Phase Change Material (PCM) Market Synopsis
The Phase Change Materials Market is expected to register over 16% CAGR during the review period.
Phase Change Materials (PCMs) are known as thermal energy storage materials being widely used as a reliable source of energy to maintain required temperatures in a broad range of end-use industries. These materials change state from a solid to a liquid or from a liquid to a solid. The growth of the phase change materials market is primarily driven by rising demand for energy-efficient construction materials in the building and construction industry.
Some of the key players in the global phase change materials are Global-E-Systems Europe B.V. (Netherlands), PCM Products Ltd (UK), Henkel AG & Co. KGaA (Germany), Croda International Plc (UK), Laird (UK), Cryopak, A TCP Company (US), Phase Change Energy Solutions Inc. (US), PURETEMP LLC (US), Microtek Laboratories, Inc. (US), Honeywell International Inc. (US), Cold Chain Technologies (US), Sasol Limited (South Africa), Salca BV (Netherlands), and Climate Sweden AB (Sweden).
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The global phase change materials market has been categorized based on type, application, and region. The types of phase change materials studied are organic and inorganic. The organic phase change materials segment has been further sub-segmented into paraffin and bio-based compounds, and the inorganic phase change materials segment has been divided into salt hydrates, metallic, and others.
The inorganic segment accounted for the largest share of the global phase change materials market in 2018 and likely to register a healthy CAGR during the review period. The growth of the segment is attributed to the widespread use of salt hydrates in the end-use industries owing to the superior properties such as high thermal conductivity, non-flammability, high heat of fusion, and low cost. The demand for organic phase change materials, particularly fatty acids, is likely to increase a significant rate during the assessment period on account of the growing preference for environment-friendly materials worldwide.
The application segments included under the scope of the global market are building & construction, HVAC, packaging, cold chain transportation/storage, thermal energy storage (TES), refrigeration & equipment, textiles, electronics, automotive, and others. The building & construction segment held the dominant share of the global phase change materials market in 2018 and is likely to register a healthy CAGR during the review period. The increasing demand for energy-efficient construction materials to reduce energy consumption by buildings coupled with an increase in residential and commercial construction worldwide is driving the market growth. The demand for phase change materials is likely to increase at a significant rate from the electrical & electronics and textile industry. PCMs are being widely used in thermal energy storage systems to store energy and use as when required for cooling or heating purpose.
The geographies analyzed under the scope of the global phase change materials market are North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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The market in Europe accounted for the largest share of the global PCM market on account of rapid increase in residential construction to meet the growing demand for energy-efficient buildings and modern infrastructure.
The market in North America is expected to witness healthy growth account of rapid increase in residential construction. Established presence of industries such as automotive, packaging, and electrical & electronics is also expected to support the regional market growth.
The Asia-Pacific market is growing at a significant rate owing to expanding end-use industries in developing nations such as India and Southeast Asian nations. Increasing construction activities in the region for infrastructural development coupled with growing urbanization is expected to fuel the demand for phase change materials in the region.
Latin America and the Middle East and African markets are expected to drive the market growth due to increasing residential construction activities coupled with changing living standards and increasing urbanization.