Eco-friendly energy sources have become the need of the hour. Amongst various feasible sources of energy, phase change material or PCM is very popular. Phase-change material is one of the most popular fast action energy sources. It has high heat of fusion. It can burn or melt at a certain temperature, which stores and releases great amount of energy. The material turns form liquid and solid stage (and liquid to solid) according to the temperature changes and application of heat. This material is also classified as latent heat storage units or LHS. The advance phase change material (PCM) market is booming since the past few years.
Market Trends in Phase Change Material Market
Owing to numerous positive aspects of PCM, its range of application is tremendous. It is popularly used in the fields such as textile, cold chain, building and construction, thermal energy storage, electronics and HAVC (heating, ventilation, and air conditioning). HAVC and building and construction are the key markets for phase change materials. Both these industries have great demand for this material, which has contributed to the increased revenue channels and production of PCM since recent past.
There are four basic types of PCM, namely, organic, inorganic, hygroscopic and eutectic phase change material. Amongst these four types, organic PCM has a great global market based on price. Inorganic PCM on the other hand has a great demand based on its volume consumption. Inorganic material is the conventional option that provides highest volume consumption. However, when it comes to environment friendliness, efficiency, high melting points, microencapsulation are concerned, organic material beats it.
There is a great prospect for the newly developed bio-based phase change material, which is developed using animal and plant based products. This material has low inflammability and has higher biodegradability over other variants. Naturally, there is a rising demand for this source in the advanced phase change material market across the globe. As per the current trends, the market is poised at 460 million dollars, which will cross the mark of 1150 million dollars in next four to five years.
These forecasting reports are highly exciting for the businesses dealing with Phase Change Material. As far as the geographical demand is concerned, Europe will rule the chart with highest demand in the years to come. North America will also provide great opportunities for the sales of these products. The good news is, there is low competition in this market, which creates better opportunities for the established businesses. However, creating awareness about the phase change materials is the greatest challenge that businesses face in this market.
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