The global market for advanced phase change material is expected to reach USD 1,765.8 million by 2020, according to a new study by Grand View Research, Inc. Growing need to conserve energy across various industries and sector is expected to be one of the major driving factors for the market. In addition, stringent regulations imposed on various industries to reduce green house gases emission has also helped in developing the market for advanced phase change material. Consumption of APCM is expected to reduce the overall demand for energy by up to 50% by 2050. However, their high price compared to other insulating materials owing to lack of awareness among the consumers in under developed countries is expected to hinder market growth over the forecast period.
Paraffin APCM material emerged as the leading product and accounted for over half of total market revenue in 2012. Paraffin has high heat storing capacity and are also stable in nature owing to which they are expected to witness significant growth over the forecast period. However, bio-based APCM is expected to be the fastest growing product at an estimated CAGR of 22.5% from 2014 to 2020. Increased preference towards environmental friendly materials mainly in North America and Europe is expected to drive the market for bio-based APCM over the next six years.
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Further key findings from the study suggest:
- Building and construction emerged as the leading application market for APCM and accounted for 25% of total revenue in 2013. Growth of construction industry, mainly in China, India and Brazil is expected to drive the overall market for APCM in this industry. Building and construction along with being the largest market is also expected to be the fastest growing application market for APCM, at an estimated CAGR of 22.7% over the next six years.
- Application of APCM in energy storage is also expected to gain significant market over the next six years, with global revenue expected to exceed USD 250 million by 2020 at an estimated CAGR of 21.3% from 2014 to 2020.
- Europe was the largest regional market for APCM and accounted for just over one third of global revenue in 2013. Growing need to conserve energy coupled with stringent regulations to reduce/minimize emission of harmful gases has contributed to the growth of this market. Along with being the largest market, Europe is also expected to be the fastest growing market for APCM, at an estimated CAGR of 21.4% from 2014 to 2020.
- Some of the major companies operating in the global market for advanced phase change material include Advansa B.V., BASF, Cyropak, Climator Sweden AB, Dow Building Solution, E.I. du Pont de Nemours & Company, Honeywell International, Phase Change Products Pty Ltd., Rubitherm Technologies GmbH and Salca BV.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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