The latest report by IMARC Group, titled “Advanced Phase Change Materials (PCM) Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market reached a value of US$ 1,055 Million in 2018. Phase change materials (PCMs) refer to the materials which, owing to their unique structure, can absorb, store and release large amounts of energy during phase transition. They release energy in the form of latent heat when they freeze and absorb a large amount of heat from the environment while melting. This latent heat transition can be achieved during different stages of phase change including solid-gas, solid-solid, liquid-gas and solid-liquid. These materials can increase the efficiency of renewable energy by storing excess energy for later use. They also have the potential to reduce energy demand through passive thermal regulation.
Market Trends:
On account of rapid urbanization, inflating disposable incomes and population growth, the building and construction industry has been flourishing, especially across the developing economies. Significant rise in the number of construction activities is driving the demand for advanced PCMs since they have a high heat storage capacity. In addition to this, escalating demand for economical methods for enhancing the thermal efficiency of building structures is another major growth-inducing factor. Moreover, the increasing adoption of green construction owing to rising environmental concerns is also bolstering the sales of these materials. Apart from this, a trend of utilizing energy judiciously has been witnessed on a global level. Since these PCMs aid in conserving energy, they are widely being used in applications such as heating, ventilation and air conditioning (HVAC), refrigeration and energy storage. Further, newly-launched innovative variants such as vegetable-based PCMs are gaining rapid popularity due to their non-toxic and eco-friendly nature. On account of the aforementioned factors, the advanced phase change materials market size is expected to reach US$ 2,736 Million by 2024, expanding at a CAGR of around 17% during 2019-2024.
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Market Summary:
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