Phase Change Materials Market will generate admirable revenue by 2024
Category: #headlines  By Partha Ray  Date: 2019-08-01
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Phase Change Materials Market will generate admirable revenue by 2024

Global Market Insights, Inc. has launched a report on Phase Change Materials Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

In the recent times, phase change materials market has received considerable attention across various business verticals including Textiles, Building & Construction, Packaging, HVAC, Electrical & Electronics, and Chemical. The rising environmental concerns across developed and developing economies has resulted in increased efforts by private and government institutions to curtail greenhouse gas emissions. 

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As a consequence, these global efforts have markedly influenced the expansion of phase change materials industry, given that these materials utilize latent heat of phase change to control temperature within a set range. Furthermore, it has to be noted that incorporating phase change materials in the aforementioned business verticals would lower the demand for heaters and coolers. This would, in turn, assist major industrial firms to earn 10-20 times more carbon credits in comparison to the credits obtained by utilizing other insulating materials. 

With the burgeoning global population and astonishing rate of industrialization, the building and construction sector has been striving constantly to fulfill the ever-increasing demand for residential and commercial spaces. This has necessitated the formulation of stringent regulatory frameworks across various nations to save energy and reduce harmful emissions. Thermal storage is an efficient way of energy conservation by incorporating phase change materials in buildings. Consequentially, the construction sector has been proactive in utilizing these materials which has further impelled the growth prospects of phase change materials industry.

Subsequently, phase change materials have been gaining wide scale popularity as an effective substitute to conventional and costlier construction materials. The ability of these materials to store a significant amount of thermal energy within a small volume has made it one of the most promising components in developing energy efficient buildings – a factor that has further propelled the phase change materials market expansion.

 It would be prudent to mention that the construction sector led the end user segment of the overall phase change materials industry in the year 2016. Needless to mention, as the global construction arena strives to find the middle path of fulfilling the rising demand of its consumers and comply with regulatory norms to ensure climate resilience, the growth potential of phase change materials industry seems promising in the near future.

In the year 2015, Vesl LLC collaborated with a major phase change materials market leader, Entropy Solutions, to launch a new range of PureTemp in an encapsulated form. Apparently, the latest range of phase change materials consists of three innovative solutions namely, MacroVesl, BlockVesl, and MicroVesl. Reportedly, these materials are suited to a wide range of applications including refrigeration, thermal energy conservation, air conditioning, heat recovery and heat storage. Equipped with superior performance and faster energy exchange properties, PureTemp is certain to alter the product dynamics of the overall phase change materials industry.
 
Underlining the significance of using phase change materials to reduce refrigeration storage costs, Viking Cold Solutions has completed yet another energy efficiency installation project. Apparently, the energy storage firm is said to have deployed a new phase change material that absorbs heat as it melts. This allows the chillers of food distributors to function less frequently and maintain the temperature of warehouses up to -18 degrees Celsius. This system reportedly reduced the refrigeration storage cost of Bermuda’s leading food distributor, Butterfield & Vallis, by almost 40%. Hence, it goes without saying that the demand for such cost-effective materials would impel the phase change materials industry growth over the ensuing years.

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With the emergence of new encapsulation technologies and improvement in latent heat storage capacity, phase change materials market is set to witness a transformation of sorts. This is in addition to the efforts being deployed by numerous industry participants to develop new product alternatives to evaluate different phase change temperature options that would aid various business verticals to conserve energy. Endorsed by a lucrative end use landscape, phase change materials market share is certain to grow at an exceptional pace over the next seven years. In fact, as per a report by Global Market Insights, Inc., market is estimated to register an impressive y-o-y growth rate of 15.8% during the forecast timespan.
 

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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