December 06, 2018
WELLESLEY, Mass., Dec 6, 2018 –The popularity of green buildings and the push for energy saving materials will help boost expansion of the phase change materials (PCM) market in Europe, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 20.9% through 2023, when it is expected to reach nearly $1.1 billion, according to the report “Phase Change Materials: Technologies and European Markets.”
“Europe is the largest market for PCM products worldwide,” the report notes. “Increased awareness regarding the benefits of PCM products, strict government regulations associated with energy efficiency and the reduction of greenhouse gases are several factors contributing to market growth in the European region. In addition, the extreme climatic conditions in North Europe make PCM an ideal option for use in building and HVAC application.”
Market Restraints Include High Costs, Problematic Characteristics
Although generally positive, the report notes several factors limiting market growth. Of these, the chief factor is the cost of phase change materials, which is as high as $5 per kg; this is resulting in higher final costs for applications. Certain PCMs, however, are flammable and can corrode, overheat and expand –all of which are factors making them less appealing to buyers.
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Phase Change Materials: Technologies and European Markets( AVM190A )
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