Aug. 20, 2013: Phase Change Materials Market to Reach $1.18 Billion in 2018
Phase Change Materials Capture and Reuse Wasted Ambient Energy
Phase change materials have the ability to capture and reuse wasted ambient energy. Advanced phase change materials (APCMs) have a wide range of applications in industries including building and construction, energy storage, HVAC, and commercial refrigeration. The growth of the construction industry in China, India, and Brazil, coupled with the increased need for energy conservation, is expected to drive APCM demand over the next five years.
However, the hazardous nature of some chemicals used as phase change materials is expected to restrain the growth of the market. Lack of government initiatives and support for the development and implementation of phase change materials is also a challenge faced by APCM manufacturers.
Paraffin-based phase change materials were the largest product segment in 2011, accounting for over 50 percent of global revenue. Bio-based materials are expected to show the fastest growth compared to other sectors owing to a favorable regulatory scenario and increased R&D initiatives.
The construction industry was the largest application segment for the phase change materials market and was valued at over $95 million in 2011. The increasing need for energy efficient buildings and rapid construction activities in emerging economies is expected to drive the growth of the APCMs market over the forecast period.
Europe was the largest market for phase change materials followed by North America with each region accounting for over 30 percent of the revenue in 2011. Increased awareness and need for energy conservation and government regulations favoring energy efficiency are expected to drive the market in these regions over the next six years.
Publication date: 8/19/2013
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