Global Phase Change Materials Market
Phase Change Material (PCM) Market
The market is expected to witness a CAGR of 19.94% during the forecast period of 2017-2022. The market is estimated to value at USD 963.26 million in 2017 and is projected to reach a value of USD 2406.98 million by 2022. Phase change materials absorb and dissipate heat by phase transfer. They are extensively being used in applications, such as HVAC, refrigeration, building and construction and energy storage, among others. Owing to low competition in the phase change materials market, companies are trying to increase the awareness about advanced PCM products and their advantages.
The global PCM industry is witnessing high growth, owing to the increasing number of applications, technological advancements and growing concerns over environmental regulations for the reduction of greenhouse gas emissions. With the growing global focus on energy conservation, phase change materials are expected to play a pivotal role in the near future. New and better products by suppliers, and improved macro and micro-encapsulation techniques, which eventually decrease the advanced PCM prices, are expected to create new opportunities in the PCM market. The growing construction industry in emerging countries, such as India, Brazil, China, Russia and South Africa is expected to boost the demand for PCM products over the next couple of years. The worldwide demand for high performance (efficient) materials is driving the need for R&D in the PCM market. Product development is the preferred strategy adopted by major players. With the introduction of new products, companies can widen or even generate new markets for advanced PCMs.
Organic Phase change materials form the largest segment in the market with a share of XX%, although bio-based materials is the fastest growing segment with a CAGR of X.X% during the forecast period of 2017-2022. Building & Construction forms the largest end-user industry for PCM market with a share of XX%. The market has been geographically segmented on the basis of consumption into Asia-Pacific, North America, Europe and Rest of the World. The regions have further been bifurcated into countries. Europe is the current market leader for PCM, and is expected to grow at a CAGR of X.X% during the forecast period. Germany led the market in the aforementioned region in 2016. Further, Europe is expected to witness the highest growth during the forecast period. North America ranks second in terms of market size. Below sample figure signifies the share of each end user industry in Global phase change material market, in 2016:
Opportunities & Major Players
The global PCM market has attracted various R&D initiatives, which have led to the adoption of several technologies, such as microencapsulation and molecular encapsulation. These technologies promote better integration of PCMs in the end products. Some of the major companies and vendors included in the phase change material market report are:
Key Deliverables in the Study
Market analysis for the global phase change material market, with region specific assessments and competition analysis on regional scales
Market definition along with the identification of factors instrumental in changing the market scenarios and prospective opportunities
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global phase change material market on and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
IBM scientists in Aug, 2016 claimed to have used phase change materials to create artificial spiking neurons which opens up possibilities of building neural network for use in AI. There has been a lot of research going using PCM materials in recent times which will lead to future applications