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Phase Change Materials Market Report, Growth Forecast, Industry statistics Till 2024

Author : Rahul Varpe | Published Date : 2019-09-06 

In the recent times, phase change materials market has received considerable attention across various business verticals including Textiles, Building & Construction, Packaging, HVAC, Electrical & Electronics, and Chemical. The rising environmental concerns across developed and developing economies has resulted in increased efforts by private and government institutions to curtail greenhouse gas emissions. As a consequence, these global efforts have markedly influenced the expansion of phase change materials industry, given that these materials utilize latent heat of phase change to control temperature within a set range.

Furthermore, it has to be noted that incorporating phase change materials in the aforementioned business verticals would lower the demand for heaters and coolers. This would, in turn, assist major industrial firms to earn 10-20 times more carbon credits in comparison to the credits obtained by utilizing other insulating materials. Therefore, it is quite undeniable that phase change materials market, which held a total valuation of over USD 1 billion in 2016, is bound to proliferate at a commendable pace in the forthcoming years.

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With the burgeoning global population and astonishing rate of industrialization, the building and construction sector has been striving constantly to fulfill the ever-increasing demand for residential and commercial spaces. This has necessitated the formulation of stringent regulatory frameworks across various nations to save energy and reduce harmful emissions. Thermal storage is an efficient way of energy conservation by incorporating phase change materials in buildings. Consequentially, the construction sector has been proactive in utilizing these materials which has further impelled the growth prospects of phase change materials industry.

With the burgeoning global population and astonishing rate of industrialization, the building and construction sector has been striving constantly to fulfill the ever-increasing demand for residential and commercial spaces. This has necessitated the formulation of stringent regulatory frameworks across various nations to save energy and reduce harmful emissions. Thermal storage is an efficient way of energy conservation by incorporating phase change materials in buildings. Consequentially, the construction sector has been proactive in utilizing these materials which has further impelled the growth prospects of phase change materials industry.

Elaborating further on the phase change materials market trends, numerous upcoming and established industry participants have been focusing on developing novel products in the recent past. Below are a few prominent instances of the same which highlight the growth trajectory of phase change materials industry:

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In the year 2015, Vesl LLC collaborated with a major phase change materials market leader, Entropy Solutions, to launch a new range of PureTemp in an encapsulated form. Apparently, the latest range of phase change materials consists of three innovative solutions namely, MacroVesl, BlockVesl, and MicroVesl. Reportedly, these materials are suited to a wide range of applications including refrigeration, thermal energy conservation, air conditioning, heat recovery and heat storage. Equipped with superior performance and faster energy exchange properties, PureTemp is certain to alter the product dynamics of the overall phase change materials industry.

Underlining the significance of using phase change materials to reduce refrigeration storage costs, Viking Cold Solutions has completed yet another energy efficiency installation project. Apparently, the energy storage firm is said to have deployed a new phase change material that absorbs heat as it melts. This allows the chillers of food distributors to function less frequently and maintain the temperature of warehouses up to -18 degrees Celsius. This system reportedly reduced the refrigeration storage cost of Bermuda’s leading food distributor, Butterfield & Vallis, by almost 40%. Hence, it goes without saying that the demand for such cost-effective materials would impel the phase change materials industry growth over the ensuing years.

Partial Chapter of the Table of Content:

Chapter 2. Executive Summary

2.1. Phase change materials industry 360° synopsis, 2013 – 2024

2.1.1. Business trends

2.1.2. Product by end-user trends

2.1.3. End-user trends

2.1.4. Regional trends

Chapter 3. Phase Change Materials Industry Insights

3.1. Industry segmentation

3.2. Industry size and forecast, 2013 - 2024

3.3. Industry ecosystem analysis

3.3.1. Raw material analysis

3.3.2. Manufacturing trends

3.3.3. Profit margin

3.3.4. Value addition

3.3.5. Distribution channel analysis

3.3.6. Vendor matrix

3.3.6.1. List of key raw material suppliers

3.3.6.2. List of key manufacturers/distributors

3.3.6.3. List of key/potential customers

3.4. Innovation & sustainability

3.4.1. Patent analysis

3.4.2. Technology landscape

3.4.3. Production process

3.4.4. Comparison of manufacturing techniques

3.4.5. Future trends

3.5. Industry impact forces

3.5.1. Growth drivers

3.5.1.1. Global drivers

3.5.1.1.1. Regulations regarding minimizing greenhouse gas emission

3.5.1.1.2. Advancements in macro and micro encapsulation technologies

3.5.1.1.3. Growing popularity of bio-based phase change materials

3.5.1.1.4. Increasing product acceptance in textile industry

3.5.1.2. Regional drivers

3.5.1.2.1. Growing building & construction industry in Asia Pacific

3.5.1.2.2. Advanced construction practices in North America

3.5.1.2.3. Rising demand for heating, ventilation and air conditioning systems in Europe and North America

3.5.2. Industry pitfalls & challenges

3.5.2.1. High product cost

3.5.2.2. Procurement risk and high prices of raw materials

3.6. Regulatory landscape

3.6.1. U.S.

3.6.2. Europe

3.6.3. China

3.7. Growth potential analysis

3.8. Price trend analysis

3.8.1. Cost structure analysis

3.8.1.1. R&D cost

3.8.1.2. Manufacturing & equipment cost

3.8.1.3. Raw material cost

3.8.1.4. Distribution cost

3.8.1.5. Operating cost

3.8.1.6. Miscellaneous cost

3.8.2. Price by product

3.8.3. Price by end-user

3.9. Competitive landscape, 2016

3.9.1. Company market share analysis, 2016

3.9.1.1. Global

3.9.1.2. Regional

3.9.2. Brand analysis

3.9.3. Key stakeholders

3.9.4. Strategic dashboard

3.10. Porter’s analysis

3.10.1. Supplier power

3.10.2. Buyer power

3.10.3. Threat of new entrants

3.10.4. Threat of substitutes

3.10.5. Industry rivalry

3.11. PESTEL analysis

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With the emergence of new encapsulation technologies and improvement in latent heat storage capacity, phase change materials market is set to witness a transformation of sorts. This is in addition to the efforts being deployed by numerous industry participants to develop new product alternatives to evaluate different phase change temperature options that would aid various business verticals to conserve energy. Endorsed by a lucrative end use landscape, phase change materials market share is certain to grow at an exceptional pace over the next seven years. In fact, as per a report by Global Market Insights, Inc., market is estimated to register an impressive y-o-y growth rate of 15.8% during the forecast timespan.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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