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Phase Change Materials Market, Will Witness Tremendous Growth Over the Forecast Timeframe

Author : Rahul Varpe | Published Date : 2019-06-19 

Global Market Insights has added a new report on Phase Change Materials Market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape Industry in tandem with its competitive terrain.

Phase change materials (PCM) market is poised to witness substantial growth rate during the forecast period. This exponential growth can be attributed to increasing global emphasis on reduction of greenhouse gases. According to International Energy Agency, global energy consumption increased twice from 1973 to 2012, reaching to approximately 8,500 Mtoe (million tons of oil equivalent). This has led to increase in greenhouse gas emissions by 7.7% from 1990 to 2014. 

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Thus, there is a pressing need for energy saving and corresponding hazardous gas emission. To achieve this objective new environmental friendly technologies and gadgets are required. PCMs utilize latent heat of phase change for controlling temperature within a set range. Use of PCMs in as many applications as possible will reduce the demand for coolers and heaters and subsequently reduce energy consumption. By incorporating phase change materials in applications such as building and construction, and HVAC, companies can earn 10-20 times more carbon credits compared to other greener insulating materials.

Textiles segment will be growing at substantial CAGR in PCM market over the next few years. The product was initially incorporated in spacesuits by NASA for their astronauts. Phase change materials used in this industry are combination of various types of paraffins each having different crystallization and melting points. The product is enclosed in microcapsules for leakage prevention in its liquid state. HVAC is an important end-user segment of phase change materials market and shall expand at a significant growth rate in North America and Europe during the forecast timeframe.
 
North America and Europe will be growing at prominent rates during the forecast period. Most of the countries in these regions have adopted advanced construction practices which utilize products such as phase change materials to improve the overall energy efficiency of structures. This contributes well in energy saving and ultimately aids in carbon footprint reduction. Phase change materials will experience surged demand in these regions over the forecast duration.

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The phase change materials market is diverse which includes small to medium scale and multinational players as well. This market space has some major names including Henkel, BASF SE, Phase Change Products Pty Ltd., Sasol, Laird PLC, Entropy Solutions, Croda and The Dow Chemical Company. This industry has companies with forward as well as backward integration of resources. For instance, RGEES LLC produces phase change materials and uses it for thermal shipping and as a cold chain refrigerant for healthcare, pharmaceutical and biosciences industries. Acquisitions and joint ventures were common strategic development tactics among players of phase change materials market.
 

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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