The Need for Temperature Controlled Packaging is Boosting the Demand for Advanced Phase Change Materials

 

Advanced phase change materials (APCM) are materials store and release large amounts of energy in the form of latent heat during phase transition. These are widely used in a variety of industries, such as food & beverages, pharmaceuticals, and biomedicine in order to ensure that the products are not exposed to harsh conditions that can affect quality in transit.

According to a report published by Allied Market Research, the advanced phase change materials market size is registered to reach $4.5 billion with a considerable CAGR from 2021 to 2030. Europe is currently dominating the market with the highest market share. the Asia-Pacific region, at the same time, is estimated to witness the fastest growth rate. Urbanization and growth of textile & manufacturing sectors in emerging economies like China, India, Japan, and South Korea is boosting the growth of the market in the region.

In addition, key factors such as strict regulation for energy efficient construction, a significant rise in demand for efficient temperature control materials, increase in importance of energy conservation & sustainable development, and wide usage of PCMs in electronics, construction, packaging, shipping applications, and transportation are driving the growth of the global advanced phase change materials market in more than one way. With the surge in demand for the development of green buildings, the usage of advanced phase change materials is going to increase, which in turn, will augment the growth of the market even more.

However, the outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global advanced phase change materials market. Due to the implementation of the global lockdown, almost all industries, manufacturing units, infrastructural projects, and mining operations were temporarily closed, especially in the initial period. Restrictions on international trade and closure of operations of the chemicals industry declined the demand for advanced phase change materials in the infrastructure market. The disruptions in the supply chain led to unavailability of raw materials, which in turn, resulted to fluctuation in price of raw materials. Shortage of skilled labor force was another major challenge during the pandemic. These factors altogether hampered the growth of the market to some extent.

Nevertheless, due to the presence of huge investment in the infrastructure developments such as smart city, airports, and others in the post-pandemic, the global advanced phase change materials market has already recovered. The continuous growth in demand for proper insulation in commercial freezing and HVAC applications is boosting the demand for advanced phase change material. Technological advancements along with adoption of eco-friendly solutions for advanced phase change materials are anticipated to offer lucrative opportunities for the growth of the market in the near future.

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