According to IMARC Group, the global advanced phase change materials market size reached US$ 1,475 Million in 2020. Looking forward, the market expects to grow at a CAGR of around 16% during 2021-2026.
Phase change materials (PCMs) have unique structures that enable absorbing, storing and releasing large amounts of energy during a phase transition. They facilitate phase change from liquid to solid or solid to liquid depending upon their application. They aid in releasing energy in the form of latent heat upon freezing, whereas they absorb heat from the environment during the process of melting. They are used to improve the overall efficiency of solar energy systems by storing excess energy for later use. PCMs are also used for a large number of applications that require temperature control.
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Advanced Phase Change Materials Market Trends:
The market is driven by the growing utilization of advanced PCMs in the construction industry. There has been a significant increase in construction activities that utilize these materials for their excellent thermal efficiency and high heat storage capacity. This is supported by the implementation of stringent building codes across the residential and commercial sectors and the shifting preference toward green construction. Technological advancements have led to the development of micro and macro encapsulation for advanced PCMs, which is acting as a major growth-inducing factor. Furthermore, manufacturers are also launching innovative variants in the market that are bio-based and derived from vegetables.
For instance, Phase Change Energy Solutions, a company based out of North Carolina, Unites States, has introduced BioPCM that is produced from sustainably-grown, food-grade by-products that can store large amounts of latent heat at targeted temperatures ranging from -50�C to 175�C. Rising environmental concerns, growing awareness regarding energy conservation and the increasing utilization of non-toxic and non-corrosive PCMs are some of the other factors facilitating the market growth.
Some of the key players being BASF SE (BASFY), Cryopak Industries Inc. (CYKIF) , Entropy Solutions, Honeywell International, Outlast Technologies, Climator, Croda International, PCM Products, Phase Change Energy Solutions, PLUSS Advanced Technologies, RGEES, Rubitherm Technologies, Salca and SGL Group.
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Insights on Market Segmentation:
Breakup by Type:
1. Organic PCM
2. Inorganic PCM
3. Bio-Based PCM
The advanced PCM market has been analyzed on the basis of types which include organic PCM, inorganic PCM and bio-based PCM. Amongst these, organic PCM is the most common type of advanced PCMs.
Breakup by Form:
On the basis of form, the market is categorized into encapsulated and non-encapsulated PCMs. At present, encapsulated PCMs represent the biggest segment.
Breakup by Application:
1. Building and Construction
Based on the various applications of advanced PCMs, the market has been segregated into building and construction, packaging, HVAC, textiles, electronics and others. Amongst these, the building and construction sector exhibits a clear dominance in the market.
Breakup by Region:
2. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On a regional basis, Europe represents the largest market for advanced PCMs, holding the majority of the market share. This is the result of increasing emphasis on energy security along with a growth in the construction industry across the region. Europe is followed by North America, Asia Pacific, Middle East and Africa, and Latin America.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.