Phase Change Material (PCM) Market worth 638.7 Million USD by 2022

The report "Phase Change Material Market by Type (Organic, Inorganic, Bio-based), Application (Building & Construction, HVAC, Cold Chain & Packaging, Thermal Energy Storage, Textile, Electronics), and Region - Global Forecast to 2022", The Phase Change Material (PCM) market size was USD 235.3 Million in 2016, which is projected to reach USD 638.7 Million by 2022, at a CAGR of 17.66% from 2017 to 2022.

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The strict building codes in Europe and North America as well as the awareness towards reducing greenhouse gas emissions, accompanied by growing demand for renewable sources of energy drive the demand for PCM. In addition, the increased demand for PCM from building & construction, HVAC, cold chain & packaging, TES, refrigeration & equipment, textile, and electronics applications is also driving the PCM market.

Inorganic PCM is the largest type segment of PCM

The inorganic PCM segment is expected to account for the largest share of the global PCM market in 2017, in terms of both value and volume. The growth of this segment is driven by the growing demand for non-flammable PCMs. In addition, the rising demand for fiberglass insulation from applications such as TES, cold chain & packaging, refrigeration & equipment, and HVAC industries is also expected to contribute towards the growth of this segment.

Building & construction is expected to have the largest share of the PCM market in 2017

The building & construction application segment is expected to account for the largest share of the PCM market, in terms of both value and volume in 2017. This is owing to the rising awareness for energy conservation. In addition, the growing demand for green buildings in region such as North America and Europe also drives the demand for PCM.

Europe was the biggest market for PCM

The European region led the global PCM market in 2016. Increased concerns over improving efficiency in buildings and rising cost of energy in Europe drive the demand for PCM. In addition, stringent regulations regarding handling of temperature sensitive goods also drive the demand for PCM in the region. The growing demand for residential and commercial spaces in countries such as France is another factor that drives the demand for PCM.

Key market players profiled in the report are Honeywell Electronic Materials, Inc. (US), Laird Plc (UK), Sasol Ltd. (South Africa), Croda International Plc. (UK), Entropy Solutions LLC (US), Microtek Laboratories Inc. (US), Pluss Technologies Pvt. Ltd. (India), Phase Change Energy Solutions Inc. (US), Rubitherm Technologies GmbH (Germany), Phase Change Materials Products Ltd. (UK), Outlast Technologies LLC (US), Henkel AG & Company, KGaA (Germany), Advansa BV (Netherlands), AI Technology Inc. (US), Climator Sweden AB (Sweden), Cold Chain Technologies, Inc. (US), CoolComposites, Inc. (US), Cryopak Industries Inc. (Canada), Datum Phase Change Limited (UK), Dow Corning Corporation (US), Global E-Systems Europe B.V. (Netherlands), Insolcorp, Inc. (US), Iolitec Ionic Liquids Technologies GmbH (Germany), Salca BV (Netherlands), and Teappcm (India).

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