The global phase change material (PCM) market is expected to witness a CAGR of 19.9% during the forecast period of (2017 - 2022). The market was valued at USD XX million in 2015 and is projected to reach a value of USD 1,674.29 million by 2020.
Phase change materials absorb and dissipate heat by phase transfer. The global PCM industry is witnessing high growth on account of the increasing number of applications, technological advancements, and growing concerns over environmental regulations for the 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 extensively being used in applications such as HVAC, refrigeration, building and construction and energy storage, among others.
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Owing to low competition in the phase change materials market, instead of competing, companies are trying to increase the awareness about advanced PCM products and their advantages; this remains to be the major challenge. New product development is the preferred strategy adopted by major players.
With new products, companies can widen or even generate new markets for advanced PCMs.
Europe is the largest market for the PCMs, which is expected to witness the highest growth during the forecast period. North America ranks second in terms of market size, closely followed by the Asia-Pacific.
New and better products by suppliers, and improved macro and micro-encapsulation techniques, which eventually decrease the advanced PCM prices, are expected to create new opportunities in the PCM market.
The growing construction industry in emerging countries such as India, Brazil, China, Russia and South Africa is expected to boost the demand for the PCM products over the next couple of years. The worldwide demand for high performance (efficient) materials is driving the demand for R&D in the PCM market.
This has attracted various R&D initiatives, leading to the adoption of several technologies such as microencapsulation and molecular encapsulation, for better integration of PCMs in the end products.
Some of the major companies and vendors included in the phase change material market report are BASF, Rubitherm Technologies, Entropy Solutions Inc., DuPont, Pluss Polymers, Phase Change Energy Solutions and Dow Corning among others.
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Key Deliverables in the Study
Market analysis for the Global Phase Change Materials Market, with global and regional specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the Global Phase Change Materials market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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