Global Phase Change Material Market Forecast 2017 To 2025
The global phase change material market is anticipated to expand $4023.63 Million by 2025, at a CAGR of 20.09% between 2017 and 2025. The base year considered for the market study for the phase change material market is 2016. The forecast period is 2017and 2025. There have been increasing demands from varied applications for phase change material products. The main factor of this demand is the vigilant endeavor amid the globe to conserve energy as fossil fuels are the rapidly diminishing due to uncertain usage. The key factor for the growth of PCM products is the rising construction activities in the emerging nations of India, China, and Brazil. The environment-friendly legislations are consciously being framed by the government of these nations.
The global phase change material market is segmented on the basis of type, application, and geography. The phase change material by type market is further divided into paraffin, salt hydrates, and others. The application segment in the global phase change material market is further classified into building and construction, energy storage, HVAC, textiles, shipping and transportation and other applications. The phase change material market by geography is further bifurcated into North America, Europe, and Asia-Pacific. Energy preservation, reducing the emissions of greenhouse gas, benefits of PCM’s high thermal mass, operation over a long period of time, the extensive sphere of melting temperatures, and dominance on peak load are some of the key factors driving the global phase change material market.
The global phase change material market by geography is segmented into North America, Europe and Asia-Pacific and rest of the world. Europe is the largest market in the phase change material market globally. The major reasons for the market growth in this region are a rise in the awareness in regard to PCM products advantage, stringent government regulations concerning energy reduction and efficiency of greenhouse gasses. North America is the leading market for PCM after Europe. Increasing demand for these products in energy storage and HVAC are encouraging the market growth in this region. The PCM market in Asia-Pacific is estimated to show a steady growth mainly because of rising building and construction industry and rapid urbanization.
Henkel, DuPont BASF, Entropy Solutions, CSafe Global, Outlast Technologies, and Dow Chemicals are some of the major players in the global phase change material market. For almost all the applications exclusive products were launched. Prominent among them were cold storage, textiles, and packaging. The common marketing strategy considered by most of the player in the PCM market to position their products includes advertising them as eco-friendly and economical and energy efficient. Investments, divestments, acquisitions and Joint ventures were the preferred strategies in the PCM market, with the key players integrating with research institutes and universities to evolve new products, raise the latent heat of the product and estimate phase change temperature options.