The Global Phase Change Materials Market is expected to register over 16% CAGR during the review period.
Phase
Change Materials (PCMs) are known as thermal energy storage materials
being widely used as a reliable source of energy to maintain required
temperatures in a broad range of end-use industries. These materials
change state from a solid to a liquid or from a liquid to a solid. The
growth of phase change materials market is primarily driven by rising
demand for energy-efficient construction materials in the building and
construction industry.
Market Segmentation
The global Phase Change Materials Market Analysis has been categorized based on type, application, and region.
The
types of phase change materials studied are organic and inorganic. The
organic phase change materials segment has been further sub-segmented
into paraffin and bio-based compounds, and the inorganic phase change
materials segment has been divided into salt hydrates, metallic, and
others.
The
inorganic segment accounted for the largest share of the global phase
change materials market in 2018 and likely to register a healthy CAGR
during the review period. The growth of the segment is attributed to the
widespread use of salt hydrates in the end-use industries owing to the
superior properties such as high thermal conductivity, non-flammability,
high heat of fusion, and low cost. The demand for organic phase change
materials, particularly fatty acids, is likely to increase a significant
rate during the assessment period on account of the growing preference
for environment-friendly materials worldwide.
The
application segments included under the scope of the global market are
building & construction, HVAC, packaging, cold chain
transportation/storage, thermal energy storage (TES), refrigeration
& equipment, textiles, electronics, automotive, and others. The
building & construction segment held the dominant share of the
global phase change materials market in 2018 and is likely to register a
healthy CAGR during the review period. The increasing demand for
energy-efficient construction materials to reduce energy consumption by
buildings coupled with an increase in residential and commercial
construction worldwide is driving the market growth. The demand for
phase change materials is likely to increase at a significant rate from
the electrical & electronics and textile industry. PCMs are being
widely used in thermal energy storage systems to store energy and use as
when required for cooling or heating purpose.
Regional Analysis
The
geographies analyzed under the scope of the global phase change
materials market are North America, Europe, Asia-Pacific, Latin America,
and the Middle East & Africa.
The
market in Europe accounted for the largest share of the global PCM
market on account of rapid increase in residential construction to meet
the growing demand for energy-efficient buildings and modern
infrastructure.
The
market in North America is expected to witness healthy growth account
of rapid increase in residential construction. Established presence of
industries such as automotive, packaging, and electrical &
electronics is also expected to support the regional market growth.
The
Asia-Pacific market is growing at a significant rate owing to expanding
end-use industries in developing nations such as India and Southeast
Asian nations. Increasing construction activities in the region for
infrastructural development coupled with growing urbanization is
expected to fuel the demand for phase change materials in the region.
Latin
America and the Middle East and African markets are expected to drive
the market growth due to increasing residential construction activities
coupled with changing living standards and increasing urbanization.
Competitive Analysis
Some of the key players in the global phase change materials are Global-E-Systems
Europe B.V. (Netherlands), PCM Products Ltd (UK), Henkel AG & Co.
KGaA (Germany), Croda International Plc (UK), Laird (UK), Cryopak, A TCP
Company (US), Phase Change Energy Solutions Inc. (US), PURETEMP LLC
(US), Microtek Laboratories, Inc. (US), Honeywell International Inc.
(US), Cold Chain Technologies (US), Sasol Limited (South Africa), Salca
BV (Netherlands), and Climator Sweden AB (Sweden).
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