Phase Change Materials Market growing at 15.8% CAGR up to 2024
Date: 2018-11-14   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. 

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Salt hydrates will be fastest growing product segment of phase change materials market in the coming years. Hydrated salts comprise of an alloy of inorganic salts and water. These are cost-effective and are easily available in market. Desirable properties of salt hydrates to be used as a phase change material include higher thermal conductivity than paraffins and non-paraffins and small volume change. Bio-based phase change materials is increasingly grabbing attention of textile and packaging manufacturers across the globe. These are mostly vegetable based and provide several social, environmental and safety benefits.

According to a new research report by Global Market Insights, Inc. Phase Change Materials Market size is forecast to exceed USD 4 billion by 2024

Global drivers are 

•    Regulations regarding minimizing greenhouse gas emission
•    Advancements in macro and micro encapsulation technologies
•    Growing popularity of bio-based phase change materials
•    Increasing product acceptance in textile industry

Regional drivers are 

•    Growing building & construction industry in Asia Pacific
•    Advanced construction practices in North America
•    Rising demand for heating, ventilation and air conditioning systems in Europe and North America

Textiles segment will be growing at substantial CAGR in PCM market over the next few years. The product was initially incorporated in spacesuits by NASA for their astronauts. Phase change materials used in this industry are combination of various types of paraffins each having different crystallization and melting points. The product is enclosed in microcapsules for leakage prevention in its liquid state. HVAC is an important end-user segment of phase change materials market and shall expand at a significant growth rate in North America and Europe during the forecast timeframe.

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North America and Europe will be growing at prominent rates during the forecast period. Most of the countries in these regions have adopted advanced construction practices which utilize products such as phase change materials to improve the overall energy efficiency of structures. This contributes well in energy saving and ultimately aids in carbon footprint reduction. Phase change materials will experience surged demand in these regions over the forecast duration.

Phase change materials (PCM) market is poised to witness substantial growth rate during the forecast period. This exponential growth can be attributed to increasing global emphasis on reduction of greenhouse gases. According to International Energy Agency, global energy consumption increased twice from 1973 to 2012, reaching to approximately 8,500 Mtoe (million tons of oil equivalent). This has led to increase in greenhouse gas emissions by 7.7% from 1990 to 2014.

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Thus, there is a pressing need for energy saving and corresponding hazardous gas emission. To achieve this objective new environmental friendly technologies and gadgets are required. PCMs utilize latent heat of phase change for controlling temperature within a set range. Use of PCMs in as many applications as possible will reduce the demand for coolers and heaters and subsequently reduce energy consumption. By incorporating phase change materials in applications such as building and construction, and HVAC, companies can earn 10-20 times more carbon credits compared to other greener insulating materials.
 



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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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