Advanced Phase Change Material (PCM) Market To Reach USD 2192.8 Million By 2023; Asserts Market Dens
Added: (Thu Jun 07 2018)
Pressbox (Press Release) -
________________________________________________________CA, US, /May 21, 2018/ Market Density Publishes Market Research and Industry Analysis Report on the “Global Advanced Phase Change Material Market” – Scope, Stake, Progress, Trends and Forecast up to 2023.
Advanced Phase Change Material (PCM) possesses the capability of storing and releasing large amounts of energy (Latent heat), during a heat fusion process. Meaning this material, by melting and solidifying at a certain temperature can absorb or release heat, changing from solid to liquid or in reverse. This quality makes advanced PCM ideal to be used for energy storage, offering a range of thermal management solutions.
Therefore, Advanced Phase Change Material finds extensive application in some of the burgeoning industries such as building & construction, HVAC, refrigeration equipment, healthcare, and automotive among others. Wide application areas predominantly drive the advanced PCM market, escalating it on the global platform.
According to Market Density, The global market of Advanced Phase Change Material is booming and expected to gain further prominence over the forecast period. The market is forecasted to reach USD 2192.8 Million by 2023, registering a striking CAGR during the estimated period (2018 – 2023). Increasing emphasis on energy conservation is another key factor propelling the market growth.
Growing, population, urbanization and industrialization over past few years, are demanding solutions for energy generation and storage more than ever. Simultaneously, demand in the sectors of constructions & infrastructure development, textile and healthcare is augmenting. Improving economic conditions are increasing the unit sales rate in automotive and electronics industry, enhancing consumers’ purchasing power. Hence, the advanced PCM market is an ever increasing space.
Technological advancements backed by the substantial investments transpired in the field of advanced PCM, to bring more innovations in the product, are paying off well by fostering the market growth.
However, prices of advanced PCM are high in comparison with the other/normal phase change materials, accounting for the growth impeding factor. Also, lack of awareness towards the advantages of these materials is another key factor inhibiting the market growth.
Report Segments - Global Advanced Phase Change Market
Market Density has segmented the analysis into three categories:-
By Types : Organics, Bio-based, and Inorganic, among others
By Forms : Building and Construction, Cold Storage, HVAC, Energy Storage, Refrigeration Equipment, Electronics, Textiles, and others (Healthcare, Automotive)
By Regions : North America, Europe, APAC and Rest of the World.
Competitive Analysis - Global Advanced Phase Change Market
The Embryonic market of Advanced Phase Change appears to be competitive and fragmented. Several large and small key players are churning the competition to gain competitive edge accounting for a substantial market share. Strategies of these players remain the same, such as collaboration, acquisition, partnership, product & technology launch, and expansion. The market is poised to perceive constant innovations and development of new products eventually causing intensified competition among the vendors.
Key Players: ACU Temp Thermal Systems, Aegis Building Technologies, I Technology Inc., Aster Teleservices Pvt. Ltd., BASF AG, National Gypsum, Capzo International B V, Chomerics, Cosella-Dorken, Dow Chemical, Honeywell Electronics Materials, Inc., Entropy Solutions LLC. , Microtek Laboratories, Phase Change Materials Products, Henkel AG, Sasol Limited, Croda International PLC. are some of the fervent market players operating in the market.
Apr 20, 2018 – Salt River Project (SRP - US), one of the largest public power utilities, serving across three Arizona counties, and the large city of Phoenix, announced the implementation of Thermal Energy Storage (TES) System to address the peak energy usage introducing time-of-use price plans and energy-efficiency programs.
Regional Analysis of Global Advanced Phase Change Market
The North America region is expected to dominate the global Advanced Phase Change Material market. The increase in the research and development activities for the Advanced Phase Change materials is leading to the growth of regional market.
On the other hand, Asia-Pacific market of Advanced Phase Change material is expected to grow significantly owing to the increase in applications of the materials by the automotive and construction industry in the region.