Advanced Phase Change Material Market Worth $1,765.8 Million By 2020: Grand View Research, Inc.
The global advanced phase change material market is expected
to reach USD 1,765.8 million by 2020, according to a new study by Grand View
Research, Inc. Growing need to conserve energy across various industries and
sector is expected to be one of the major driving factors for the market. In
addition, stringent regulations imposed on various industries to reduce green
house gases emission has also helped in developing the market for advanced
phase change material. Consumption of APCM is expected to reduce the overall
demand for energy by up to 50% by 2050. However, their high price compared to
other insulating materials owing to lack of awareness among the consumers in
under developed countries is expected to hinder market growth over the forecast
period.
Paraffin APCM material
emerged as the leading product and accounted for over half of total market
revenue in 2012. Paraffin has high heat storing capacity and are also stable in
nature owing to which they are expected to witness significant growth over the
forecast period. However, bio-based APCM is expected to be the fastest growing
product at an estimated CAGR of 22.5% from 2014 to 2020. Increased preference
towards environmental friendly materials mainly in North America and Europe is
expected to drive the market for bio-based APCM over the next six years.
Browse Full Research
Report By Grand View Research: http://www.grandviewresearch.com/industry-analysis/advanced-phase-change-material-apcm-industry
Further key findings from the study suggest:
· Building and construction emerged as the leading
application market for APCM and accounted for 25% of total revenue in 2013.
Growth of construction industry, mainly in China, India and Brazil is expected to
drive the overall market for APCM in this industry. Building and construction
along with being the largest market is also expected to be the fastest growing
application market for APCM, at an estimated CAGR of 22.7% over the next six
years.
· Application of APCM in energy storage is also expected to
gain significant market over the next six years, with global revenue expected
to exceed USD 250 million by 2020 at an estimated CAGR of 21.3% from 2014 to
2020.
· Europe was the largest regional market for APCM and
accounted for just over one third of global revenue in 2013. Growing need to
conserve energy coupled with stringent regulations to reduce/minimize emission
of harmful gases has contributed to the growth of this market. Along with being
the largest market, Europe is also expected to be the fastest growing market
for APCM, at an estimated CAGR of 21.4% from 2014 to 2020.
· Some of the major companies operating in the global
market for advanced phase change material include Advansa B.V., BASF, Cyropak,
Climator Sweden AB, Dow Building Solution, E.I. du Pont de Nemours &
Company, Honeywell International, Phase Change Products Pty Ltd., Rubitherm
Technologies GmbH and Salca BV.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the
global advanced phase change material market on the basis of product,
application and region:
Advanced Phase Change Material
Product Outlook, (Revenue, USD Million, 2012 - 2020)
- Paraffin PCM
- Salt Hydrate PCM
- Other PCM
Advanced Phase Change Material
Application Outlook, (Revenue, USD Million, 2012 - 2020)
- HVAC
- Energy Storage
- Building & Construction
- Refrigeration
- Shipping & Transportation
- Other
Advanced Phase Change Material
Regional Outlook, (Revenue, USD Million, 2012 - 2020)
- North America
- Europe
- Asia Pacific
- Rest of the World
Access
press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-advanced-phase-change-material-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For
more information: http://www.grandviewresearch.com
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