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The future of the phase change material (PCM) market looks promising with opportunities in the building & construction, HVAC, cold chain & packaging, TES, refrigeration & equipment, electronics, and textile industries. The phase change material market is expected to grow with a CAGR of 17 % from 2019 to 2024. The major growth drivers for this market are increasing awareness towards reducing greenhouse gas emissions and growing demand for renewable sources of energy.
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