Phase change materials
Increase in investment in research and development, and emerging developments in macro- and microencapsulation technologies are anticipated to create lucrative opportunities for the market growth in phase change materials (PCM).
The global market is projected to reach $2,434 million by 2022 from $691 million in 2015, growing at a CAGR of 19.8% from 2016-022. The building and construction segment occupied major share of the total market in 2015.
Phase change materials have an ability to store and release large amounts of energy, in the form of latent heat. Although phase changes can occur among any combination of the three phases of a substance - gas, liquid, or solid the most commercially viable transition is between the liquid and solid phases. When a PCM is in its solid phase it can absorb heat, providing a cooling effect and when a PCM is in its liquid phase it can release heat, providing a warming effect.
The rise in application in building and construction has driven the growth of the global advanced phase change materials market. Furthermore, an increase in the emphasis on energy conservation, numerous applications of advanced phase change materials in the textile sector, rapid urbanisation in developing countries, and continued technological developments in the field of advanced phase change materials are expected to fuel market growth in the near future.
The global advanced phase change materials market is gaining traction, owing to the increased use of microencapsulation and microencapsulation technologies, particularly in the construction and textile sectors. Another trend is the gradual shift of manufacturers towards biodegradable, bio-based PCM as an alternative to the traditional petroleum-based PCM.
Improved products by suppliers, and improved macro and micro-encapsulation techniques, will eventually reduce the prices of advanced PCM, and is anticipated to create lucrative opportunities for market growth. However, the high cost of advanced PCM and the lack of awareness among the consumers about usage are expected to hinder growth.
The organic PCM segment accounted for the highest value share in 2015, owing to the higher costs, while inorganic PCMs, such as, salt hydrates accounted for the highest volume share. However, the bio-based PCM segment is expected to see the highest growth during the forecast period, due to the increased preference towards environmental-friendly materials, mainly in North America and Europe.
Key findings of the Advanced Phase Change Materials Market:
- Europe dominated the global advanced phase change materials market in 2015, accounting for over one-third of the share, in terms of revenue.
- In 2015, advanced phase change materials used in building and construction accounted for more than two-fifths share of the global market.
- The organic PCM segment accounted for about half of the value share in 2015, and is anticipated to maintain its lead during the forecast period.
- Germany generated more than two-fifths of the total revenue in the European market in 2015, and is expected to show highest growth rate.
- The Asia-Pacific advanced phase change materials market is expected to grow at the highest rate.
- Solvent-based coating is the leading segment, accounting for more than half of the share in 2015.
- In 2015, BASF SE accounted for the highest market share of the global market.
- In 2015, Europe dominated the global advanced phase change materials market, in terms of both revenue and volume.
- The Asia-Pacific is expected to grow at the highest rate, registering a CAGR of 20.3% throughout the forecast period, owing to rapid industrialisation in China and India, growth in infrastructure, increase in awareness about the application of advanced phase change materials, and favourable government rules and regulations.
The key players of advanced phase change materials market are BASF SE, Entropy Solutions, Sonoco Products Company, Outlast Technologies LLC., Advansa B.V., E. I. Du Pont De Nemours And Company, Phase Change Energy Solutions, Cryopak Inc., Microtek Laboratories, Inc., and Pluss Advanced Technologies Pvt. Ltd.
Related articles on Designing Buildings Wiki
- Advanced phase change materials.
- Advanced phase change materials industry.
- Aerogel.
- Assessing the performance of Phase Change Materials in buildings.
- Cool roofs.
- Dynamic thermal modelling of closed loop geothermal heat pump systems.
- Evaporative cooling.
- Heat transfer.
- Latent heat.
- Manufacture of lightweight aggregate granules containing phase change materials.
- Phase change.
- The thermal behaviour of spaces enclosed by fabric membranes.
- Thermal comfort.
- Thermal labyrinths.
- Transparent insulation materials.
Featured articles and news
Cladding remediation programmes, transparency and target date.
National Audit Office issue report on cladding remediation.
HBPT and BEAMS Jubilees. Book review.
Does the first Labour budget deliver for the built environment?
What does the UK Budget mean for electrical contractors?
Mixed response as business pays, are there silver linings?
A brownfield housing boost for Liverpool
A 56 million investment from Homes England now approved.
Fostering a future-ready workforce through collaboration
Collaborative Futures: Competence, Capability and Capacity, published and available for download.
Considerate Constructors Scheme acquires Building A Safer Future
Acquisition defines a new era for safety in construction.
AT Awards evening 2024; the winners and finalists
Recognising professionals with outstanding achievements.
Reactions to the Autumn Budget announcement
And key elements of the quoted budget to rebuild Britain.
Chancellor of the Exchequer delivers Budget
Repairing, fixing, rebuilding, protecting and strengthening.
Expectation management in building design
Interest, management, occupant satisfaction and the performance gap.
Connecting conservation research and practice with IHBC
State of the art heritage research & practice and guidance.
Innovative Silica Safety Toolkit
Receives funding boost in memory of construction visionary.
Gentle density and the current context of planning changes
How should designers deliver it now as it appears in NPPF.
Sustainable Futures. Redefining Retrofit for Net Zero Living
More speakers confirmed for BSRIA Briefing 2024.
Making the most of urban land: Brownfield Passports
Policy paper in brief with industry responses welcomed.
The boundaries and networks of the Magonsæte.