The Phase Change Material market is driven by stringent government regulation limiting the emission of greenhouse gas, which is increasing the application of phase change material.
The phase change material market is predicted to witness a massive growth from 2017 to 2024. The growth is attributed by its extensive application such as building, and construction, HVAC, refrigeration and energy storage accompanied by rising packaging application for food & beverage industry is driving the market over forecast period.
Phase change material offers thermal management solution, as they can store and realise thermal energy during melting and freezing process, hence heat energy is engrossed or released once the material changes, like solid to liquid form and the other way around. It has wide range of application few of these are thermal protection to electronic devices, computer cooling, solar power plant etc. whereas in healthcare industry it is used fin medical application such as operating tablets, hot & cold therapies and for transferring blood.
The market is driven by stringent government regulation limiting the emission of greenhouse gas, which is increasing the application of phase change material. Followed by wide range of application in various fabrics such as space suits to keep astronauts cool and comfortable and flame-resistant fabric for improve the thermal protection capability of the clothing majorly used by firefighters and defence & military administrative which is enhancing the market growth over the coming years.
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Building and construction application segment holds the major share of phase change material in terms of volume consumed. It is implemented to keep the house comfortable, by providing cooling effect in summer by absorbing heat and delayed heat release at night helps them to keep the room warm. Thus, its incredible properties are favouring extensive application of this material in construction and building industry is driving the global phase change material market. Further increasing application of phase change material in transportation industry for refrigerated trucks is likely to augment market growth over coming years.
The market is restrained by its corrosion and flammable properties, hazardous characteristic of phase change material is negatively impacting the growth of phase change material. Moreover, high cost of raw material is challenging several manufacturer and supplier. Energy intensive manufacturing process is further reducing profit margin of producers, therefore distraining market growth over the forecast timeframe.
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Europe is leading the global phase change market and predicted to grow at a reasonable CAGR by the end of the forecast period. This market is highly driven by stringent government regulation which implements rules regarding handling of temperature sensitive product that is contributing toward market growth over the forecast timeframe. The Europe market is majorly dominated by Germany and France. Whereas, Latin America are anticipated to expand at a moderate CAGR over the forecast period. Moreover, MEA is also growing owing rising aerospace industry which will further enhance market growth over the coming years.
North America is predicted to have the largest share by the end of 2024. The region is majorly driven by U.S due to rising demand for environment friendly buildings and energy conservation among consumer. Asia Pacific is also projected to be one of the fasted growing region, rapid industrialization and increasing application by end-user industries in developing economies like China and India are some of the factors which is anticipated to drive the Asia Pacific market in the coming years.
The size of global polypropylene fibres market is predicted to be highly competitive. Some of the primary players in the market include BASF SE, Parker Hannifin Corporation, Ai Technology Inc., Climator Sweden Ab., Croda International Plc, Shin-Etsu Chemical Co., Ltd., Cosella-Dörken Products Inc, Datum Phase Change Ltd., Vesture Corporation, Dow Corning, Entropy Solutions Llc, E. I. Du Pont De Nemours (Dupont), Schoeller Textiles Ag, Phase Change Energy Solutions Inc. (Pces), Pcm Products Ltd, Pluss Polymers Pvt. Ltd., Henkel Ag & Co, TCP Reliable Inc., Shenzhen Aochuan Technology Co., Ltd, Rubitherm Technologies Ltd., National Gypsum Company, Outlast Technologies Llc and Kgaa, Microtek Laboratories, Inc.
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