Phase Change Materials Market Revenue Worth $4bn by 2024 | Honeywell, BASF, The Dow Chemical Company, Sasol, Laird and 11 Other Companies Profiled
According to new growth analysis report by Global Market Insights, Inc., North America and Europe phase change materials market will be growing at prominent rates during the forecast period owing to most of the countries in these regions have adopted advanced construction practices which utilize products such as phase change materials to improve the overall energy efficiency of structures.
SELBYVILLE, Del., Oct. 16, 2018 /PRNewswire-PRWeb/ -- Salt hydrates will be fastest growing product segment of phase change materials market in the coming years. Hydrated salts comprise of an alloy of inorganic salts and water. These are cost-effective and are easily available in market. Desirable properties of salt hydrates to be used as a phase change material include higher thermal conductivity than paraffins and non-paraffins and small volume change. Bio-based phase change materials is increasingly grabbing attention of textile and packaging manufacturers across the globe. These are mostly vegetable based and provide several social, environmental and safety benefits.
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The report predicts phase change materials market size is forecast to exceed USD 4 billion by 2024. Phase change materials (PCM) market is poised to witness substantial growth rate during the forecast period. This exponential growth can be attributed to increasing global emphasis on reduction of greenhouse gases. By incorporating phase change materials in applications such as building and construction, and HVAC, companies can earn 10-20 times more carbon credits compared to other greener insulating materials.
Textiles application segment will be growing at substantial CAGR in PCM market over the next few years. The product was initially incorporated in spacesuits by NASA for their astronauts. Phase change materials used in this industry are combination of various types of paraffins each having different crystallization and melting points. The product is enclosed in microcapsules for leakage prevention in its liquid state. HVAC is an important end-user segment of phase change materials market and shall expand at a significant growth rate in North America and Europe during the forecast timeframe.
Eutectic phase change materials provide combination of organic as well as inorganic ingredients properties which can thereby, customized and utilized as per application and end-user requirements. This product segment will witness significant attention in phase change materials market during the forecast timeframe. Bio-based PCM is gradually establishing its demand amongst packaging and textile manufacturers throughout the globe. These are generally vegetable based and offer numerous environmental, safety and social benefits.
Browse key phase change materials market insights from the 2017 report spread across 350 pages offering 400 market data tables as well as 26 figures & charts along with the table of contents:
https://www.gminsights.com/industry-analysis/phase-change-material-market
Asia Pacific will be the fastest growing region in the phase change materials market by 2024. Rapidly developing construction and infrastructure industry in Asia Pacific, especially in countries including Japan, India, Malaysia and China, would be a prominent factor responsible for PCM market size growth over the forecast timespan.
North America shall grow at substantial rate during the forecast timespan. This region has switched to cutting-edge technology for construction activities which lead to optimum resource management as well as energy saving, both of which are perfectly provided by phase change materials. The product contributes up to excellent standards in energy conservation, ultimately resulting in reduction in carbon footprint.
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Top key players mentioned in this phase change materials market report include Honeywell, BASF, The Dow Chemical Company, Sasol, Laird PLC, Entropy Solutions, Croda International PLC, Rubitherm Technologies GmbH, Phase Change Energy Solutions, Inc., Outlast Technologies LLC, Pluss Advanced Technologies, Shin- Etsu Chemical Company Limited, Cryopak and Cold Chain Technologies Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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