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Phase Change Materials Market 2019 – 2024 | Growth Analysis by Trend, Competitive Landscape and Regions

Author : Rahul Varpe | Published Date : 2019-05-02 

Global Market Insights provides a detailed overview of Phase Change Materials market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Phase Change Materials market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

Phase Change Materials Market in 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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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.

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.

Salt hydrates will be fastest growing product segment of phase change materials market in the coming years. Hydrated salts comprise of an alloy of inorganic salts and water. These are cost-effective and are easily available in market. Desirable properties of salt hydrates to be used as a phase change material include higher thermal conductivity than paraffins and non-paraffins and small volume change. Bio-based phase change materials is increasingly grabbing attention of textile and packaging manufacturers across the globe. These are mostly vegetable based and provide several social, environmental and safety benefits.

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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.

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
  • 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.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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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