The latest report by IMARC Group, titled “Advanced Phase Change Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global advanced phase change materials market reached a value of US$ 1,055 Million in 2018. Phase change materials (PCMs) refer to the materials which, owing to their unique structure, can absorb, store and release large amounts of energy during phase transition. They release energy in the form of latent heat when they freeze and absorb a large amount of heat from the environment while melting. This latent heat transition can be achieved during different stages of phase change including solid-gas, solid-solid, liquid-gas and solid-liquid. These materials can increase the efficiency of renewable energy by storing excess energy for later use. They also have the potential to reduce energy demand through passive thermal regulation.
On account of rapid urbanization, inflating disposable incomes and population growth, the building and construction industry has been flourishing, especially across the developing economies. Significant rise in the number of construction activities is driving the demand for advanced PCMs since they have a high heat storage capacity. In addition to this, escalating demand for economical methods for enhancing the thermal efficiency of building structures is another major growth-inducing factor. Moreover, the increasing adoption of green construction owing to rising environmental concerns is also bolstering the sales of these materials. Apart from this, a trend of utilizing energy judiciously has been witnessed on a global level. Since these PCMs aid in conserving energy, they are widely being used in applications such as heating, ventilation and air conditioning (HVAC), refrigeration and energy storage. Further, newly-launched innovative variants such as vegetable-based PCMs are gaining rapid popularity due to their non-toxic and eco-friendly nature. On account of the aforementioned factors, the advanced phase change materials market size is expected to reach US$ 2,736 Million by 2024, expanding at a CAGR of around 17% during 2019-2024.
- On the basis of the type, the market has been divided into organic, inorganic and bio-based PCMs. Amongst these, organic PCM represents the most preferred type.
- Based on the form, the market is bifurcated into encapsulated and non-encapsulated PCMs. Currently, encapsulated PCMs account for the majority of the market share.
- On the basis of the application, the market has been categorized into building and construction, packaging, HVAC, textiles, electronics and others. Presently, the building and construction sector holds the dominant market share.
- On the geographical front, Europe holds the leading position in the market. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with some of the key players operating in the market 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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