The growth prospects for the advanced Phase Change Material (PCM) Market are high with the market size expected to witness a growth rate of 17.66% from 2017 to 2022, in terms of value. The global advanced PCM market is rapidly evolving with the major market players playing a crucial role in the development of the market. Players such as Entropy Solutions LLC (US), Honeywell Electronic Materials, Inc. (US), and Sasol Ltd. (South Africa) led the market in 2016.
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The market players are mainly concentrating on new product launches, agreements, and acquisitions to meet the growing demand. New product launches help the companies meet the growing demand for advanced PCM from a variety of end-use applications, such as building & construction, electronics, cold chain & packaging, and refrigeration & equipment, among others. Entropy Solutions LLC and Honeywell Electronic Materials, Inc. have a major share in the global advanced PCM market. These companies mainly focus on new product launches and partnerships to strengthen their positions in the advanced PCM market.
Honeywell Electronic Materials, Inc. is focusing on new product launches to meet the growing demand in the market. In 2017, the company launched TIM solution-based PCM to keep smartphones cool. With this new product launch, the company enhanced its capability to cater the demand from electronics application.
Entropy Solutions LLC is focusing on new product launches and partnerships to strengthen its market position. In 2016, the company launched shape stabilized PureTemp, which finds usage in thermal management in building, underfloor electric heating systems, and shipping containers applications. In 2016, the company partnered with Vesl LLC (US). The partnership helped the company develop new containment options, namely, MatVesl, CanVesl, TubeVesl, and PackVesl for PureTemp PCM.
The European region is leading in terms of the demand for advanced PCM. This is because of presence of strict building codes in the region, accompanied by the trend of energy efficiency in the buildings in this region.
The market size for advanced Phase Change Material (PCM) is projected to reach USD 638.7 million by 2022, at a CAGR of 17.66%, from 2017 to 2022 in terms of value. Advanced PCM are materials that can store and release large amount of heat/energy while maintaining a constant temperature. Unlike other insulation materials, advanced PCM, on reaching its melting point (temperature at which it changes phase; solid to liquid), absorbs a large amount of heat and releases its stored latent heat with solidification. The PCMs are also known as latent thermal storage materials. The major factors that are driving the advanced PCM market include the regulations for reducing greenhouse gas emissions, energy saving requirements, reduction of operating costs, and usage of advanced PCM for peak loading shifts and temperature security.
Based on material type, the advanced PCM market is segmented into organic PCM, inorganic PCM, and bio-based PCM. Inorganic PCM is expected to be the fastest-growing segment, in terms of value, from 2017 and 2022. It is also the advanced largest segment. Inorganic PCM have good thermal conductivity, high latent heat of fusion, non-flammability, and low cost. The demand for inorganic PCM is due to their increasing usage in Thermal Energy Storage (TES), Heating, Ventilation and Air Conditioning (HVAC), cold chain & packaging, and refrigeration & equipment applications. North America dominates the market for inorganic PCM. This is due to the higher demand for non-flammable and class-A fire rating products in the region.
The major applications of advanced PCM are building & construction, HVAC, cold chain & packaging, refrigeration & equipment, TES, textiles, electronics, and others. TES is expected to be the fastest-growing application segment, from 2017 to 2022, in terms of value. The growing demand for renewable sources of energy and rising concerns towards saving energy drive the demand for advanced PCM in TES application. The leading manufacturers of advanced PCM for TES application are Zae-Bayern (Germany) and Rubitherm GmbH (Germany).
North America is the fastest-growing market for advanced PCM, in terms of both value and volume. The presence of strict building codes in the region, accompanied by the growth of green buildings, drives the demand for advanced PCM. The growing retrofit market, increasing energy efficiency codes, and building specifications are also expected to drive the advanced PCM market in the region in the near future. The presence of major manufacturers, such as Electronics Materials LLC (US), Entropy Solutions LLC (US), Microtek Laboratories Inc. (US), Phase Change Energy Solutions Inc. (US), Outlast Technologies LLC (US), and Henkel Electronics Materials LLC. (US) also drives the market for advanced PCM in the region.
