Stringent regulations for energy efficient construction and increased emphasis towards energy conservation and sustainable development will be the prime factors which will drive the demand for advanced phase change materials. Also, the increasing demand for efficient thermal insulation materials in commercial refrigeration and HVAC applications is estimated to drive the demand for advanced phase change materials.
However, high product costs and relatively lesser awareness across developing markets are most likely to continue restricting the market growth. Technological advancement and development & adoption of eco-friendly solutions are projected to represent a significant opportunity for the advanced phase change material market. The global advanced phase change materials market is estimated grow at a CAGR of ~15.0% during the forecast period 2019-2029.
Demand for Highly Effective Thermal Insulation Materials Rising
Among applications, the building & construction segment accounts for a significant proportion of the global advanced phase change material market. Advanced phase change materials have a very important role to play in the construction industry, with the objective of saving energy and ensuring a clean and green future. With the advent of stringent regulations for energy efficient construction, particularly in the developed regions has led to the demand for highly efficient and advanced thermal insulation materials.
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Also, the increased emphasis towards green construction and increasing focus on energy conservation has amplified the demand for highly efficient and innovative construction materials owing to which, advanced phase change materials are being used in several applications such as under floor electric heating system, PCM filled glass windows, thermal efficient concrete among other areas. Building & construction industry growth is expected to be the prime factor responsible for the progression of advanced phase change material market.
In the modern day world, temperature-controlled packaging plays a crucial role in various industries such as food & beverage, pharmaceuticals, bio-medical, etc. Rapid industrialization, has increased the need for efficient cold storage & transportation. Rising demand for efficient temperature-controlling materials is fueling the advanced phase change material demand. Countries around the world are adopting good distribution practice guidelines to validate their products and ensuring that they are not subjected to harsh conditions that might hamper their quality during shipping.
Pharmaceuticals and bio-medical products must have some amount of temperature assurance during transportation. Ambiguities of global supply chain has increased the demand for more sophisticated and enduring temperature controlled packaging methods. Advanced phase change materials are progressively used in order to establish temperature assurance in product supply chains.
Europe – The Prominent Regional Market for Advanced Phase Change Materials
Europe and North America are anticipated to be the prominent regions the global advanced phase change materials market:
- According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, there are significant number of residential projects under progression and in the recent years, green construction is one of the key trends observed in North America. Commission for Environmental Cooperation (CEC) is exploring the possibilities to include a more-widespread adoption of green building practices in North America.
- Increasing stringent regulations for energy efficient buildings and increased emphasis on energy conservation in Europe is expected to surge the demand for advanced phase change materials in building & construction, commercial refrigeration and HVAC applications. Also, the rising environmental awareness is fueling the demand for bio-based advanced phase change materials
The aforementioned factors will propel the demand for highly effective thermal insulation materials, for green construction activities which in turn will fuel the advanced phase change material market growth.
Increasing Emphasis on Innovation and Bio-Based Developments
Over the past few years, increasing environmental awareness and growing emphasis on the adoption of green technologies has increased the demand for bio-based phase change materials. Many companies have increased their R&D activities in the field of bio-based phase change materials. Manufacturers are focusing on development of advanced phase change materials, which satisfy new age thermal efficiency requirements. For instance,
- In August 2016, Entropy Solutions LLC industrialized shape-stabilized bio-based phase change materials. These gelled APCMs uphold their shape even during the phase change cycles between solid & liquid forms thereby storing, absorbing, and releasing heat as needed in temperature-control applications.
- Companies such as PCM Products Ltd. are getting actively involved in R&D and new product development projects in many industrial and academic institutions around the world
- Companies such as BASF SE and DuPont de Nemours, Inc. have incorporated several verticals and forward integrated business models in order to strengthen their market position.
Advanced phase change material market is moderately consolidated and a reasonably competitive market owing to the presence of a number of key manufacturers. Tier 1 players account for ~45-50% of the market share in the global Advanced Phase Change Material market. Key market players are focusing on organic growth strategies in order to sustainably grow in the global market.
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Some of the prominent manufacturers operating in the market are
- BASF SE
- Croda International PLC
- Henkel AG & Co. KGaA
- DuPont de Nemours, Inc.
- Honeywell International Inc.
- Entropy Solutions LLC among others.