November 19, 2018: The global phase change materials industry is subject to witness a substantial growth over the forecast period due to the increasing need to preserve energy across various industries and sector around the globe. Additionally, strict laws and regulations enforced by local governments in both developing and developed economies in regards to limit greenhouse gases emission is expected to boost market growth over the forecast period.
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Increasing consummation of the advanced phase change materials is critical for reducing overall energy demand up to fifty percent, thereby diving the growth of phase change materials industry, in the recent years. However, factors such as higher prices in comparison with their counterparts, and lack of awareness among the consumers in underdeveloped economies are predicted to negatively affect market growth in the upcoming years to a certain extent.
Phase change materials (PCM) are a type of materials that stores and discharges energy as their change states with the help of external stimuli. Change of the state for phase change materials (PCM) is characterized as solid form to liquid form or solid to gas form and vice versa. The phase change materials (PCM) are commonly found in crystalline and amorphous structure. Growing focus towards finding ideal substitute for traditional resources along with the increasing demand for energy efficient solutions are complementing market growth in the recent years.
Phase change materials encompass a unique structural combination due to which these materials possess advanced capabilities such as energy storage and energy discharge at high speeds. As per the energy requirements, the phase change materials (PCM) are converted from solid to liquid form or liquid to solid form.
Increasing number of initiatives undertaken by regional governments by both developed and developing economies across the globe for energy conservation are driving demand for phase change materials in the last few years. Phase change materials (PCM) are widely utilized in applications such as heating, ventilation, air conditioning (HVAC), refrigeration solutions, building & construction industry, and energy conservation applications.
Substantial growth in building & construction sector in BRICS economies such as such as India, Brazil, China, Russia and South Africa are predicted to drive market expansion. Additionally, advanced phase change materials (PCM) offer high heat storage capacity in comparison with traditional materials, and widely adopted in energy efficient buildings.
Paraffin waxes is considered as one of the fastest growing segment in the phase change materials industry with substantial revenue generation in the last couple of years. Growing popularity of the paraffin waxes market segment is credited to their wide usage building & construction industry and heating, ventilation, and air conditioning (HVAC) systems.
Other factors driving growth of the paraffin waxes market segment are lower cost and ease of operation. Salt hydrate market segment has also witnessed substantial growth in the recent years owing to their growing demand for applications requiring high melting points and enthalpy with wide operating range.
The phase change materials industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the chemical industry, increase in the number of applications for HVAC and energy storage, and existence of well-established industrial infrastructure. European region is predicted to hold major market share in the phase change materials industry with massive growth in forecast period.
Countries such as U.K, Germany and France are leading the European market with rise in the rules and regulation to limit greenhouse gas emission by regional governments, increase in number of initiatives undertaken by private firms to improve energy efficiency, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the phase change materials industry are Honeywell International Inc., Advansa Pty. Ltd., Outlast Technologies LLC, The Dow Building Solutions, BASF Co., and E. I. du Pont de Nemours and Company.
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