Advanced Phase Change Materials Industry Market Share, Outlook, Future Growth and Opportunities by 2024April 9, 2021
According to the latest report by IMARC Group, titled “Advanced Phase Change Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global advanced phase change materials market reached a value of US$ 1,055 Million in 2018. Phase change materials (PCMs) refer to substances used for storing and releasing large amounts of energy generated in a thermodynamic system. When a PCM freezes, it releases energy in the form of latent heat at a relatively constant temperature, whereas, it absorbs a large amount of heat from the environment when it melts. These changes can take place in any combination of three phases of a substance including liquid, solid or gas. Amongst these, the transition between solid and liquid phases in advanced PCMs is considered to be the most viable commercially. At present, there are three main types of advanced PCMs available in the market, namely salt hydrates, paraffin wax, and other fatty-acid-based phase change materials.
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Advanced PCMs help in conserving energy, especially in applications like building and construction and HVAC, owing to which they are increasingly being used in commercial buildings for saving energy. The increasing utilization of microencapsulation technologies in the construction and textile sectors is also influencing the growth of the advanced PCM market. Apart from this, the manufacturers are rapidly shifting from traditional petroleum-based PCMs towards biodegradable, bio-based PCMs which is further providing a thrust to the escalating demand for advanced PCMs. However, the expensive nature of PCMs, as well as the lack of awareness among the consumers regarding the benefits offered by them, is currently hindering the growth of the market. Looking forward, the market value is projected to reach US$ 2,736 Million by 2024, expanding at a CAGR of 17% during 2019-2024.
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Insights on Market Segmentation:
Breakup by Type:
1. Organic PCM
2. Inorganic PCM
3. Bio-Based PCM
The advanced PCM market has been analyzed on the basis of types which include organic PCM, inorganic PCM and bio-based PCM. Amongst these, organic PCM is the most common type of advanced PCMs.
Breakup by Form:
On the basis of form, the market is categorized into encapsulated and non-encapsulated PCMs. At present, encapsulated PCMs represent the biggest segment.
Breakup by Application:
1. Building and Construction
Based on the various applications of advanced PCMs, the market has been segregated into building and construction, packaging, HVAC, textiles, electronics and others. Amongst these, the building and construction sector exhibits a clear dominance in the market.
Breakup by Region:
2. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On a regional basis, Europe represents the largest market for advanced PCMs, holding the majority of the market share. This is the result of increasing emphasis on energy security along with a growth in the construction industry across the region. Europe is followed by North America, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the global advanced PCM market has been examined with some of the key players being BASF, Cryopak, Entropy Solutions, Honeywell International, Outlast Technologies, Climator, Croda International, PCM Products, Phase Change Energy Solutions, PLUSS Advanced Technologies, RGEES, Rubitherm Technologies, Salca and SGL Group.
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