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The **** is projected to grow from **28.7 million USD in 2023** to **50.9 million USD by 2030**, at a CAGR of **9.1%** during the forecast period. The market is driven by increasing demand for energy-efficient solutions in construction, electronics, and other sectors.
Microencapsulated paraffin phase change materials (PCMs) are a type of PCM that consists of small droplets of paraffin wax that are encapsulated in a protective shell. The shell is typically made of a polymeric material such as polyethylene or polypropylene. The encapsulated paraffin wax is able to absorb and store large amounts of energy as it melts and solidifies. This energy can then be released as heat or cold when the material is exposed to different temperatures. Microencapsulated paraffin PCMs are used in a variety of applications, including building insulation, HVAC systems, and refrigeration. They are also used in clothing and bedding to provide thermal comfort.
- Revenue, 2018-2023, 2023-2032, ($ millions)
- Sales, 2018-2023, 2023-2032
- Global top five Microencapsulated Paraffin Phase Change Materials companies in 2022 (%)
We surveyed the Microencapsulated Paraffin Phase Change Materials manufacturers, suppliers, distributors and industry experts on this industry, involving the sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, obstacles, and potential risks.
## By Types
- Powder
- Particles
## By Applications
- Construction
- Electronic
- Textile
- Chemical
- Aviation
- Others
## Market Drivers
1. Growing demand for renewable energy sources: One of the major drivers for the microencapsulated paraffin phase change materials market is the growing demand for renewable energy sources. The use of microencapsulated paraffin phase change materials enables better thermal energy storage which can be used to generate electricity. The use of renewable energy sources helps reduce carbon dioxide emissions, thus reducing the environmental footprint.
2. Increasing government incentives and subsidies: Another factor driving the microencapsulated paraffin phase change materials market is the increasing number of government incentives and subsidies for the use of renewable energy sources. Government subsidies help reduce the cost of deploying renewable energy solutions, thus increasing the deployment of these solutions worldwide.
## By key Players
- BASF
- Rubitherm
- Microtek Laboratories
- Andores New Energy CO
- Tempered Entropy
## Market Trends
1. Use of microencapsulated paraffin phase change materials (PCMs) in various end-use industries, such as HVAC, apparel and automotive, to improve energy efficiency and product performance.
2. Shift from traditional paraffin PCMs to microencapsulated paraffin PCMs for greater loading and thermal stability.
3. Increased investment in R&D to develop new PCMs with improved thermal properties for different end-user applications.
4. Focus on the development of sustainable and eco-friendly PCMs.
5. Growing demand for lightweight solutions and solutions that are quick to install by end-users.
6. Growing popularity of PCMs for passive thermal management across the globe.
7. Growing demand for PCMs for providing thermal comfort in residential and commercial buildings.
8. Growing use of microencapsulated paraffin PCMs in industrial applications to optimize energy consumption.
## Regional Trends
1. Europe: In Europe, microencapsulated paraffin phase change materials have seen increased demand due to their high-efficiency thermal energy storage capabilities and potential for applications in large-scale industrial installations.
2. North America: North America has been a leader in the use of microencapsulated paraffin phase change materials due to their low cost and versatile use in a range of buildings and industrial facilities.
3. Asia-Pacific: The Asia-Pacific region has seen significant growth in the use of microencapsulated paraffin phase change materials in conjunction with emerging renewable energy technologies including anaerobic digestion and solar thermal energy.
4. Middle East and Africa: The Middle East and Africa have seen an increased demand for microencapsulated paraffin phase change materials due to their potential for cost-effective heat storage and energy preservation in hot climates.
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