Phase Change Materials Market Will Achieve 15.8% CAGR to Cross $4.2bn by 2024

GMI

SELBYVILLE, Delaware, Aug. 22, 2019 /PRNewswire/ -- Salt hydrates phase change materials market share is expected to surpass USD 270 million by 2024, says a 2019 Global Market Insights, Inc. report. Rapid technological advancements and innovations in the global construction sector coupled with profound application in electric vehicles will drive phase change materials (PCM) market size. Features like high latent heat capacity, excellent energy-saving capability and the ability to capture, storage, and release thermal energy at a near constant temperature promotes product use.

Growing focus on tackling climate change and the use of renewable energy has also led to enhanced research and developments in PCM materials. The product's ability to maintain internal temperatures without the use of gas/fuel and the ability to offer large energy storage density within a narrow temperature range has encouraged product adoption.

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Moreover, wide-ranging application across numerous industries has supported phase change materials market growth. For instance, PCMs are increasingly used for cooling of food and beverage products, maintaining high temperatures in greenhouses, cooling electrical engines, as a thermal system in spacecraft and for conditioning of buildings.

Implementation of new expansion strategies conducted by market players as well as rapid innovations are anticipated to accelerate PCM industry expansion. In 2019, a South Australian company unveiled the world's first operational TED (thermal energy device) battery made using silicon phase-change material that can efficiently store renewable energy, offer higher storage capacity than normal batteries, and can entirely be recycled.

Moreover, recently a material manufacturing company announced that it is expanding its line of PCMs that address thermal management challenges inherent in today's high-end portable electronics. Advancements such as these are likely to offer enhanced growth impetus to phase change materials market size in the coming years.

Phase Change Materials Market Size, By End-user

• Building & construction
• HVAC
• Electrical & electronics
• Packaging
• Textiles
• Chemical industries
• Healthcare
• Aerospace & automotive
• Others

Based on the end-user spectrum, the building & construction segment is anticipated to offer substantial revenue growth to PCM industry on account of rising global population and increasing advancements in the construction sector. Credible reports cite that the volume of construction output is anticipated to grow by 85% to $15.5 trillion worldwide by 2030, with countries like China, India and the U.S. accounting for 57% of overall global growth.