Phase Change Materials Market to witness steady growth (CAGR) of 20.1% for 2016-2021

The global phase change materials (PCM) market reached $681 million in 2015. This market is expected to increase from $810 million in 2016 to $2.0 billion in 2021 at a compound annual growth rate (CAGR) of 20.1% for 2016-2021.

Report Scope:

This research report incorporates an in-depth analysis of the global PCM market, including market estimates and trends through 2021. This report analyzes market dynamics of such applications across North America, Europe, Asia-Pacific and the rest of the world. Major players, competitive intelligence, innovative technologies, market dynamics and geographic opportunities are discussed in detail. The global PCM market is analyzed for PCMs by type, application and region.

The report also discusses recent corporate developments for the major players, as well as their product portfolios. Patent analysis provides trends over the past two to three years in the U.S., Europe and Japan.

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Report Includes:

– An overview of the global market for phase change materials (PCM), also known as latent heat storage materials, which store and release large amounts of heat or energy while maintaining a constant temperature.
– Analyses of global market trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021.
– Information on the architecture of the latent heat storage materials value chain.
– Details of the drivers and restraints of the market, as well as opportunities in the latent heat storage materials industry.
– Analysis surrounding the types and classifications of latent heat storage materials.
– Profiles of leading companies in the field of phase change materials.

Report Summary

Increasing awareness about energy efficiency, strict government regulations for decreasing greenhouse gas emissions, increasing fuel prices and the need for reduced dependence on conventional resources have all led to increasing use of phase change materials (PCMs). The use of a latent heat storage system using PCMs is an efficient way of storing thermal energy and has the advantages of high-energy storage density and the isothermal nature of the storage process.

PCMs, also called latent thermal storage materials, can store and release large amounts of heat/energy to maintain constant temperature. They differ from insulation materials because, upon reaching the melting point, they change phase. This can be from solid to liquid, in which case they absorb a large amount of energy; alternatively, they can change phase from liquid to solid, releasing energy in the process.

The ability of PCMs to change phase at a given temperature is of tremendous benefit to the increasing demands for energy efficiency and energy savings. Various industries (such as building and construction, transportation and shipping, commercial refrigeration, textiles and packaging) require efficient heating and cooling: PCMs fulfill these requirements. Some PCMs are also biobased and therefore environmentally friendly, and global demand for them is expected to grow significantly. There is an ongoing effort to integrate PCMs in increasingly more energy-hungry applications. However, there is still a need to increase the knowledge of the efficacy of PCM products and the cost savings they bring when used efficiently. The greatest demand is expected to come from Asia-Pacific countries, but the challenge is their lack of awareness about PCM products.

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This report discusses the technical and economic aspects of PCM products. These products are seeing increasing demand in various applications, because there is a worldwide conscious effort to save energy as fossil fuels are rapidly becoming depleted due to indiscriminate use. The nonrenewable fuels also harm the environment, and therefore PCMs are expected to be much in demand as they are environment-friendly and energy-efficient. The PCM products in this report comprise paraffin, salt hydrates and others (including fatty acids and eutectic salts). PCM products have various applications, but the major revenue-generating application at the global level is building and construction. However, shipping and transportation and textile sectors are expected to show significant growth in future.

The main driver for the market for PCM products is the growing construction activities in the developing nations of China, India and Brazil. The governments in these countries are also framing environmentfriendly legislation. China passed the Environment Protection Law in Jan. 2015 that levies daily fines for companies and imposes environment impact assessment restrictions on regional governments. PCM products can store large amounts of heat, and therefore they are considered more effective than traditional materials such as water, plastic and wood. This has increased their use in textiles and packaging, where a controlled temperature environment is required. However, one major drawback of PCM products is their hazardous nature.

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