increasing heat-transfer area, and allowing the core material to resist repeated fluctuations in volume of the storage material when the phase transition occurs.
Increasing demand for electrical & electronics
The electrical & electronics segment will witness over 9% CAGR through 2028. The failure rate of electronic devices increases as the temperature of the device rises. This is the primary cause for the cooling of electrical devices. Microencapsulated paraffin phase change materials are one such potential approach for electronic device cooling.
During the melting and freezing processes, the product acts as a potential temperature regulator, storing and releasing thermal energy. Heat sinks made of phase change materials are capable of effectively storing heat dissipated by electronic components. This helps to postpone the peak temperature of electrical equipment as far as possible, allowing the stored energy to be released more fully during the off period.
The textile segment will generate over USD 50 million by 2028. As they oscillate between solid and liquid forms, microencapsulated paraffin phase change materials absorb, store, and release heat. When these materials shift from a liquid to a solid state, they emit heat and absorb it when they return to a liquid form. Some PCMs change phases in a temperature range that is just above or below the temperature of human skin. This one-of-a-kind property is currently being employed in fabric and foam to store and release body heat as needed. This is because PCMs, which come in the form of microcapsules, can be integrated into foams or fibres or coated onto fabrics.
Browse key industry insights spread across 150 pages with 164 market data tables & 12 figures & charts from the report, “Microencapsulated Paraffin Phase Change Materials Market Size, By Product By End-user Sector (Building & Construction, HVAC, Packaging, Textiles, Chemical, Healthcare, Aerospace & Automotive), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
The ongoing epidemic has impacted every industry, including the microencapsulated paraffin phase change materials industry. The epidemic of COVID-19 has wreaked havoc on various sectors around the world. Lockdowns imposed in various countries to prevent the spread of COVID-19 are likely to have a negative impact on several end-user industries, affecting overall market revenue in 2020.
The exponential growth in positive COVID-19 instances, particularly in the European region, which is the largest user of microencapsulated paraffin phase transition materials, has resulted in the closure of production facilities, causing severe disruptions in the overall market's demand and supply.
Microencapsulated paraffin phase change materials demand in Asia Pacific
Asia Pacific microencapsulated paraffin phase change materials market will witness over 10% CAGR over the forecast timeframe. Growing aerospace & automotive industry in Asia Pacific economies to open new opportunities for market in coming years. Asia Pacific automobile industry had the highest share in global automobile sale (passenger cars, light commercial vehicles, trucks) with China, India, Australia, Japan, South Korea, Indonesia and Malaysia.
In 2005, China reported a total of 16.38 million vehicles, which increased to 26.27 million vehicles in 2021. Such trends indicate strong scope for microencapsulated paraffin phase change materials demand in Asia Pacific automotive sector by 2028.
Top players in the microencapsulated paraffin phase change materials market are BASF, Rubitherm., Microtek Laboratories, Andores New Energy CO., Ltd, and Tempered Entropy.