The global sales of advanced phase change materials (APCM) reached ~US$ 1.5 Bn in 2018, as projected by a recent research study on the advanced phase change materials market by Persistence Market Research (PMR). According to the report, the advanced phase change materials market is anticipated to grow at ~15% CAGR during the forecast period. Increasing prevalence of green construction and rising demand for thermal efficient solutions will drive the advanced phase change materials market.
As per the PMR analysis, efficient thermal insulation products for commercial refrigeration and energy storage is driving the demand for advanced phase change materials. Furthermore, the stringent codes and regulations employed by governments and environmental organizations for energy efficient buildings & construction is leading to the evolution of advanced phase change materials market. The global advanced phase change materials market is estimated to reach ~US$ 1.5 Bn towards the end of 2019, as indicated by the PMR report.
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Demand in ‘Green’ Building and Construction Projects on Rise
Building & construction is a prominent application area for advanced phase change materials. In residential & commercial constructions, phase change materials find a wide range of applications, since they play a key role in preventing temperature fluctuations. A growing number of green construction activities has surged the demand for energy-efficient materials.
According to the PMR study, prominent players in the advanced phase change materials market are offering a variety of products with innovative properties at a competitive cost. Rising environmental awareness, increased implementation of stringent regulations, and increasing government initiatives for the development of eco-friendly solutions have augmented the demand for bio-based materials derived from vegetable oils and other natural sources which are being used as advanced phase change materials.
Moreover, many of the market players have invested widely in R&D activities for continuous development of new and innovative products. Also, the shifting trend towards bio-based products is catalyzing R&D activities. Growing R&D activities are also expected to lead to the development of application-specific solutions, which in turn will escalate the demand for tailor-made products, which spurs the demand for advanced phase change materials.
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Low-Cost Bio-Based APCMs – Key Pillar for Future Growth
Fluctuating prices of oil and fossil fuels, depleting reserves, and growing concerns about global warming are creating demand for eco-friendly solutions. Moreover, the increasing number of green construction activities owing to growing environmental awareness is also augmenting the demand of advanced phase change materials. Organic APCMs are expected to enjoy high demand as paraffin-based PCMs & fatty acid-based advanced phase change materials have wide applications in building & construction, commercial refrigeration, and HVAC sectors. Organic PCMs are thus expected to dominate the advanced phase change materials market over the forecast period. Rising environmental awareness, increased emphasis on sustainable development, and multiple government regulations are increasing the demand for bio-based phase change materials. Bio-based advanced phase change materials are expected to witness lucrative growth during the forecast period.
Manufacturers Inclined Towards R&D, Innovation, and New Launches
PMR’s study also delivers a detailed study of competition scenario in the Advanced phase change materials market and distinguishing strategies of key market players. Some of the key players in the market are BASF SE, Sasol Limited, Croda International PLC, Honeywell International Inc., Henkel AG & Co. KGaA, and DuPont de Nemours, Inc. among others.
Besides this, some of the noteworthy players in the Advanced phase change materials market have adopted forward integration strategies related to product development and encapsulation. Many of the market players are adopting organic growth strategies such as innovative product launches and remarkable development in R&D to expand their product portfolio and advancement of their products in terms technical aspects. Moreover, government initiatives promoting green construction are also encouraging small and medium scale manufacturers to enter the advanced phase change materialss market.
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