According to the latest report by IMARC Group, the global advanced phase change materials market size reached US$ 1,475 Million in 2020. Looking forward, the market expects to exhibit strong growth during the next five years.
Phase change materials (PCMs) have unique structures that enable absorbing, storing and releasing large amounts of energy during a phase transition. They facilitate phase change from liquid to solid or solid to liquid depending upon their application. They aid in releasing energy in the form of latent heat upon freezing, whereas they absorb heat from the environment during the process of melting. They are used to improve the overall efficiency of solar energy systems by storing excess energy for later use. PCMs are also used for a large number of applications that require temperature control.
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Global Advanced Phase Change Materials Market Trends:
The market is driven by the growing utilization of advanced PCMs in the construction industry. There has been a significant increase in construction activities that utilize these materials for their excellent thermal efficiency and high heat storage capacity. This is supported by the implementation of stringent building codes across the residential and commercial sectors and the shifting preference toward green construction. Technological advancements have led to the development of micro and macro encapsulation for advanced PCMs, which is acting as a major growth-inducing factor. Furthermore, manufacturers are also launching innovative variants in the market that are bio-based and derived from vegetables. For instance, Phase Change Energy Solutions, a company based out of North Carolina, Unites States, has introduced BioPCM that is produced from sustainably-grown, food-grade by-products that can store large amounts of latent heat at targeted temperatures ranging from -50°C to 175°C. Rising environmental concerns, growing awareness regarding energy conservation and the increasing utilization of non-toxic and non-corrosive PCMs are some of the other factors facilitating the market growth.
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