Wellesley, Mass., July 25, 2017 (GLOBE NEWSWIRE) --
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.
Research Highlights
- In 2015, commercial refrigeration had the second-largest market share in terms of revenue, and accounted for nearly 19.5% of the total market.
- The building and construction sector is expected to achieve the highest CAGR (21.7%) among all applications through 2021.
- PCMs obtained from paraffin accounted for more than half of the global PCM revenue in 2015.
"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."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.