Phase Change Materials Market is Valued at $283mn in 2019

Thursday 6 June 2019, Amsterdam

The Phase Change Materials market is in the growth stage. Phase Change Materials industry has witnessed extraordinary growth in the last decade. Advances in Phase Change Materials have made some applications that looked improbable and difficult to achieve only a few years ago achievable today. The current wave of Phase Change Materials has enabled technology to perform all sorts of tasks. Use of PCMs can reduce HVAC costs by several mechanisms. These include eliminating air conditioning costs by storing nighttime coolness for use during the day, eliminating heating costs by storing daytime warmness for use during the night and by load-shifting of electricity through thermal storage.

The evolution of technology has also prompted a new round of excitement about the future potential of Phase Change Materials. Unlike conventional insulation material such as plastics, wood or stone, PCMs are capable of maintaining a constant temperature by absorption or release of heat making them ideally suited for heating and cooling applications. The use of air conditioning has greatly increased over the past decade with growing urbanisation. PCMs have been introduced as a way to reduce the cooling and heating demands of buildings by using effective thermal energy storage.

The report analyst commented "The Phase Change Materials market is expected to witness a high growth on account of ongoing plans of many companies in various sectors in the field of maintaining temperature. Continuous advancements in phase change materials have enabled the development of more efficient thermal energy storage systems; this will boost the demand for phase change materials globally. The applications of Phase Change Materials have already pervaded many industries, bringing potential benefits that have been predicted to double the annual economic growth rate in several developed economies in the future. The growth of the phase change materials market is being driven largely by factors such as decreased dependence on conventional resources, high heat storage capacity compared with conventional materials, and reduction in operating cost and temperature security."

Leading companies featured in the report who are developing Phase Change Materials technology include Advansa AB, AI Technology Inc., Aster Teleservices Pvt Ltd, Chomerics, Climator Sweden Ab, Cosella-Dorken, Croda International Plc, Csafe Global, Datum Phase Change Ltd., Dow Chemical Co. , Dupont, Entropy Solutions Inc, Henkel, Kaplan Energy, Laird Technologies, Outlast Technologies, Phase Change Material Products Ltd., Phase Change Energy Solutions, Phase Change Products Pty Ltd., Pluss Polymers, Rubitherm Technologies, Shenzhen Aochuan Technology Co. Ltd, Shin-Etsu Chemical Co. Ltd, Vesture Corp., and other international players in the phase change material market.