The Phase Change Material market is expected to grow at a CAGR of 15.9 % to reach 479.9 million in 2030.
Phase Change material (PCM) is a substance material with a high heat of fusion which, melting and solidifying at a certain temperature, is capable of storing and releasing energy in large amount. The PCM’s are classified as latent heat storage (LHS) units as the heat is absorbed or released when the material changes from solid to liquid or vice-versa. The PCM’s are increasingly used in the logistics and cold chain, electronic applications, buildings textiles and others. Temperature controlled packaging based on PCMs is used for transporting life-saving drugs and pharmaceuticals and perishable foods. This is uplifting the market of the PCM’s.
Phase change material can be assimilated economically into construction materials. The benefits of PCMs over thermal massive material, is that they are almost lighter and able to bank large amount of heat per unit volume. Moreover, they can be easily installed to upscale the thermal mass of lightweight structures. It can be manageable setting the thermal performance of the ventilation systems by adjusting lower cooling or heating energy consumption. Geographically, Europe is experiencing a confident growth in the demand owing to an increase in investment and the reviving construction industry in the region.
Asia-Pacific holds the largest market share in the construction sector in the world. Infrastructure construction activities is one of the major driver in Asia-Pacific construction industry. The emergence of major construction players from China has fueled the industrial growth in the market. Indonesia, China, Singapore, Malaysia, and South Korea have owned the tag of becoming the efficient market players and hosts to numerous international events. However, due to the high demand of construction and luxury infrastructure, the move has accelerated the demand for shopping malls, arenas, stadiums, hotels and buildings. Moreover, on the other side of the market, the phase change material industry is gradually developing in the countries textile industry. However, this result to expect the confident growth of the phase change material market during the forecast period.
Leading players of the global phase change material market include BASF, Honeywell, Laird PLC., Croda International PLC., Entropy Solutions LLC, Henkel AG & Company, KGaA, Cryopak, Microtek Laboratories Inc., Phase Change Energy Solutions Inc., Rubitherm Technologies GmbH, Outlast Technologies LLC, DOW Corning Corporation, and Chemours Company. There are a few existing players in the advanced phase change material (pcm) market named Phase Change Materials Products Ltd., Ciat Group, Emco Klimatechnik Gmbh & Co., Rgees LLC., Ewald Dorken AG, Laird PLC, Datum Phase Change Ltd., Rubitherm Technologies GmbH, Climator Sweden AB, and more others.
The PCM market is significantly segmented into several types, applications, and regions. On the basis of type, the market is divided into organic, inorganic, and bio based. Furthermore, the applications is segmented into building & construction, refrigeration, electronics, textiles, and others. Based on the region the market is widely divided in United States, Europe, China, Japan, South Korea, and others.
Key Segmentation of the global phase change material
The Market is segmented as:
- Bio Based
- Building and Construction
- United states
- South Korea
What to expect from the upcoming report on ‘Global Phase Change Material market’:
- Global phase change material market analysis about future prospects as well as trends market over the forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing as well as developed economies.
- Supportive initiatives by government likely to influence the market dynamics.
- Key drivers influencing market’s growth, opportunities, restraints, sales channels and distributors.
- In-depth analysis of different market segmentations including regional segmentations, nature, applications and end-users.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.