July 25, 2017
Wellesley, Mass., Jul 25, 2017 – Growing awareness about energy efficiency, stricter government regulations for reducing greenhouse gas emissions, rising fuel prices and the need to reduce dependence on conventional resources are pushing big growth in the phase change materials (PCMs) global market, says a new BCC Research report.
According to Phase Change Materials: Technologies and Global Markets, the PCM market should increase from $810 million in 2016 to $2.0 billion in 2021. The high growth rate stems partly from growing demand for “green buildings” and energy-saving materials for use in applications such as building and construction, commercial refrigeration and HVAC. Seeking new applications that will meet this demand, key companies such as DuPont and BASF are investing significantly in research and development toward novel methods and technologies.
Because the PCM market has yet fully developed, companies such as Croda, Cold Chain Technologies, Restonic, and GiaPenta also are conducting extensive R&D to improve the properties of PCM and increase their application scope. For example, research is underway into developing newer ways of integrating PCMs with end products such as microencapsulation and molecular encapsulation.
"The market for bio-based PCMs is expected to grow slightly more than salt hydrates or paraffin, as governments worldwide are increasingly placing greater emphasis on the use of environment-friendly bio-based products," says BCC Research analyst Tanmay Joshi. "Overall, PCMs are expected to be much in demand as they are environment-friendly and energy-efficient."
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Phase Change Materials: Technologies and Global Markets( AVM117B )
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