The global advanced PCM market is suggested to have reached a value of around $460 million in 2013, and is forecast to grow to a total of $1.15 billion by the end of 2018. This suggests a CAGR growth rate of 20.1% between 2013 and 2018. Reducing price of PCM and R&D for novel materials will create new opportunities and will drive the market in future.
Energy saving, environment friendliness, and wide range of applications are the main growth driver for PCM market. It offers applications across building & construction, HVAC, textile, fixed refrigeration, cold chain, thermal energy storage, electronics, and more. Building & construction has the largest PCM market followed by HVAC.
The organic type of PCM has the maximum market in terms of value due to its high cost while inorganic has the concentrated consumption in terms of volume. Traditionally, inorganic PCM had been used resulting in high volume consumption. Later, usage of organic based PCM with higher melting points, efficiency and microencapsulation led to its widespread usage in various applications. The development of bio-based PCM derived from plant or animal base contributes added advantage of lower flammability and high biodegradability over the organic.
Currently, building & construction is the major application of PCM followed by HVAC (heating, ventilation and air-conditioning). Thermal energy storage, and shipping, packaging & transportations also have significant market sizes. These applications are more matured in commercialization cycle as compared to textile and electronics. PCM usage in a particular application and its commercialization depends upon the availability of right grade. This market has vast potential which can be utilized with reduction in cost of PCM as well as macro and micro-encapsulation technique.For more information on the Global advanced PCM market, please click here: Global advanced PCM market
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