Advanced Phase Change Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The advanced phase change materials market is currently being catalyzed by a rising demand for energy efficient and environment friendly technology. According to IMARC Group, this market reached a value of US$ 847 Million in 2017. Based upon their unique structure, these materials have the ability to absorb, store and release energy during a phase transition. During the energy conversion process, these materials can be converted from liquid to solid or solid to liquid based upon their application. This makes them ideal for a diverse range of end uses which require temperature control. The material, during the transition process, absorbs energy as it changes from a solid to a liquid and releases energy as it changes back to a solid. Advanced PCMs are mainly segmented into organic PCMs, inorganic PCMs, bio-based PCMs and other PCMs, based on the technology of the material used in the application. Organic PCMs are additionally segmented as paraffin and non-paraffin materials, and inorganic PCMs are further categorized in metallic and salt hydrate. Bio-based APCMs are generally extracted from animal fat or plant oil and postures higher biodegradability over others.
The factors driving the demand for advanced phase change materials include an increasing awareness towards reducing greenhouse gas emissions, strict building codes and a rising demand for renewable sources of energy. Additionally, the augmented demand for these materials from the building and construction industry is further fueling the growth of the market. Moreover, due to the adoption of these materials across a diverse range of applications, such as packaging, HVAC, refrigeration, electronics, textiles, etc., the advanced phase change materials market is expected to register continuous growth in the near future. Furthermore, factors such as a growing awareness for energy conservation, continued technological developments and rising levels of urbanization in developing countries are expected to be additional drivers for this market. Looking forward, the market value is projected to exceed US$ 2,118 Million by 2023, exhibiting a CAGR of around 16.5% during 2018-2023.
Based on type, the market has been segmented as organic PCM, inorganic PCM and bio-based PCM. Currently, organic PCM dominate the market, holding the largest share.
Based on form, the market has been segmented as encapsulated and non-encapsulated. Currently, encapsulated PCM dominates the market, holding the largest share.
On the basis of application, the market has been segmented as building and construction, packaging, HVAC, textiles, electronics and others. Currently, building and construction dominate the market, holding the largest share.
Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Europe is the leading market, accounting for the majority of the global share.
The competitive landscape of the market has also been examined with some of the key players 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.
This report provides a deep insight into the global advanced phase change materials market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the advanced phase change materials market in any manner.
Key Questions Answered in This Report:
How has the global advanced phase change materials market performed so far and how will it perform in the coming years?
What are the key regional markets in the global advanced phase change materials industry?
What are the major application segments in the global advanced phase change materials industry?
What are the major forms in the global advanced phase change materials industry?
What are the key product types in the global advanced phase change materials industry?
What are the price trends of advanced phase change materials?
What are the various stages in the value chain of the global advanced phase change materials market?
What are the key driving factors and challenges in the global advanced phase change materials market?
What is the structure of the global advanced phase change materials market and who are the key players?
What is the degree of competition in the global advanced phase change materials market?
How are advanced phase change materials manufactured?