The growth prospects for the advanced Phase Change Material (PCM) market are high with the market size expected to witness a growth rate of 17.66% from 2017 to 2022, in terms of value. The global advanced PCM market is rapidly evolving with the major market players playing a crucial role in the development of the market. Players such as Entropy Solutions LLC (US), Honeywell Electronic Materials, Inc. (US), and Sasol Ltd. (South Africa) led the market in 2016.

The market players are mainly concentrating on new product launches, agreements, and acquisitions to meet the growing demand. New product launches help the companies meet the growing demand for advanced PCM from a variety of end-use applications, such as building & construction, electronics, cold chain & packaging, and refrigeration & equipment, among others. Entropy Solutions LLC and Honeywell Electronic Materials, Inc. have a major share in the global advanced PCM market. These companies mainly focus on new product launches and partnerships to strengthen their positions in the advanced PCM market.

Honeywell Electronic Materials, Inc. is focusing on new product launches to meet the growing demand in the market. In 2017, the company launched TIM solution-based PCM to keep smartphones cool. With this new product launch, the company enhanced its capability to cater the demand from electronics application.

Entropy Solutions LLC is focusing on new product launches and partnerships to strengthen its market position. In 2016, the company launched shape stabilized PureTemp, which finds usage in thermal management in building, underfloor electric heating systems, and shipping containers applications. In 2016, the company partnered with Vesl LLC (US). The partnership helped the company develop new containment options, namely, MatVesl, CanVesl, TubeVesl, and PackVesl for PureTemp PCM.

The European region is leading in terms of the demand for advanced PCM. This is because of presence of strict building codes in the region, accompanied by the trend of energy efficiency in the buildings in this region.

Related Reports:

Phase Change Material (PCM) 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

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