The stringent building rules in the construction industry that involves the development of energy efficient and sustainable infrastructures are driving the global phase change materials market. As per the recent business intelligence report published by IndustryARC, the global phase change materials market size stood at $920 million as of 2018. And the report has assessed the demands across all segments to collectively grow at an incredible compound annual growth rate (CAGR) of 19% through the forecast period of 2019 to 2025.
The report is titled “Phase Change Materials Market: By Type (Inorganic, Organic, Eutectics and Others), By Application (Building & Construction, Energy Storage, HVAC, Shipping & Transportation, Commercial Refrigeration and Others) and By Geography - Forecast(2019 - 2025).” The report is inclusive of revenue, trends, forecast, demands, and challenges in the global phase change market, aspiring to act as a decision-making tool for its audiences.
Global Phase Change Materials Market: Leading Segment
Europe is the most lucrative region for the global phase change materials market owing to the strict laws imposed by the government on the construction companies. The region is weighed to have grabbed 33% of the total phase change materials market share in 2018. Developed economies are tilted towards sustainable and efficient energy consumption. According to the Energy Union and the Energy and Climate Policy Framework[KK1], the European region has committed to reduce greenhouse gas emissions by at least 40% by 2030. And the application of phase change materials can be engaged to store energy balances over a specific time period.
By application, it is observable that buildings and construction are the most demanding applications in the global phase change materials market. According to the analysts, the opportunities in the application is projected to increase at a healthy CAGR of 5% through to 2025. The construction industry is one of the fastest developing industry and the consistently increasing population will require an abundance of housing capabilities in the future. With such an influx of growing construction the global phase change materials market is estimated to witness tremendous profits in the global phase change materials market.
Global Phase Change Materials Market: Demand Analysis
As per the International Energy Agency[KK2], the global energy production was increased by 49% and CO2 emissions were amplified by 43%. Moreover, the private sector, mainly offices and housing were responsible for 30% to 40% of the total energy consumption in developed countries. The high energy demands are impelled by a global economy that extended by 3.7% in 2018, which is higher than the average annual growth of 3.5% witnessed since 2010. Such propelling demands for energy encouraged the market for phase change material products. Phase change material are ideal alternatives for thermal energy solutions. The phase change material can be used in numerous methods, such as cooling, insulation, and thermal energy storage where coolness or heat can be stored from one period of time or process and it can be utilized at a different location and later date.
Global Phase Change Materials Market Trends
· Advanced phase change materials market has emerged with apparels that are equipped with passive heating and cooling systems. Formula 1 drivers are fond of using such clothing apparels. Driving such massive cars for long hours is excruciating and maintaining an optimum temperature could a tough regime. This is where phase change material cooling and phase change material insulation plays a vital role.
· Transportation of food and beverage items from a location to another location sometimes take more time than expected. Maintaining the quality of the product is a vital pre-requisite for its sales and consumption. Transportation trucks equipped with phase change materials are being employed for the transfer of food products. The flourishing food and beverage industry is projected to induce profits for the phase change materials market in the near future.
Global Phase Change Materials Market: Recent Developments
Some of the key companies identified in the report that are currently holding majority shares in the global phase change materials market are Henkel, BASF SE, Sasol, Laird Plc, Croda, Dow Chemical Company, Phase Change Product Pty Ltd., Cryopak, Climator Sweden, Outlast Technologies, Rubitherm Technologies, and PCM Energy.
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A. Thermal Interface Materials Market
What can you expect from the report?
The phase change materials market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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