Products that store and release thermal energy at room temperature by transitioning from one phase to another are called phase change materials (PCMs). PCMs are only suitable for solid-liquid phase. The advanced phase change materials market is anticipated to attain around USD 1.7 billion by 2020. It would grow at 20.7% CAGR from 2014 to 2020 (forecast phase). In 2013, the market was estimated at USD 480.8 million.
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The need to conserve energy and manufacture PCMs without depending on non-renewable fossil fuels will drive the market. High prices of advanced PCMs can hamper the market. Advanced PCMs are made from paraffin wax, fatty acids, and salt hydrates. Due to this, the latent energy can be stored till the PCM transitions to liquid phase or vice-versa. The advanced phase change materials market is divided into products, applications, and regions.
Paraffin waxes were the largest selling product in 2013 and accounted for more than 45% of the market. They are used in building and construction, energy storage, and HVAC systems due to their low costs. Salt hydrates were the second-largest product and accounted for one third of the market in 2013. Bio-based PCMs have the highest prospects, with 22% CAGR during the forecast phase.
Building and construction was the largest application in 2013, accounting for over 20% of the market revenue. Advanced PCMs are used in HVAC systems, as space heating accounts for 40% of the heating in a commercial building. This is expected to boost the advanced phase change materials market in the next six years.
Since energy efficiency is a rising trend in the architecture industry, advanced PCMs will undergo definite growth over the forecast phase. Other applications include cold storage, refrigeration, energy storage, and transportation. In terms of regions, Europe was the largest advanced phase change materials market and accounted for one third of the global revenue in 2013.
The region is estimated to grow at 21.4% CAGR over the forecast phase. North America was the second largest market in 2013, with major applications in energy storage and HVAC systems. Asia Pacific would experience 20.4% CAGR over the next six years. Players in the worldwide advanced phase change materials market comprise Honeywell International, Inc., Dow Building Solutions, Rubitherm Technologies GmbH, Advansa B.V., and Climator Sweden AB.
Information Source: Radiants Insights