Dec. 30, 2014: Advanced Phase Change Material Market Worth $1.47 billion by 2019
Demand from HVAC, Cold Chain, and Thermal Energy Storage Applications Is Projected to Continue to Drive Growth
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.