This can be mainly associated with the increasing demand for advanced PCM (phase change materials) along with an emerging awareness towards lowering the greenhouse gas emissions, a rising demand for renewable sources of energy and strict building codes. Rising urbanization is also a notable driver for the market. Also, factors such as increasing awareness for energy conservation, emerging technological developments are expected to stimulate the market growth further.
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Advanced PCM (Phase Change Materials) are materials that can release or store energy during state change. Heat can be stored and released as and when the elements change state from solid to liquid or gas and vice versa. Decreased dependency on conventional resources copulated with the demand for energy efficiency; phase change materials have an essential role in the future. Phase change materials have a different structural combination, with this unique structure, these materials can store and release energy. It can either be converted from liquid to solid or solid to liquid depending on the demand and the material that is used during the conversion process.
Europe accounts for the largest market share of 22.70% in 2018. It is valued at USD 245.7 Million in 2018 and is estimated to reach USD 855.8 Million by 2026 at a CAGR of 15.0% during the forecast period. With a growing global focus on energy conservation, phase change materials are expected to play a pivotal role shortly. They are extensively used in the applications of refrigeration, HVAC, building and construction, and energy storage.
Further key findings from the report suggest
- Phase change materials can be utilized for thermal energy storage, allowing the temporary storage of low- or high-temperature energy for next use. By allowing a range of thermal management solutions, PCMs promote the ability to handle demand between energy demands and usage. These materials can store and release thermal energy from one phase to another. When materials freeze, a considerable amount of energy is released as potential heat fusion or energy of crystallization. Similarly, energy is absorbed from the environment as solids melt into a liquid.
- Based on form, the market has been categorized as encapsulated and non-encapsulated. The encapsulated PCM form accounts for the largest market share of 58.88% in 2018. It is valued at USD 637.4 Million in 2018 and is estimated to reach USD 2.21 Billion by 2026 at a CAGR of 15.0% during the forecast period.
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- The building and construction market is valued at USD 425.4 Million in 2018 and is estimated to reach USD 1.48 billion by 2026 at a CAGR of 15.0% during the forecast period.
- By Product, the Advanced Phase Change Material Market is segmented into organic PCM, inorganic PCM and bio-based PCM. Heterogeneous catalysts are solids and can also be added into solid or liquid reaction mixtures. The demand for organic PCM is expected to grow at a CAGR of 15.0% during the forecast period and accounts for the largest market share of 37.50% in 2018.
- These are favored in applications demanding high melting points, and enthalpy as these materials has full working range. However, salt hydrates tend to split into salt and hydrates and so are not possible for applications where it might come in contact with water or other chemicals.
- Various emerging and leading players are launching extensive and advanced solutions with a move to consolidate their shares in various regions.
- Other regions such as APAC are estimated to reach USD 799.5 Million by 2026 at a CAGR of 15.1%, during the forecast period.
- The market players are primarily focused on developing new technologies to meet the requirements of users. Various companies are also involved in numerous merger & acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- North America accounts for a Market share of 20.20% in 2018 and is estimated to reach USD 758.2 Million by 2026.
- Key participants include Sonoco Products Company, BASF SE, Outlast Technologies LLC., Entropy Solutions, Advansa B.V., E. I., Cryopak Inc., Phase Change Energy Solutions, Microtek Laboratories, Inc., Du Pont De Nemours And Company and Pluss Advanced Technologies Pvt. Ltd
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For the purpose of this report, Reports and Data have segmented global Advanced Phase Change Material Market on the basis of Product, Type, Application, and region:
Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Organic PCM
- Inorganic PCM
- Bio-based PCM
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- Building & Construction
- Energy Storage
- Shipping & Transportation
Regional Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- South-east Asia
- Latin America