Phase Change Materials Market growing at 15.8% CAGR up to 2024
Date: 2018-10-18   Author: Rahul Varpe  Category: #market

Phase Change Materials Market growing at 15.8% CAGR up to 2024

The rising efforts of regulatory bodies toward curbing greenhouse gas emissions has resulted into significant phase change materials market growth in the recent years. The idea to make use of PCMs for storing thermal energy, according to experts, thrived successfully on account of the materials ability to utilize latent heat of phase change to control temperature within a set range. 

On these grounds, PCMs have witnessed extensive demand from the HVAC, chemical, packaging, textiles, and the most prominent building & construction sectors where they are being used for stabilizing temperature and for storing heat. Reports reveal that use of PCMs in these aforementioned applications will lead to reduced use of coolers & heaters, in turn, reducing energy consumption.

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According to the IEA (International Energy Agency) global energy consumption has raised by two folds within the timespan from 1973 to 2012, that recorded energy of approximately 8,500 million tons of oil equivalent. This significant rise in energy consumption parallelly resulted into increase in GHG emission by 7.7% as recorded from 1990 to 2014. Further analyzing, the data stands as a token to the growing necessity for deploying more environment-friendly technologies and gadgets that would possibly reduce harmful emissions and save energy. 

Analysts deem this trend to have had a profound impact on the phase change materials market expansion in the recent years. Not only this, the use of PCMs in end-use segments such as the HVAC and building & construction have led the companies to earn over 10 to 20 times of carbon credits as compared to other greener insulating materials – a fact further adding fuel to phase change materials market growth in the years ahead.

Considering the installation of PCMs at an unprecedented rate by the building & construction sector, it is quite pivotal for the potential stakeholders to take note of this burgeoning business segment. According to a reliable research report, the opportunities for energy savings and GHG emission reduction by implementing PCMs in thermal energy storage systems are at their very pinnacle. In fact, in findings it was concluded that over 3% of total CO2 emissions by fuel by 2020 could be significantly reduced with phase change materials application in building & construction for cooling/heating. 

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Analysts claim this trend to take a prominent shape in the European countries – chiefly on the grounds of stringent regulations toward lowering GHG emissions & curtailing carbon footprints. Thus, it wouldn’t be wrong to say that the building & construction sector will stand as one of the most lucrative growth grounds for phase change materials industry space.

Endorsed by such profitable end-use landscape, the phase change materials market is further likely to witness intensive R&D strategies to develop new product alternatives that can prove beneficial in energy conservation. An instance substantiating the same is of Vesl LLC which launched encapsulated PureTemp phase change materials in partnership with a biobased specialty chemical company Entropy Solutions. 

The product is 100% environment-friendly and operates in wide range of temperatures as well as application spectrum. Other innovative solutions that are likely to bag lucrative proceeds for the duo comprise BlockVesl, MicroVesl, and MacroVesl. Industry experts speculate that with such high-end solutions being brought forth rapidly in the phase change materials industry, it is rather overt for the business space to tread along profitable roadmap in the coming years.

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A presumption validating the same is a report compiled by Global Market Insights, Inc., that claims global phase change materials market to become a massive 4-billion-dollar industry by 2024 with an y-o-y growth rate of 15.8% over 2017-2024.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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