DALLAS — The global advanced phase change material (PCM) market is forecast to be worth $1.47 billion by 2019, according to a new report published by MarketsandMarkets.
Building and construction, HVAC, and shipping, packaging, and transportation collectively accounted for more than 55 percent share in terms of value in 2013. Energy savings, environmental friendliness, and a wide range of applications are the key growth drivers for the advanced PCM market, says the report. Advanced PCM usage in a particular application and its commercialization depends upon the availability of the right grade, quality, and price. The PCM market has huge potential which can be attained with reduction in the cost of PCM as well as with advancements in macro and micro-encapsulation techniques, the report notes. Currently, applications such as thermal energy storage have limited commercialization but possess significant potential for growth.
Inorganic PCM had the largest market share in terms of volume in 2013 while organic PCM had the major market share in terms of value. This is due to organic PCM being more expensive than inorganic PCM. Demand from HVAC, cold chain, and thermal energy storage applications is projected to continue to drive growth in this segment. Bio-based PCM’s are projected to have a higher growth rate between 2014 and 2019 due to better performance characteristics, longer life cycles, and regulations in Europe and the Americas.
Europe accounts for the major share of the global advanced PCM market and is also projected to have the highest compound annual growth rate (CAGR) between 2014 and 2019. This is because of the energy efficiency regulations in effect in the region. The Americas are the second largest market for advanced PCM followed closely by Asia-Pacific. Asia-Pacific has developed as an emerging market for advanced PCM and is projected to have high growth from 2014 to 2019.
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Publication date: 12/29/2014