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Phase Change Materials Market Statistics: 2019-2024 Share by Product, Application & End User

Author : Rahul Varpe | Published Date : 2019-07-08 

Textiles industry shall be a growing end-user segment in phase change materials market with a promising CAGR over the coming years. The product uses latent heat which can be conserved or released from material over broad range of temperature. Additionally, this product can transform its existing state with some temperature change. Lately, the integration of phase change materials in textile industry through encapsulation or coating for making regulated smart textiles has grabbed researchers' attention worldwide.

Eutectic phase change materials provide combination of organic as well as inorganic ingredients properties which can thereby, customized and utilized as per application and end-user requirements. This product segment will witness significant attention in phase change materials market during the forecast timeframe. Bio-based PCM is gradually establishing its demand amongst packaging and textile manufacturers throughout the globe. These are generally vegetable based and offer numerous environmental, safety and social benefits.

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According to a new research report by Global Market Insights. Phase Change Materials Market is forecast to exceed USD 4 billion.

Phase change materials (PCM) market is expected to experience exponential growth over the forecast duration. This substantial growth is owing to the rising awareness on reduction of greenhouse gases and thus minimizing global warming impact. The increasing demand for energy in combination with a rising awareness for environmental impact have encouraged the development of sustainable energy sources, including materials for energy storage. Latent heat thermal energy storage with using phase change material have become an area of great interest. It is a reliable and efficient way to reduce energy consumption. These materials have applications in cold storage, comfort temperature regulation and overheat protection.

Due to lack of knowledge and awareness regarding the advantages and use of phase change materials, only a few products have made it to the market. These materials can be incorporated into materials including gypsum, concrete, plaster and wallboard. A major obstacle to use of PCMs is their packaging, cost and knowledge and among potential customer and user communities.

North America shall grow at substantial rate during the forecast timespan. This region has switched to cutting-edge technology for construction activities which lead to optimum resource management as well as energy saving, both of which are perfectly provided by phase change materials. The product contributes up to excellent standards in energy conservation, ultimately resulting in reduction in carbon footprint.

The PCM market is varied and includes multinational players and medium scale producers as well. Few major companies functional in this segment are Henkel, BASF SE, Sasol, Entropy Solutions, Phase Change Products, Dow Chemical and Laird PLC. 

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Companies have different business models regarding handling of raw materials and distribution of phase change materials Distribution is generally done through these typical modes such as wholesalers, dealers & distributors, online portals such as Alibaba.com and direct marketing through their official websites. For instance, KraftKolour (Australia) supplies textile industry with Glauber salt PCM. Continuous efforts by companies through research and development activities is well reflected on the number of patents been launched each year.

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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