Phase Change Materials Market Will Achieve 15.8% CAGR to Cross $4.2bn by 2024: GMI

SELBYVILLE, Delaware, Aug. 22, 2019 /PRNewswire/ -- Salt hydrates phase change materials market share is expected to surpass USD 270 million by 2024, says a 2019 Global Market Insights, Inc. report. Rapid technological advancements and innovations in the global construction sector coupled with profound application in electric vehicles will drive phase change materials (PCM) market size. Features like high latent heat capacity, excellent energy-saving capability and the ability to capture, storage, and release thermal energy at a near constant temperature promotes product use.

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Growing focus on tackling climate change and the use of renewable energy has also led to enhanced research and developments in PCM materials. The product's ability to maintain internal temperatures without the use of gas/fuel and the ability to offer large energy storage density within a narrow temperature range has encouraged product adoption.

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Moreover, wide-ranging application across numerous industries has supported phase change materials market growth. For instance, PCMs are increasingly used for cooling of food and beverage products, maintaining high temperatures in greenhouses, cooling electrical engines, as a thermal system in spacecraft and for conditioning of buildings.

Implementation of new expansion strategies conducted by market players as well as rapid innovations are anticipated to accelerate PCM industry expansion. In 2019, a South Australian company unveiled the world's first operational TED (thermal energy device) battery made using silicon phase-change material that can efficiently store renewable energy, offer higher storage capacity than normal batteries, and can entirely be recycled.

Moreover, recently a material manufacturing company announced that it is expanding its line of PCMs that address thermal management challenges inherent in today's high-end portable electronics. Advancements such as these are likely to offer enhanced growth impetus to phase change materials market size in the coming years.

Phase Change Materials Market Size, By End-user

    --  Building & construction
    --  HVAC
    --  Electrical & electronics
    --  Packaging
    --  Textiles
    --  Chemical industries
    --  Healthcare
    --  Aerospace & automotive
    --  Others

Based on the end-user spectrum, the building & construction segment is anticipated to offer substantial revenue growth to PCM industry on account of rising global population and increasing advancements in the construction sector. Credible reports cite that the volume of construction output is anticipated to grow by 85% to $15.5 trillion worldwide by 2030, with countries like China, India and the U.S. accounting for 57% of overall global growth.

By using phase change materials, the construction sector can effectively help meet such growing demands. These materials can be incorporated within building elements like roof, walls and floors for thermal energy storage which could further control temperature fluctuations within internal building environments, thereby lowering energy consumption from conventional heating and cooling systems. Reports suggest that these materials can also incorporate up to 14 times more energy than conventional materials during winter.

Increasing population growth worldwide and rising number of people moving to urban areas is likely to boost demand for affordable building infrastructures in the future. Moreover, increasing investments and implementation of green building projects worldwide is anticipated to propel the demand for phase change materials market in the construction industry over the forecast period.

The automotive end-user segment is also estimated to offer growth stimulus to PCM market owing to surging application in electric vehicles. Lithium-ion batteries are mostly used in today's electric vehicles owing to the benefits they offer such as high voltage, high power density, high energy density, and insignificant fade in power and capacity after cycles.

Nevertheless, operating at high output power can result in increased operating temperatures, which brings about lowering of battery capacity after constant charge/discharge cycles and reduction in total output power. These issues can effectively be resolved by using PCM-based thermal management systems.

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These thermal systems can absorb heat generated by latent heat of PCM material in the phase change process and prevent the battery temperature from rapidly elevating. From the point of view of saving energy and improving the driving range of vehicles, the PCM based thermal management system of lithium-ion battery offers better cooling effect and thermal insulation effects in a cold environment.

Increasing demand and production of electric vehicles worldwide will also boost phase change materials market share. According to International Energy Agency (IEA), the global electric vehicle fleet surpassed 5.1 million in 2018, up 2 million from the previous year.

In terms of the regional analysis, Europe phase change materials market is expected to accrue commendable proceeds from the construction and automotive sectors in the upcoming years. Factors like curbing the region's energy consumption, lowering CO2 emissions and eliminating wastage are among the key goals of the European Union (EU) until 2020. The region's housing market is also facing strong demand owing to rising disposable incomes, low-interest rates and high levels of migration.

According to the European Construction Sector Observatory (ECSO) report, around 3.6 million migrants are expected to arrive in Germany until 2020. Moreover, demand for an indicated 350,000 new dwellings is estimated to occur each year. Growing occurrence of heatwaves and rise in temperature have also led architects, builders and developers to increasingly turn to cool-roof technologies that use phase change material (PCM) which help keep buildings cool in summers and warm in winters.

Apart from the construction sector, Europe's automotive industry is also anticipated to offer new growth opportunities to the regional PCM market. Presence of automotive behemoths like Volkswagen, Mercedes-Benz, Audi, BMW and more who are reportedly focusing on shifting to EV production will bolster product demand.

Moreover, according to NGO T&E, the production of electric vehicles in Europe is likely to surge six-fold from around 750,000 in 2019 to over a million by 2025. Instances such as the aforementioned indicate the potential surge in Europe phase change materials market share over the predicted timeframe.

Browse key industry insights spread across 350 pages with 400 market data tables & 26 figures & charts from the report, "Phase Change Materials Market Size By Product (Paraffin, Non-Paraffin, Salt Hydrates, Eutectics), By End-user (Building & Construction, HVAC, Electrical & Electronics, Packaging, Textiles, Chemical, Healthcare, Aerospace & Automotive) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, Australia, Malaysia, Indonesia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/phase-change-material-market

What does this report offer?

This report offers a brief synopsis of phase change materials market which comprises segments like product, end-user and regional outlook. The study offers insights in terms of various parameters like drivers influencing commercialization graph of business space, industry outlook, market segmentation, and trends characterizing global industry. As per the report, the product segment is subdivided into paraffin, non-paraffin, salt hydrates, eutectics.

Essential factors included in the report pertaining to product segment are market share of each subsegment, remunerative forecast over projected period, and development trends.

An in-depth analysis of the end-user segment of PCM industry is also entailed in this research report.

The segment is segmented into building & construction, HVAC, textiles, chemical, healthcare, electrical & electronics, packaging, aerospace & automotive. The construction segment entails a collection of industry scope, leading driving factors and prioritized market definitions.

The phase change material industry report also emphasizes on the current market share of subsegments as well as the market share to be held by the end of the forecast timeframe. Numerous trends characterizing the performance of the end-user landscape have further been elaborated in the report.

In terms of regional share, phase change materials market report is segmented into U.S., Canada, Germany, Italy, China, India, Japan, UK, France, Spain, Australia, Indonesia, South Africa, Malaysia, Brazil, Mexico, Saudi Arabia, UAE. These regions are further classified based on consumer base, market contribution, availability of industry players, and other aspects.

The PCM market report contains a collection of key parameters that would make it easy for leading stakeholders to initiate necessary business decisions. The research report includes essential information regarding market driving factors, SWOT analysis, and more.

The report also offers an overall market summary, industry insights, ecosystem analysis, an overview of global trends, and the market segmentation. Information related to the competitive scenario and regulatory spectrum are further discussed in the report along with the business tactics adopted by market players.

Browse Complete Table of Contents of the Report @ https://www.gminsights.com/toc/detail/phase-change-material-market

Partial Chapters from Table of Contents of the Report:

Chapter 3. Phase Change Materials Market Insights

3.1. Industry segmentation

3.2. Industry size and forecast, 2013 - 2024

3.3. Industry ecosystem analysis

3.3.1. Raw material analysis

3.3.2. Manufacturing trends

3.3.3. Profit margin

3.3.4. Value addition

3.3.5. Distribution channel analysis

3.3.6. Vendor matrix

3.3.6.1. List of key raw material suppliers

3.3.6.2. List of key manufacturers/distributors

3.3.6.3. List of key/potential customers

3.4. Innovation & sustainability

3.4.1. Patent analysis

3.4.2. Technology landscape

3.4.3. Production process

3.4.4. Comparison of manufacturing techniques

3.4.5. Future trends

3.5. Industry impact forces

3.5.1. Growth drivers

3.5.1.1. Global drivers

3.5.1.1.1. Regulations regarding minimizing greenhouse gas emission

3.5.1.1.2. Advancements in macro and micro encapsulation technologies

3.5.1.1.3. Growing popularity of bio-based phase change materials

3.5.1.1.4. Increasing product acceptance in textile industry

3.5.1.2. Regional drivers

3.5.1.2.1. Growing building & construction industry in Asia Pacific

3.5.1.2.2. Advanced construction practices in North America

3.5.1.2.3. Rising demand for heating, ventilation and air conditioning systems in Europe and North America

3.5.2. Industry pitfalls & challenges

3.5.2.1. High product cost

3.5.2.2. Procurement risk and high prices of raw materials

3.6. Regulatory landscape

3.6.1. U.S.

3.6.2. Europe

3.6.3. China

3.7. Growth potential analysis

3.8. Price trend analysis

3.8.1. Cost structure analysis

3.8.1.1. R&D cost

3.8.1.2. Manufacturing & equipment cost

3.8.1.3. Raw material cost

3.8.1.4. Distribution cost

3.8.1.5. Operating cost

3.8.1.6. Miscellaneous cost

3.8.2. Price by product

3.8.3. Price by end-user

3.9. Competitive landscape, 2016

3.9.1. Company market share analysis, 2016

3.9.1.1. Global

3.9.1.2. Regional

3.9.2. Brand analysis

3.9.3. Key stakeholders

3.9.4. Strategic dashboard

3.10. Porter's analysis

3.10.1. Supplier power

3.10.2. Buyer power

3.10.3. Threat of new entrants

3.10.4. Threat of substitutes

3.10.5. Industry rivalry

3.11. PESTEL analysis

About Global Market Insights

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