Phase Change Material Market Forecast to Reach $1.67 Billion by 2020
Applications include HVAC, refrigeration, building and construction, and energy storage
NEW YORK — The global phase change material (PCM) market was valued at $563.5 million in 2014 and is expected to reach $1.67 billion by 2020, showing a compound annual growth rate of 19.9 percent, according to a report from Mordor Intelligence LLP.
The global PCM industry is witnessing high growth due to increasing applications, technological advancements, and growing concern over environmental regulations on reduction of greenhouse gas emissions. With the growing global focus on energy conservation, phase change materials are expected to play a pivotal role in the near future. They are being used in such applications as HVAC, refrigeration, building and construction, and energy storage, among others.