Phase Change Materials MarketOverview:
According to the International Energy Organization (IEA), heat attributes to the largest energy end-use that accounts for more than 50% of the total energy consumption. Moreover, global energy usage has in 2018 was gauged to twice than that in 2010. With the increasing consumption of energy and the foreseeable requirement for the future, it has become imperative for the world to find solutions in order to save or store the energy that is liberated in various operations. This is creating a myriad of opportunities for the vendors in the phase change materials market that had a market size of $520 million as of 2018. Furthermore, the anticipated demand for energy storage in several sectors will lead to an augmented demand for phase change materials, and this demand is projected to increase with a substantial compound annual growth rate (CAGR) of 19% during the forecast period of 2019 to 2025.
The International Finance Corporation (IFC) estimates that Europe in association with Central Asia will be installing 31.1 GW of new energy storage capacity by 2025, and 2.3 GW was already estimated in 2016. While this is creating a significant surge in the sales of phase change materials in Europe, the fact that Europe is also one of the dominating regions in the HVAC market is further flourishing the phase change materials market in the region. Europe was the largest regional marketplace for phase change materials with a market share of 33% in 2018.
Phase Change Materials Market Outlook:
Phase change materials that include organic paraffin or carbohydrates and inorganic salt hydrates have a high heat of fusion and can store latent heat. These materials find applications in building & construction, energy storage, HVAC, and shipping & transportation.
Due to a tangible growth in the building and construction sector across the globe, the key application of phase change materials is found to be in the same, which is estimated to grow with a steady CAGR of 5% through to 2025.
Phase Change Materials Market Growth Drivers:
- The Catapulting Construction Growth Across the Globe –
According to the Global Alliance for Buildings and Construction, the global buildings and construction industry accounts for 36% of global final energy use, and the progression to achieve the sustainable development goals (SDGs) of the United Nations (UN) will lead to more construction, and the energy intensity per square meter in the buildings will need to improve by 30% by 2030. In order to suffice the energy requirement and increase efficiency, it will be necessary to use phase change materials to store some of the energy that is used during the construction. The growth in the buildings and construction sector coupled with the demand for energy storage will largely support the phase change materials market.
- The Increasing Shipping & Transportation of Food Products –
There is a growth in shipping & transportation of food products that are required to be stored in the cold temperatures, which is raising the demand for phase change materials that can maintain the package temperature by changing their phase from liquid to solid and vice versa when required.
- The Application In the Textile Sector –
Apparels is one of the main application sectors for the phase change materials market. Phase change materials are found to influence micro-climate between the skin and the apparel product. The average human body temperature which is 36.6 degree Celsius which is maintained by the phase change materials. There is a shift in the textile sector with an amplified demand for the apparels which is chiefly sustaining the market.
Phase Change Materials Market Trends –
- Eutectic Phase Change Materials – These materials are a combination of the properties of organic and inorganic ingredients. They can be customized and utilized as per the requirement. Due to increased demand for customization, eutectic phase change materials will observe a definite growth in the future.
- Green Building Construction – The future foresees building envelopes with high thermal inertia for better energy-efficiency. The incorporation of phase change materials in the building envelopes is rapidly replacing conventional construction techniques, which is disrupting the market.
Phase Change Materials Market Challenges –
The major challenges in the phase change materials market are material compatibility, cost, and availability, which is dwarfing the market size. Furthermore, the manufacturers of PCM packaging are struggling to provide leak-proof materials. However, the water-based phase change materials are fulfilling the requirement. Moreover, there are investments made in R&D sector to improve the quality of PCM for better energy-efficiency.
Phase Change Materials Market Key Players Perspective –
The major players crusading for the phase change materials market share are Henkel, BASF SE, Sasol, Laird Plc, Croda, Dow Chemical Company, Phase Change Product Pty Ltd., Cryopak, Climator Sweden, Outlast Technologies, Rubitherm Technologies, and PCM Energy.
Phase Change Materials Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the phase change materials market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The report analyses PCMs on the basis of type that include inorganic, organic, eutectics, and others.
Phase Change Materials Market Report: Industry Coverage
This reports provides a detailed peek into the application areas that include building & construction, energy storage, HVAC, shipping & transportation, commercial refrigeration, and others.
The phase change materials market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
The global Phase Change Materials Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the phase change materials market include Phase Change Products Pty Ltd., Henkel, Cryopak, BASF SE, Entropy Solutions LLC, Laird Plc, Sasol, The Dow Chemical Company, and Croda International Plc.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Phase Change Materials Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/phase-change-materials-market/download-sampleMarket DynamicsThe changing climate conditions and the growing need to reduce energy consumption, especially in the residential sectors, will be the central stimulants for market growth.
The increased use of PCM in thermal regulation of electronics, heating pads, home furnishings, cooling for telephone switching boxes, and clothing will benefit market growth.
The development of vegetable-based phase change materials that provide additional safety and environmental benefits will be a market booster.
