The global advanced
phase change material market 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.
Browse full research report on Global Advanced Phase Change Material Market: https://www.grandviewresearch.com/industry-analysis/advanced-phase-change-material-apcm-industry
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.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand
View Research has segmented the global advanced phase change material market on
the basis of product, application and region:
Advanced
Phase Change Material Product Outlook, (Revenue, USD Million, 2012 - 2020)
- Paraffin PCM
- Salt Hydrate
PCM
- Other PCM
Advanced
Phase Change Material Application Outlook, (Revenue, USD Million, 2012 - 2020)
- HVAC
- Energy
Storage
- Building
& Construction
- Refrigeration
- Shipping
& Transportation
- Other
Advanced
Phase Change Material Regional Outlook, (Revenue, USD Million, 2012 - 2020)
- North America
- Europe
- Asia Pacific
- Rest of the
World
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, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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