Advanced Phase Change Materials Market to Expand at a 19.5% CAGR owing to High use in Temperature Controlled Packaging
Transparency Market Research (TMR) has announced the addition of a new market study on the global advanced phase change materials market. The report analyzes the drivers, trends, opportunities, and restraints of the market. The report is titled “Advanced Phase Change Materials Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018.” The report states that the market is expected to expand at a whopping 19.5% CAGR between 2012 and 2018.
As per the findings in the report, the global advanced phase change materials market, which was valued at US$350.0 mn in 2011, is anticipated to be worth US$1,176.4 mn by the end of 2018. An increase in the use of advanced phase change materials in construction activities is behind the market’s growth.
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Advanced phase change materials (APCMs) are used for the storage and release of large quantities of energy when they (APCMs) change their state. Phase change materials are increasingly being used in the textiles industry, which is driving the market. They are used extensively for temperature controlled packaging which is further boosting the advanced phase change materials market. Other factors aiding the growth of the global advanced phase change materials market include growth of the construction industry and the superior heat storing capability of advanced phase change materials.
The market is restricted by the hazardous nature of advanced phase change materials. The high cost of these materials will also hamper the growth of the advanced phase change materials market. Lack of government support could also affect the market negatively.
The report segments the global advanced phase change materials market on the basis of application, product, and region. On the basis of product, the market is segmented into salt hydrates, paraffin, and others (bio-based). Of these, paraffin-based APCMs had the highest demand in 2011, representing a share of 50% in the global market. In the future however, the demand for bio-based products will be high.
By application, the global advanced phase change materials market is segmented into commercial refrigeration, energy storage, building and construction, shipping and transportation, HVAC, and others. Of these, building and construction was the largest segment within the market, representing a share of 24% in the market in 2011. The growing population in China and India is responsible for a growth in the construction industry, which is in turn driving the advanced phase change materials market.
Geographically, Europe dominated the market in 2011, accounting for 34% of the global advanced phase change materials market. Europe is also expected to be the fastest growing regional segment. Following Europe, Asia Pacific is expected to witness fast growth during the forecast period, accounting for 25% of the global advanced phase change materials market.
The report profiles the key market players operating in the global advanced phase change materials market. They are: Dow Chemical Company, E. I. du Pont de Nemours, BASF, and Advansa BV.
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